Credit extended to Nigeria’s manufacturing sector experienced a significant decline, dropping by ₦1.92 trillion. This substantial decrease is attributed to persistent funding gaps and prohibitively high lending rates imposed by commercial banks. These financial constraints are actively stifling the ability of manufacturers to access necessary capital for operations and expansion. Industry stakeholders express concern that this trend will negatively impact production levels and overall economic growth. The lack of affordable financing options hinders manufacturers’ competitiveness and limits their capacity to meet demand. Experts suggest addressing these systemic issues is crucial for revitalizing the manufacturing sector and fostering sustainable industrial development within Nigeria. Further details on the contributing factors and potential solutions can be found in a recent report.