Operators in the nation’s manufacturing sector saw their combined debt to Nigerian banks rise to N4.19tn in January 2022. This is as they borrowed the sum of N1.03tn between January 2021 and January 2022.
This implies that banks’ credit to the sector increased by 32.79 per cent in the one-year period from N3.16tn as of January 2021 to N4.19tn as of January this year.
According to sectoral analysis of deposit money banks’ credit by the Central Bank of Nigeria, the sector received the largest share of the credit from banks during the review period.
The Monetary Policy Committee of the CBN noted at its latest meeting held in March that the manufacturing Purchasing Manager’s Indices remained above the 50-index points benchmark in January.
The committee noted that the sustained performance in manufacturing PMI reflects the resilience of the economy in light of persistent headwinds to recovery. It also said that while non-manufacturing PMI remained below the 50 index points in January, it rose slightly from 48.0 index points in December 2021 to 49.01 index points in January.
