Finance sector credit hits N9.8tn March 2026; oil, manufacturing loans fall
Credit extended by Nigerian deposit money banks to the finance, insurance and capital market sector rose to N9.80 trillion in March 2026, up from N9.03 trillion in January and N9.16 trillion in February, according to the Central Bank of Nigeria’s Q1 2026 Statistical Bulletin. Government credit stood at N3.38 trillion in March, after falling to N3.26 trillion in February from N3.45 trillion in January.
Other sectors showed mixed movements: trade and general commerce lending increased to N6.29 trillion in March; construction credit reached N2.65 trillion; services (general services) rose to N5.58 trillion; agriculture credit was reported at N3.86 trillion. In contrast, oil and gas lending declined to N10.58 trillion from N10.91 trillion in January, a drop of about N335 billion. Manufacturing credit fell to N5.77 trillion from N6.57 trillion, while power and energy lending grew to N1.61 trillion from N1.30 trillion.
The divergent trends come as the CBN eased monetary policy, cutting the Monetary Policy Rate from 27% to 26.5% in February 2026 after a 50‑basis‑point reduction in September 2025. The policy shifts aim to balance growth with inflation, yet borrowing costs remain high and exchange‑rate volatility persists.
For businesses and investors, the data signal where credit is tightening or loosening. Finance‑sector players may find easier access to funds, whereas oil, gas and manufacturing firms could face tighter lending conditions. Monitoring CBN policy moves and sector‑specific credit trends can help inform financing decisions and risk management.