Credit to Nigeria’s agriculture sector rose to N3.86 trillion in March 2026, even as lending to the oil and gas sector fell by N335 billion over the first three months of the year.

This is according to the latest Quarterly Statistical Bulletin published by the Central Bank of Nigeria.

The CBN data showed that agricultural credit increased from N3.71 trillion in January to N3.81 trillion in February before reaching N3.86 trillion in March.

The CBN figures show a gradual increase in credit to agriculture during the first quarter of 2026, while oil and gas lending recorded a decline.

Agriculture credit rose by about N150 billion between January and March, representing an increase of approximately 4.0 per cent.

Oil and gas credit declined from N10.91 trillion in January to N10.71 trillion in February and N10.58 trillion in March, a total reduction of about N335 billion.

Manufacturing credit fell from N6.57 trillion in January to N5.77 trillion in March, while power and energy lending increased from N1.30 trillion to N1.61 trillion.

Total private sector credit increased from N57.41 trillion in January to N59.74 trillion in March.

The figures indicate that the increase in overall private sector credit was accompanied by significant shifts in the distribution of lending across major sectors of the economy.

Agriculture recorded its highest credit level in the three-month period in March, when lending reached N3.86 trillion from N3.71 trillion at the beginning of the year.

The increase came as lending to some other major sectors moved in the opposite direction.

Manufacturing credit declined from N6.57 trillion in January to N5.77 trillion in March.

Oil and gas lending dropped from N10.91 trillion in January to N10.58 trillion in March.

Power and energy credit increased from N1.30 trillion to N1.61 trillion over the same period.

Real estate lending increased from N4.67 trillion in January to N6.29 trillion in March.

The data therefore points to a changing credit allocation pattern, with some sectors recording stronger access to bank financing while others experienced declines.

Further checks on earlier supplied CBN data for the review showed credit to Nigeria’s private sector increased slightly to N75.62 trillion in February 2026, up from N75.24 trillion recorded in January.

Total credit in the economy continued to expand, driven largely by increased domestic lending.

Net domestic credit rose to N111.40 trillion in February 2026, from N109.43 trillion in January.

Credit to the government climbed significantly to N35.77 trillion, up from N34.19 trillion in the previous month.

This measure differs from the sectoral private-sector credit series in the table and should therefore be treated as a separate CBN credit measure rather than combined with the figures above.

The first-quarter lending trend comes as agriculture remains one of the sectors where increased access to financing is important for production, while oil and gas continues to account for one of the largest shares of sectoral credit.

The CBN did not publish total private sector credit for March in its earlier statistics.

In September 2025, the CBN’s Monetary Policy Committee (MPC) reduced the Monetary Policy Rate (MPR) by 50 basis points to 27 per cent to stimulate economic activity and ease borrowing costs.

The rate was held at the same level in November, reflecting a cautious approach aimed at balancing growth support with inflation control.

However, high borrowing costs, persistent inflationary pressures, and exchange rate volatility have continued to weigh on lending appetite.