In this paper, the authors examined the role of financing in structural transformation in Nigeria. The key sectors that are investigated in the transformation are the agricultural and industrial sectors. Previous studies on the Nigerian economy scarcely examined both sectors comparatively, a gap which this present study sought to fill. The Autoregressive Distributed Lag (ARDL) analysis was carried out. The result shows a long run relationship between financing and agricultural output as well as between financing and industrial output. However, at a glance, bank financing is more concentrated on the industrial sector than the agricultural sector. There have been increased output in the industrial sector due to increase in money supply while the Agricultural Credit Guarantee Scheme has promoted increase in the agricultural sector’s output. Although policies should be geared towards enabling development of the industrial sector, it is also vital to consciously drive the agricultural sector in order to increase its output production. The agricultural sector, if well-funded, has the capacity to bloom and form a strong linkage with the industrial sector. It is essential that future studies on the Nigerian economy include the service sector in the structural transformation analysis.