NEC summit opens as FG, gov seek unified path to growth
Nigerian manufacturers accessed N68.7 trillion in bank loans between January and September 2025, highlighting both the scale of credit flowing into the sector and the pressure created by persistently high borrowing costs.
  
This is according to data in the latest quarterly statistical bulletin released by the Central Bank of Nigeria (CBN).
  
Meanwhile, efforts to forge a more coordinated national economic direction will take centre stage today, as the Federal Government and the 36 state governors converge in Abuja for the National Economic Council (NEC) Conference to drive inclusive and sustainable growth across the country.
  
While lending volumes remained sizeable, the trend across the months points to a gradual slowdown as tight monetary conditions weighed on borrowing appetite and capacity.
  
The CBN data offers insight into how manufacturers have navigated credit markets under one of the most restrictive monetary policy environments in recent years, even as concerns mount over the sustainability of industrial growth.
   
The data revealed that lending to manufacturers appeared stronger in Q1 2025 before easing mid-year, mirroring the impact of elevated interest rates on credit demand. The monthly breakdown underscores how monetary tightening filtered through the banking system into real-sector financing.
  
Manufacturers accessed N8.31 trillion in January and N8.03 trillion in February, before loans eased to N7.72 trillion in March. Credit picked up modestly in April and May at N7.90 trillion and N7.82 trillion, respectively, before falling to N7.09 trillion in June.
  
Lending remained subdued in Q3, with N7.28 trillion in July, N7.43 trillion in August and N7.09 trillion in September.
  
Overall, the pattern points to a softening in credit volumes from mid-year, suggesting that high interest rates have increasingly constrained borrowing conditions for manufacturers.
  
The data also highlights a widening gap between deposit rates and lending rates in the banking system. In comparison, manufacturers accessed N9.54 trillion over the same January to September period in 2024.
  
With the Monetary Policy Rate (MPR) at 27 per cent throughout the period under review, it reflected the apex bank’s aggressive stance to curb inflation and stabilise the macroeconomic environment. Manufacturing is classified as a higher-risk sector due to infrastructure gaps, high energy costs and FX exposure, resulting in some of the steepest lending margins.
  
The NEC is a constitutional body chaired by Vice President Kashim Shettima, who presides over its meetings at the Presidential Villa in Abuja. It advises the President on economic affairs, including policy coordination between federal and state governments.
  
The council, which includes all 36 state governors, the Federal Capital Territory (FCT) Minister, the Central Bank of Nigeria (CBN) Governor, the Finance Minister and other key officials, focuses on national development plans, non-oil revenue and reforms such as livestock grazing reserves.
  
The two-day summit, scheduled for February 9 to 10, 2026, which will hold at the Banquet Hall of the Presidential Villa, Abuja, is expected to provide a high-level platform for reviewing fiscal trends, investment prospects and joint development strategies among the three tiers of government.
   
Organised by the Federal Ministry of Budget and Economic Planning, the conference is part of ongoing moves by the administration to strengthen economic governance, ensure policy consistency and accelerate implementation of reform initiatives at the state level.
  
Shettima will lead deliberations at the meeting, which will also attract cabinet ministers, heads of key government agencies, development institutions and private-sector representatives.
  
Under the theme, ‘Delivering Inclusive Growth and Sustainable Development: The Renewed Hope National Development Plan’, participants are expected to examine pathways to expand economic opportunities, improve revenue generation, and enhance infrastructure financing, while promoting social development outcomes nationwide.
  
Permanent Secretary of the Ministry of Budget and Economic Planning and NEC Secretary, Dr Deborah Odo, said the conference would prioritise practical policy alignment and evidence-based decision-making that translates national objectives into measurable progress within states.
  
Tinubu is billed to attend as Special Guest of Honour, signalling the importance the administration places on inter-governmental collaboration as a cornerstone of its economic reform drive.
  
Senior Special Assistant to the President on Media and Communications, Stanley Nkwocha, in a statement yesterday, explained that the deliberations and communiqués from the summit are anticipated to inform budget planning cycles and guide development programming across states, reinforcing a unified framework for long-term economic expansion.