The devaluation of the naira has led to a significant increase in bank credit to Nigeria’s oil and gas sector, rising by 78% to N11.8 trillion ($27 billion) in 2023. This spike highlights the sector’s dominant role in the country’s economy, surpassing other major sectors such as manufacturing and finance.

Sector Dominance and Bank Lending

In 2023, the oil and gas industry received the highest allocation of bank credit among all sectors, overshadowing manufacturing, which received.

https://ratecaptain.com/oil-loans-surge-by-78-to-n11-8-trillion-amid-naira-depreciation/

Which one is oil loan. APC have mortgaged Nigeria, in my life I've never heard oil loan till now.

schekubeh:
Which one is oil loan. APC have mortgaged Nigeria, in my life I've never heard oil loan till now.

Using oil to pay for loans collected. This is probably one of the reasons Nigeria has nt produced any crude oil derivative for a long time.