This page dives and moreover creates review over Nigeria top industries receives loans in 2022/2023 in Nigeria. It is a notable surge in lending activities trend to underscores the economy resilience and strategic endeavors to bolster diverse sectors amidst shifting challenges.
Over to the information released by the Central Bank of Nigeria (CBN), total credit extended by banks surged from N29.45 trillion in December 2022 to N44.54 trillion by December 2023, indicating a 51.23% rise in lending activities between the two years.
Top Industries in Nigeria accepted loan between 2022-2023
- Construction: Furthermore, he construction sector borrows N654.68 billion from banks in 2023. Construction activities received increased funding, with total amount of N1.82 trillion in 2023.
- Government: Government collected loan of N387.21 billion from banks in 2023 with the total debt of N2.69 trillion in 2023 to help financing budget and infrastructure projects.
- General: The general sector gained loan of N1.22 trillion from banks in 2023, 45% increase from N2.72 trillion in 2022.
- Oil & Gas: Oil & gas sector equally emerges in bank loans in 2023 too. borrowed N5.19 trillion from bank 2022 and having total debt of N11.8 trillion.
- Information & Communication: Information & communication sector borrowed N768.54 billion from banks in 2023, witnessing significant lending with total borrowings amounting N1.98 trillion in 2023.
- Finance Insurance, and Capital Market: Finance insurance, and capital market sector witnessed lending with total amount of N4.33 trillion in 2023 while N2.64 trillion of previous year is reflecting the sector pivotal role in facilitating economic activities.
- Agriculture: Agricultural sector borrowed N442.89 billion from banks in 2023. This sector saw moderate growth in borrowings with total debt of N2.26 trillion in 2023, marking 24% increase from N1.81 trillion in 2022.
- Manufacturing: Manufacturing recorded total borrowings of N7.73 trillion in 2023, reflecting a notable 39% increase from N5.57 trillion in 2022. Moreover this brings increase of N2.17 trillion to suggest efforts to bolster industrial production and promote economic diversification.
- Trade/General Commerce: Finally, trade and general commerce borrows N1.33 trillion from banks in 2023, the trade and general commerce sector recorded total of N3.55 trillion in 2023. 60% increase from N2.21 trillion in 2022.
- Power and Energy: The power and energy sector borrows N417.37 billion from banks in 2023. It witnessed increased funding, with total borrowings of N1.32 trillion in 2023, reflecting a 46% rise from N0.9 trillion in 2022, supporting initiatives to enhance energy access and diversify the energy mix.