Nigerian banks increase agricultural credit to N3.86 trillion

Nigerian banks are redirecting credit toward the agricultural sector, which saw lending rise to N3.86 trillion in March 2026. According to the latest Quarterly Statistical Bulletin from the Central Bank of Nigeria (CBN), agricultural credit grew from N3.71 trillion in January to N3.81 trillion in February, marking a 4% increase during the first quarter.

This shift occurs as lending to the oil and gas sector experienced a contraction. Credit to oil and gas fell from N10.91 trillion in January to N10.58 trillion in March, a total decline of approximately N335 billion.

Other sectors showed varied trends: power and energy lending increased from N1.30 trillion to N1.61 trillion, while manufacturing credit declined from N6.57 trillion in January to N5.77 trillion in March. Overall, total private sector credit rose from N57.41 trillion in January to N59.74 trillion by the end of March.