H1 2026: Services take Lion’s share of total bank lending to private-sector - NESG Research
A report by the Nigerian Economic Summit Group indicates that the services sector dominated bank lending in the first half of 2026. The report expresses concern that credit is not reaching productive sectors like manufacturing and agriculture, which are vital for employment.
Why it matters
Provides insight into the structural challenges of the Nigerian economy and the effectiveness of central bank monetary policies.
Add as a preferred source The increase in private-sector credit is encouraging, but the distribution of lending remains a concern. Services continued to dominate bank lending, accounting for 58.4 percent of the total bank credit in H1-2026, up from 55.7 percent in H1-2025 (Fig. 11a and 11b). In contrast, Oil & Gas and Non-Oil Industrial sectors accounted for 27.8 percent and 6.7 percent, respectively, while Agriculture received 7.1 percent.
Within the productive sectors, relatively smaller shareswent to Manufacturing (8.3 percent), Construction (4.6 percent) and Real Estate (1.6 percent).
This concentration of bank credit suggests that the expansion in lending is not being matched by broad-based access to finance for investment and expansion, particularly in sectors with strong employment and productivity potential.
The easing in monetary conditions supported stronger credit expansion. Credit to the
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