A high level of exposure to the troubled oil and gas sector as well as manufacturing sectors of the Nigerian economy is causing pains for Nigerian banks currently. Figures obtained from the Financial Stability Report (FSR) published by the Central Bank of Nigeria (CBN) shows that the biggest beneficiaries of bank lending in Nigeria are the oil and the manufacturing sectors.
The FSR shows that as at December 2015, Nigerian banks had 24.82% of their N13 trillion credit to the oil sector. The oil sector actually had the highest amount of credit from Nigerian banks. Manufacturing sector ranked second with 13.91% of total banking loans as at the end of 2015. So the oil sector and manufacturing sector had 39% of all banking loans in the country in 2015. This represents about N5 trillion of banking loans made in Nigeria in 2015.