The Agricultural sector receives an average of 4.4% of the total credit from Deposit Money Banks (DMB) annually

Key takeaways:

  • Despite being a key contributor to employment and food security, the Agricultural sector only gets an average of 4.4% of total DMB credit.
  • The Industrial sector consistently absorbs the largest loans, accounting for 42%–46% of total credit from January to September 2024.
  • The Services sector remains a top recipient of bank credit, with shares fluctuating between 37% and 41%.
  • The Government sector receives relatively low credit levels, averaging 4.9%, suggesting reliance on alternative funding sources rather than direct bank borrowing.

Deposit Money Bank (DMB) credit allocation reveals a strong preference for the service and industrial sectors, with these two consistently receiving the largest share of total credit. Meanwhile, Agriculture remains at the lower end of funding priority, averaging just 4.4% of total credit allocation, despite its importance to Nigeria’s economy.

Source:

Central Bank of Nigeria (CBN)

Period:

2024
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