Nigerian manufacturers accessed ₦68.7 trillion in bank loans between January and September 2025, underscoring both the scale of credit to the sector and the strain imposed by persistently high borrowing costs.
The figures are contained in the Central Bank of Nigeria’s (CBN) latest quarterly statistical bulletin.
While lending volumes remained substantial, data show a gradual slowdown from mid-year as tight monetary conditions dampened borrowing appetite and capacity.
CBN data indicate that credit to manufacturers was strongest in the first quarter of 2025, before easing as interest rates stayed elevated. Manufacturers accessed ₦8.31 trillion in January and ₦8.03 trillion in February, with lending moderating to ₦7.72 trillion in March.
Credit recovered slightly in April (₦7.90 trillion) and May (₦7.82 trillion), before falling to ₦7.09 trillion in June. Lending remained subdued in the third quarter, with ₦7.28 trillion in July, ₦7.43 trillion in August, and ₦7.09 trillion in September.
The trend reflects the impact of high interest rates, with the Monetary Policy Rate at about 27 per cent throughout the period. Manufacturers say wide spreads between deposit and lending rates, combined with energy costs, infrastructure gaps and foreign exchange risks, continue to make long-term industrial investment uncompetitive.
Industry groups, including the Manufacturers Association of Nigeria (MAN), have renewed calls for interest rate cuts, warning that prolonged tight credit conditions threaten capacity expansion, output growth and industrial competitiveness.
