Oil, manufacturing sectors got highest credits from banks in Q2 – NBS

Crude oil extraction [Photo credit: Bloomberg]

The oil and gas and manufacturing sectors got the highest credits from banks to the private sector at N3.45 trillion and N2.02 trillion respectively in the second quarter (Q2) of 2018, the National Bureau of Statistics (NBS) has said.

In its report published on Friday, titled ‘Selected Banking Sector Data – Q2 2018,’ the NBS disclosed that the total value credit allocated to the private sector stood at N15.34 trillion.

This shows that the oil and gas sector got 22.52 per cent of the total value, while manufacturing got 13.16 per cent.

In the first quarter of the year, the two sectors had also received the highest private sector credit from banks.

Compared to the figures recorded in the first quarter (N3.42 trillion for oil and gas, N2,02 trillion for manufacturing), however, there was a slight increase in the amount borrowed in the oil and gas sector but a slight decrease for the manufacturing sector.

Agriculture sector got N503.07billion (3.41 per cent of the total value), while mining and quarrying got N10.17 billion (0.07 per cent).
The power and energy sector got private sector credits worth N414.34 billion, 2.71 per cent of the total value.

Compared to the previous quarter where N15.60 trillion was recorded as the total value of credits allocated to private sector, the value decreased by N0.26trillion.

Also documented in the report was data on electric payment channels in the Nigerian banking sector.

A total volume of 509.6 million (509,668,433) transactions valued at N32.90 trillion were recorded in Q2, the report showed.

Of the 506.6 million transactions, Automated Teller Machine (ATM) transactions stood at 217.4 million (217,417,961) valued at N1,603 billion.

On the staff strength of the banking sector, executive staff increased by 30.43 per cent to 210 when compared to Q2 2017. When compared to the first quarter, the figure remained the same.

For senior staff, there was a 1.20 per cent growth to 17,144 in Q2 compared to the 16,941 recorded the previous quarter and a 13.53 per cent decrease compared to the 19,826 recorded fir Q2, 2017.

A percentage growth in the number of Junior staff and contract staff was also recorded in Q2. Junior staff increased by 0.26 per cent to 40,549 compared to the previous quarter and by 20.03 percent compared to the figure recorded in the Q2 2017

For contract staff, there was an increase by 37.30 per cent to 43,955 persons when compared to the previous quarter and a 101.29 per cent growth compared with the figure recorded in Q2 2018.

As at Q2, 2018, the total number of banks’ staffs increased by 13.67% from the 89,608 in Q1 to 101,861.


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