The Manufacturers Association of Nigeria has blamed the sharp decline in credit to the manufacturing sector on the Federal Government’s failure to implement the promised N1tn Manufacturing Stabilisation Fund, high lending rates, structural bureaucracy and policy misalignment.
The association raised the concern on Tuesday following data from the Central Bank of Nigeria showing that commercial bank credit to manufacturers fell by N1.92tn, from N8.53tn in December 2024 to N6.61tn in December 2025, representing a 22.5 per cent year-on-year contraction.
In a statement obtained by The PUNCH, the Director-General of MAN, Segun Ajayi-Kadir, described the development as disturbing, warning that the sector recorded one of the steepest credit contractions among major sectors of the economy.
According to him, the decline has left manufacturing trailing behind the oil and gas sector, which attracted N10.59tn in credit, and the finance sector, which received N9.24tn.
“According to the CBN data, commercial bank credit allocation to manufacturing contracted by N1.92tn from N8.53tn in December 2024 to N6.61tn in December 2025. This represents a significant year-on-year contraction of 22.5 per cent, which is particularly disturbing, given that manufacturing recorded one of the largest credit contractions among the top sectors,” Ajayi-Kadir said.
