Banks lending to the manufacturing sector fell by 26 per cent, year-on-year, YoY to N8 trillion in February from N10.9 trillion in the same period of last year.
The Central Bank of Nigeria, CBN, disclosed this in its economic report for February 2025, which showed decline in banks lending to the manufacturing sector for two consecutive months.
According to the CBN, banks lending to the manufacturing sector fell Month-on-Month by 2.6 per cent to N8.309 trillion in January 2025 from N8.529 trillion in December, and by 3.4 per cent, MoM to N3.029 trillion in February 2025.
Following the same trend, the share of the Manufacturing sector in total lending to the private sector fell to 13.9 per cent, representing a 3.8 percentage point decline from 17.7 per cent in February 2024.