What do you believe is the single most important factor driving up the cost of living in Nigeria?

Other sectors listed in the report included power, oil and gas, information and communication, transportation and storage, and government.

Sectoral credit encompasses loans, trade credits, other receivables, and support from banks to 14 key economic sectors over a specific period, serving as a global indicator of the banking sector’s balance sheet resilience and its contribution to the national economic agenda.

The credit reduction was likely influenced by the interest rate hike stance taken by the Monetary Policy Committee of the Central Bank of Nigeria to fight inflation.

At its last MPC meeting, the apex bank for the fifth time this year, raised the benchmark interest rate by 50 basis points to 27.25 per cent from 26.75 per cent.

The CBN has hiked the benchmark interest rate by 850 basis points or an 8.5 per cent increase in interest rates, under the leadership of Olayemi Cardoso, who took office in September 2023.

• Read More