Leading manufacturers have drastically reduced their bank borrowings in the face of a high-interest rate regime.
The manufacturers’ combined bank borrowings decreased by 20.3% to N2.014 trillion from N2.526 trillion during the same period in 2024 (9M’24), according to details of their financial results for the first nine months of the year (9M’25).
Further findings by Financial Vanguard indicated that the firms have shifted their funding sources to equities, corporate bonds and retained earnings.
With this shift, their financial profile has also shifted with aggregate finance cost tumbling drastically by 52.8 per cent to N662 billion from N1.4 trillion a year earlier.
Also, the combined turnover of the firms jumped 37.9 per cent to N10.1trillion in 9M’25 from N7.3 trillion in the corresponding period of 2024.
Similarly, the profit and loss account position reversed drastically from loss position. The firms recorded N2.5 trillion profit in 2025, up from a N116 billion loss in 2024.
However, cost of sales also surged by 57.9 per cent to N5.7 trillion, reflecting persistent input inflation.
