Bank lending to Nigerian manufacturers stood at ₦5.65 trillion in August 2026, BusinessDay reported, down 33.8% from December 2024 even as banks raised ₦4.65 trillion in new capital.
Nigerian Economic Summit Group (NESG) Chief Executive Officer Dr. Tayo Aduloju presented the figures at a Lagos fellowship investiture hosted by the Chartered Institute of Bankers of Nigeria (CIBN), BusinessDay reported. The Central Bank of Nigeria (CBN) recorded manufacturing credit at ₦8.53 trillion at the end of 2024, ₦7.09 trillion at the end of June 2025 and ₦6.61 trillion at the end of 2025 in its December 2025 Financial Stability Report.
The report put manufacturing’s share of total private-sector credit at 14.40% at the end of 2024 and 11.53% a year later. The CBN’s August 2026 money and credit statistics list ₦84.55 trillion in total private-sector credit, without a manufacturing breakdown.
Banks raised ₦4.65 trillion during a 24-month recapitalization program that began in March 2024, the CBN said. As of April 1, 2026, 33 banks had met revised minimum capital requirements. Domestic investors provided 72.55% of the funds and international markets accounted for 27.45%. The CBN said the capital raised had strengthened resilience across the financial system and expanded its capacity to support the economy.
Trade and commerce averaged ₦5.9 trillion in credit during January-August 2026, 49% above the year-earlier period, BusinessDay reported. The same presentation put manufacturing’s average at ₦5.7 trillion, down 26%. BusinessDay also reported that the presentation cited high lending rates and government borrowing as constraints on private-sector financing. It said the presentation proposed coordinating funding from banks, pension funds, insurers and development finance institutions.
The CBN set its Monetary Policy Rate at 23% at its Sept. 21-22, 2026, meeting.
