Banks give N15.8 trillion credit to private sector- NBS

Bank queue
Customers in a bank used to illustrate the story. [Photo credit: Bizzywizzy - blogger]

Credit facility worth N15.83 trillion was allocated by banks to the private sector in the third quarter of 2017, a Nigerian Bureau of Statistics, NBS report has shown.

The report, “Selected Banking Sector Data: Sectorial Breakdown of Credit, e – Payment Channels, Deposits and Domestic Credit Breakdown and Staff Strength,” was published on the bureau’s website on Wednesday.

The allocation was divided into three categories: Agriculture, Industry and Services.

Under agriculture, the report showed that 3.11 per cent of the total credit, worth N491.5 billion, was allocated.

For industry, 0.07 per cent, worth N11.7 billion, went into mining and quarrying; 14.33 per cent, worth N2.3 trillion went into manufacturing; 22.38 per cent, worth N3.54 trillion was allocated to oil and gas and 2.90 per cent, worth N459.2 billion was allocated to power and energy

Under the services category, 4.13 per cent, worth N653.6 billion went into construction; 6.03 per cent, worth N954.2 billion, went into trade and general commerce; 8.66 per cent, worth N1.4 trillion, was allocated to government; 5.05 per cent, valued at N798.4 billion, went into real estate; 5.79 per cent, worth N916.84 billion, went into finance, insurance and capital market.

Furthermore, still under services, 0.49 per cent, worth N77.2 billion, went into education; 7.21 per cent, valued at N1.14 trillion, went into oil and gas; 1.88 per cent, worth N296.9 billion went into power and energy; a total of 8.12 per cent, worth N1.3 trillion, went into general services.

Also, 5.02 per cent, valued at N822.62 billion went into information and communication, 0.07 per cent, worth N373.26 billion, went into transport and storage; and other services consumed 14.33 per cent worth N2.27 trillion. 52.6 per cent to services and 14.33 per cent to others.

“Oil & Gas and Manufacturing sectors got credit allocation of N3.54 trillion and N2.27 trillion to record the highest credit allocation in the period under review,” the NBS said.

The report further showed that a total volume of 213,693,964 transactions, worth N19.33 trillion, were recorded as data on Electronic Payment Channels, EPC, in the Nigerian Banking Sector for the third quarter of 2017.

Of all other forms of transactions, the Nigeria Inter-Bank Settlement System, NIBSS – Instant Payment, NIP, transactions dominated the volume of transactions recorded, taking 97,530,856 of the total volume of transactions valued at N13, 963 billion in the third quarter of 2017.

The number of bank staff increased by 9.16 per cent from 75,607 in the second quarter to 82,531 in quarter three.

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