Banks shift N3.86 trillion into agriculture as oil and gas credit shrinks
Credit to Nigeria’s agriculture sector rose to N3.86 trillion in March 2026, even as lending to the oil and gas sector fell by N335 billion over the first three months of the year. This is according to the latest Quarterly Statistical Bulletin published by the Central Bank of Nigeria (CBN). The CBN data showed that […] The post Banks shift N3.86 trillion into agriculture as oil and gas credit…
In March 2026, Nigeria's banks allocated N3.86 trillion towards agriculture, despite a decline in credit to the oil and gas sector by N335 billion over the first quarter of the year. This information was obtained from the Central Bank of Nigeria's (CBN) Quarterly Statistical Bulletin. Agricultural credit had been steadily increasing from N3.71 trillion in January to N3.81 trillion in February, before reaching the March peak of N3.86 trillion.
The data highlights a shift in credit allocation across major sectors, with agriculture experiencing the highest lending level during the period, while other sectors saw a decrease in financing. Overall, private sector credit rose slightly to N75.62 trillion in February 2026, from N75.24 trillion in January, as the economy expanded due to increased domestic lending.
Government credit also saw a significant rise to N35.77 trillion, up from N34.19 trillion in the previous month. In September 2025, the CBN's Monetary Policy Committee (MPC) cut the Monetary Policy Rate (MPR) by 50 basis points to 27% in an attempt to stimulate economic activity and reduce borrowing costs. The MPC maintained the rate at this level in November, balancing growth support with inflation control.
Despite these efforts, high borrowing costs, persistent inflation, and exchange rate volatility have continued to impact lending appetite.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
