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Manufacturers’ loans hit five-year high on naira devaluation - BUSINESSDAY
Nigerian manufacturers’ loans from tier-one banks soared to a five-year high as a result of naira devaluation. Data from the Nigerian Exchange Group (NGX) show that loans to the manufacturing sector by the country’s top-tier banks increased to N6.4 trillion in 2024, representing a 218.4 percent year-on-year increase, and the highest level since 2020 when the total stood at N2.06 trillion.
The banks in focus are: Access Holding Plc, Zenith Bank, First Holding Plc, Guaranty Trust Holding Company Plc (GTCO), and United Bank of Africa (UBA).Nigerian manufacturers’ loans from tier-one banks soared to a five-year high as a result of naira devaluation.
Data from the Nigerian Exchange Group (NGX) show that loans to the manufacturing sector by the country’s top-tier banks increased to N6.4 trillion in 2024, representing a 218.4 percent year-on-year increase, and the highest level since 2020 when the total stood at N2.06 trillion. The banks in focus are: Access Holding Plc, Zenith Bank, First Holding Plc, Guaranty Trust Holding Company Plc (GTCO), and United Bank of Africa (UBA).
