According to a recent report released by the Central Bank of Nigeria (CBN) on deposit and lending rates, producers and operators in the agriculture sector are facing interest rates of up to 60 percent.
The data revealed a sharp increase in maximum lending rates across key sectors of the economy.
It showed that while deposit rates remained largely stable between January 2 and February 6, 2026, lending rates, especially maximum lending rates, increased across many banks and sectors.
Analysis of the data indicates that Stanbic IBTC recorded the highest lending rate in the industry at 60 per cent, applicable across a range of sectors including agriculture, forestry and fishing, manufacturing, professional services, information and communications, finance and insurance, and mining and quarrying.
The development underscores growing debt pressure on productive sectors already struggling with high energy costs, foreign exchange volatility and weak consumer demand.
Further analysis revealed that Ecobank Nigeria recorded the highest lending rate in administrative and support services at 48 percent, while Polaris Bank recorded 47.31 percent in the manufacturing sector.
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Additionally, the FCMB imposed higher rates of up to 46.10 percent in several sectors, including agriculture and manufacturing.
The increase in loan limits has come amid relative stability in deposit rates. During the review period, savings deposit rates in most deposit banks averaged 8.10 percent. First Bank of Nigeria offered the highest savings deposit rate of 8.25 percent, while Globus Bank came second with 8.18 percent.
A slight increase in demand deposit rates was recorded in some banks. For example, Access Bank increased its average demand deposit rate slightly, while Zenith Bank recorded a modest increase within the period.
The trend in terms of core borrowings was mixed. Zenith Bank reduced its prime lending rate from 25.00 per cent to 24.23 per cent, while Access Bank maintained its prime rate at 25.50 per cent during the entire period.
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However, many institutions adjusted their maximum lending rates upward. Nova Bank increased its general maximum lending rate to 33.56 percent from 31.38 percent, while FSDH Merchant Bank increased its limit to 30.00 percent from 28.00 percent.
