By By Elizabeth Ugbo
Manufacturers and agricultural operators in Nigeria are now paying lending rates of up to 60 per cent, according to new data released by the Central Bank of Nigeria (CBN). The figures, published for the period between January 2 and February 6, 2026, show that several banks sharply increased their maximum lending rates. Stanbic IBTC applied the highest rate across sectors such as agriculture and manufacturing. The surge reflects tightening credit conditions in the economy. It also raises concerns about industrial growth and economic stability.
Stanbic IBTC Leads with 60% Lending Rate
Data from the CBN shows that Stanbic IBTC recorded the highest maximum lending rate at 60 per cent. The bank applied the rate across Agriculture, Forestry and Fishing, Manufacturing, Professional Services, Information and Communication, Finance and Insurance, and Mining and Quarrying.
As a result, businesses in productive sectors now face steeper borrowing costs. Many operators already struggle with high energy costs and foreign exchange volatility.
Other Banks Raise Lending Ceilings
Similarly, Ecobank Nigeria posted a maximum lending rate of 48 per cent in Administrative and Support Services. Polaris Bank followed with 47.31 per cent in the manufacturing sector.
In addition, First City Monument Bank (FCMB) charged rates as high as 46.10 per cent across agriculture and manufacturing.
Meanwhile, Nova Bank increased its general maximum lending rate from 31.38 per cent to 33.56 per cent. FSDH Merchant Bank also raised its ceiling from 28.00 per cent to 30.00 per cent.
Deposit Rates Remain Stable
In contrast, deposit rates remained largely stable during the review period. Savings deposit rates across Deposit Money Banks averaged 8.10 per cent.
First Bank of Nigeria offered the highest savings deposit rate at 8.25 per cent. Globus Bank followed with 8.18 per cent.
Demand deposit rates recorded slight increases at some institutions. For instance, Access Bank made a marginal upward adjustment. Likewise, Zenith Bank recorded a modest increase.
Mixed Trend in Prime Lending Rates
On the prime lending side, the trend remained mixed. Zenith Bank reduced its prime lending rate from 25.00 per cent to 24.23 per cent. However, Access Bank maintained its prime rate at 25.50 per cent.
Overall, the sharp rise in maximum lending rates highlights growing credit pressure. Consequently, businesses in agriculture and manufacturing may face reduced expansion and higher operating costs.
