Credit to Nigeria’s agriculture sector rose by 23 percent in the first quarter of 2026, as banks increased exposure to the sector while lending to manufacturing and oil and gas declined, a review of sectoral credit data shows.
According to the Central Bank of Nigeria (CBN), agricultural credit increased to N11.38 trillion in Q1 2026 from N9.29 trillion in the corresponding period of last year, representing a 23 percent increase within one year.
On a month-on-month analysis, agriculture sector credit rose to N3.86 trillion in March 2026, from N3.80 trillion in February and N3.71 trillion in January, representing a N150 billion increase within the three months.
The increase contrasts with developments in two of the country’s traditionally dominant credit destinations. Oil and gas lending declined from N38.5 trillion in Q1 2025 to N32.2 trillion in Q1 2026, while manufacturing credit fell to N18.7 trillion from N24.1 trillion.
On a month-on-month
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