Bank credit to manufacturers falls 26.8% to N5.19 trillion

Loans from Nigerian banks to manufacturers fell 26.8% year-on-year to N5.19 trillion in the first half of 2026, from N7.09 trillion a year earlier. The Central Bank of Nigeria’s second-quarter statistical bulletin shows outstanding credit dropping from N6.57 trillion in January to N5.19 trillion in June, after reaching a low of N5.02 trillion in May. The Manufacturers Association of Nigeria is calling for broader credit guarantees and the full operation of a N1 trillion Manufacturing Stabilisation Fund. The National Credit Guarantee Company says guarantees helped unlock N46.95 billion in loans for 67,512 borrowers, while the Bank of Industry estimates Nigeria needs more than $35 billion annually to finance industrialisation.