Nigerian commercial banks have raised their maximum lending rates to manufacturers over the past five years, sparking negative ripple effects across production, pricing, employment, and overall economic activity.
Data obtained by BusinessDay from the Central Bank of Nigeria (CBN) reveal that 10 banks collectively increased their maximum borrowing costs to manufacturers by a staggering 98 percentage points between February 2021 and February 2025. The trend reflects a broader tightening in credit conditions faced by the manufacturing sector, w
