Petroleum, manufacturing get highest as banks loan N15 trillion in three months

Central bank of Nigeria (CBN)
Central bank of Nigeria building

The National Bureau of Statistics (NBS) says the Nigerian banking sector allocated N15.13 trillion as the total value of credit to the private sector in the second quarter (Q2) 2019.

The NBS figures, contained on its “Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength (Q2 2019)’ was released on its website on Sunday in Abuja.

It said that of the amount, the oil and gas and manufacturing sectors got credit allocation of N3.33 trillion and N2.32 trillion, recording the highest credit allocation.

The report said that a total volume of 711,299,990 transactions valued at N40.48 trillion was recorded in the quarter as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.

“The Nigeria Inter-Bank Settlement System (NIBSS) Instant Payments (NIP) transactions dominated the volume of transactions recorded,“ it said.

The report said 271,344,549 volume of NIP transactions valued at N25.18 trillion was recorded in the second quarter.

It further said that the total number of banks’ staff as at the second quarter of 2019, decreased by 0.62 per cent quarter-on-quarter from 105,017 in quarter one to 104,364.

The NBS said that the data was supplied administratively by the Central Bank of Nigeria (CBN) and was verified and validated by the agency.

(NAN)

Advertisement

PT Mag Campaign AD

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...



NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.