Banks’ Lending to Oil, Gas Rise 17.5% to N5.58trn in Q1

Deposit money banks’ credit to the oil and gas sector rose by 17.5 per cent in the first quarter of 2026, increasing from N4.75 trillion in January to N5.58 trillion in March, according to the latest banking sector data.
The N830 billion increase in credit to the oil and gas sector over the three month period reflected sustained growth in bank financing to the sector, with lending rising steadily throughout the quarter.
Data showed that deposit money bank credit to the sector stood at N4.746 trillion in January 2026 before increasing to N5.049 trillion in February. By March, credit to the oil and gas sector had risen further to N5.577 trillion, representing a 10.5 per cent increase fr...