Banks shift N3.86 trillion to agriculture as oil and gas credit shrinks by N335 billion

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Credit to Nigeria's agriculture sector rose to N3.86 trillion in March 2026, while lending to oil and gas fell by N335 billion in the first three months of the year. The Central Bank of Nigeria (CBN) Quarterly Statistical Bulletin shows a steady rise in agricultural credit from January to March.

What the CBN data shows

Agricultural credit increased from N3.71 trillion in January to N3.81 trillion in February, then to N3.86 trillion in March. That is a rise of about N150 billion, or approximately 4.0%, over the quarter.

Oil and gas credit declined from N10.91 trillion in January to N10.71 trillion in February and N10.58 trillion in March. The total reduction was about N335 billion.

Manufacturing credit fell from N6.57 trillion in January to N5.77 trillion in March. Power and energy lending rose from N1.30 trillion to N1.61 trillion. Real estate lending increased from N4.67 trillion to N6.29 trillion over the same period.

Total private sector credit rose from N57.41 trillion in January to N59.74 trillion in March. This means overall credit expanded, but the distribution changed significantly across sectors.

Separate CBN credit measures

In a separate data set, CBN figures showed private sector credit rose slightly to N75.62 trillion in February 2026, up from N75.24 trillion in January. Net domestic credit reached N111.40 trillion in February, against N109.43 trillion in January. Credit to government climbed to N35.77 trillion, from N34.19 trillion.

The CBN noted that this measure differs from the sectoral private sector credit series and should be treated separately. The central bank did not publish total private sector credit for March in its earlier statistics.

What it means for the economy

The lending trend comes as agriculture remains a priority sector for financing, while oil and gas still accounts for one of the largest shares of sectoral credit. In September 2025, the CBN Monetary Policy Committee cut the Monetary Policy Rate by 50 basis points to 27% to stimulate activity and ease borrowing costs. The rate was held in November, reflecting caution over inflation.

High borrowing costs, persistent inflation, and exchange rate volatility continue to weigh on lending appetite.

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