CBN Q1 2026 data shows agriculture credit rises to N3.86T as oil/gas lending falls N335B
Agriculture sector credit reached N3.86 trillion in March 2026, up from N3.71 trillion in January—a N150 billion (4.0%) increase over Q1. Simultaneously, oil and gas lending declined by N335 billion, falling from N10.91 trillion in January to N10.58 trillion in March. Manufacturing credit also dropped from N6.57 trillion to N5.77 trillion, while power and energy lending grew from N1.30 trillion to N1.61 trillion. Real estate saw the strongest jump, rising from N4.67 trillion to N6.29 trillion. Total private sector credit increased to N59.74 trillion in March from N57.41 trillion in January. The CBN’s Quarterly Statistical Bulletin reveals a clear shift: credit is flowing more strongly into agriculture, power, and real estate, while traditional pillars like oil/gas and manufacturing contract. This reallocation suggests changing bank risk appetites or policy impacts during Nigeria’s ongoing economic diversification efforts. With agriculture remaining critical for food security and job creation, does this credit trend signal sustainable growth in non-oil sectors, or is it temporary amid oil volatility?