Amid a headwind of challenges ranging from multiple taxation, forex scarcity, and low patronage of locally produced goods, the debt owed by manufacturers to banks in the country has hit N6.98 trillion in the first half of 2023.
The figure rose from N5.56 trillion in January 2023 to N6.98 trillion by June 2023 signifying N1.42 trillion increase.
The figure also rose y-o-y from N4.53 trillion in June 2022 to N6.98 trillion in June of the current year figures from the CBN’s Sectoral Analysis of Deposit Money Banks’ Credit report.
