MAN confirms Vanguard Newspaper data showing N1.9trn decline in credit to manufacturers

•Lists key drivers, blame high rates, policy gaps

By Yinka Kolawole

THE Manufacturers Association of Nigeria, MAN, has raised concern over the data generated by Vanguard Newspaper showing that banks’ credit to manufacturers contracted by 22.5 per cent, a development the association warned could undermine industrial growth, worsen unemployment and weaken the implementation of the Nigeria Industrial Policy (NIP) 2025.

A Vanguard Newspaper data generated from the Central Bank of Nigeria, CBN, had indicated that banks’ credit to the sector declined by N1.92 trillion to N6.61 trillion in 2025 from N8.53 trillion in 2024.

The association, in a statement using the data, also identified high lending rates, restrictive banking regulations, the suspension of development finance interventions and policy implementation delays as key factors behind the decline in credit to the manufacturing sector.