Business
Manufacturers, agric sector face up to 60% interest rate
•As credit costs rise in key sectors despite stable deposits rate
By Babajide Komolafe
Manufacturers and operators in the agricultural sector are facing interest rates of up to 60 per cent, according to latest data on deposit and lending rates released by the Central Bank of Nigeria, CBN.
The data, among other things, revealed sharp increases in maximum lending rates across key segments of the economy.
The data showed that while deposit rates remained largely stable between January 2 and February 6, 2026, lending rates — particularly maximum lending rates — rose in several banks and sectors.
A breakdown of the figures indicated that Stanbic IBTC recorded the highest lending rate in the industry at 60 per cent, applicable across multiple sectors including Agriculture, Forestry and Fishing, Manufacturing, Professional Services, Information and Communication, Finance and Insurance, as well as Mining and Quarrying.
The development underscores mounting credit pressures on productive sectors already grappling with high energy costs, foreign exchange volatility and weak consumer demand.
Further analysis showed that Ecobank Nigeria posted a maximum lending rate of 48 per cent in Administrative and Support Services, while Polaris Bank recorded 47.31 per cent in the manufacturing sector. Similarly, FCMB applied rates as high as 46.10 per cent across several sectors including agriculture and manufacturing.
The surge in lending ceilings is coming amid relative stability in deposit rates. Savings deposit rates across most Deposit Money Banks were held at an average of 8.10 per cent during the review period. First Bank of Nigeria offered the highest savings deposit rate at 8.25 per cent, while Globus Bank followed with 8.18 per cent.
Demand deposit rates posted marginal increases at some banks. For instance, Access Bank raised its average demand deposit rate slightly, while Zenith Bank recorded a modest uptick within the period.
On the prime lending side, the trend was mixed. Zenith Bank reduced its prime lending rate from 25.00 per cent to 24.23 per cent, while Access Bank maintained its prime rate at 25.50 per cent throughout the period.
However, several institutions adjusted their maximum lending rates upward. Nova Bank increased its general maximum lending rate from 31.38 per cent to 33.56 per cent, while FSDH Merchant Bank raised its ceiling from 28.00 per cent to 30.00 per cent.
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