MAN confirms Vanguard data showing a N1.9 trillion decline in credit to manufacturers

•Lists key drivers, blame high rates, policy gaps

By Yinka Kolawole

The Manufacturers Association of Nigeria, MAN, has expressed concern about Vanguard Newspaper data indicating a 22.5 % contraction in banks’ credit to manufacturers, warning that this could hamper industrial growth, increase unemployment, and weaken the implementation of the Nigeria Industrial Policy (NIP) 2025.

According to data from the Central Bank of Nigeria (CBN) reported by Vanguard Newspaper, banks’ credit to the manufacturing sector fell by N1.92 trillion, from N8.53 trillion in 2024 to N6.61 trillion in 2025.

In a statement citing the data, the association identified high lending rates, restrictive banking regulations, the suspension of development finance interventions, and delays in policy implementation as key drivers of the credit decline.

MAN Director‑General Segun Ajayi‑Kadir described the sharp credit decline as a significant setback to Nigeria’s industrialisation ambitions, emphasizing that affordable financing is essential for the survival and expansion of the manufacturing sector.

He noted that the contraction contrasts sharply with other emerging economies where governments and financial institutions are actively