Manufacturing businesses got N570bn loan from banks in 2020 — Apex Bank
Nigeria’s Apex Bank says manufacturing businesses in the country got a total loan of N570bn from banks in 2020 due to the economic meltdown occasioned by the dreaded COVID-19 pandemic.
Nigerian banks’ credit to the manufacturing sector rose to N3.19tn as of December 2020 from N2.62tn at the end of 2019, the Central Bank says in its sectoral analysis of banks’ credit. .
The sector received the second biggest share of the credit from the banks after the oil and gas sector, which got N5.18tn as of December 2020.
“The manufacturing sector, which is the engine of sustainable growth, is still struggling with the debilitating impact of the pandemic and is yet to recuperate,” the Director-General, Manufacturers Association of Nigeria, Mr Segun Ajayi-Kadir, had said in January.
MAN, in a January report, revealed that most manufacturers said commercial banks’ double digits lending rates were discouraging productivity in the sector.
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