In spite of numerous challenges confronted by manufacturers in Nigeria, the manufacturing sector's borrowings from the nation's banking sector rose by N2.17 trillion to N7.73 trillion from N5.57 trillion in 2022, representing an increase of 38.8 percent.

This apparently indicates the tenacity of Nigerian manufacturers and their frantic efforts to bolster industrial production against all odds.

Data obtained from the Central Bank of Nigeria (CBN) shows the manufacturing sector was the second highest recipient of bank loans in 2023, trailing only the oil and gas sector.

Analysis of the data revealed that the credit extended by banks to the manufacturing sector represented 17.36 percent of the total banking sector credit.

According to the apex bank, total credit extended by banks to the economy surged by 51.23 percent from N29.45 trillion in December 2022 to N44.54 trillion in December 2023.

The CBN statistics stated that oil and gas sector emerged as the top recipient of bank loans in 2023, borrowing N5.19 trillion and having a total debt of N11.8 trillion. This marked a substantial 78% increase from the previous year's total debt of N6.6 trillion, highlighting sustained investment in the sector despite global market volatility.

The finance, insurance, and capital market sector, which came third, also witnessed a surge in lending, with total borrowings reaching N4.33 trillion in 2023, up by 64 percent from N2.64 trillion in the previous year. This reflects the sector's pivotal role in facilitating economic activities.

Other sectors that make the top five include: trade and general commerce which borrowed N1.33 trillion from banks in 2023, with total borrowings amounting to N3.55 trillion in the year, marking a 60 percent increase from N2.21 trillion in 2022; and the information and communication sector which borrowed N768.54 billion from banks in 2023, witnessing significant lending, with total borrowings amounting to N1.98 trillion in the year, up by 64 percent from N1.21 trillion in 2022.