N1.92trn credit crunch threatens Nigeria’s industrialisation drive – MAN (opens original article in a new tab)

Nigeria's manufacturing sector faces a severe credit crunch, with a 22.5% decline in bank credit threatening industrial growth and the Nigeria Industrial Policy 2025, due to high borrowing costs, restrictive policies, and lack of targeted financing mechanisms.

• Manufacturers Association of Nigeria (MAN) warns of 22.5% credit contraction in manufacturing sector, equivalent to N1.92 trillion
• High lending rates (up to 35.6%) and strict Cash Reserve Ratio (CRR) limit access to affordable financing
• Suspension of development finance programs and non-implementation of Manufacturing Stabilisation Fund worsen the crisis
• MAN calls for restructuring industrial financing to support long-term growth and achieve Nigeria Industrial Policy 2025 goals