Banks’ Credit to Private sector Rises to N16tn –NBS

Federation Account Allocation CommitteeMinister of Finance, Kemi Adeosun
  • Banks’ Credit to Private sector Rises to N16tn

The National Bureau of Statistics on Friday released the banking sector credit report for the private sector, stating that credit to the private sector rose by N657.65bn from N15.53tn in the second quarter to N16.18tn in the third quarter of this year.

The bureau, in the report, stated that a total of 17 sectors of the Nigerian economy benefitted from the credit from the banking sector.

An analysis of the report revealed that the oil and gas sector with a total amount of N3.65tn received the highest chunk of credit from the banking sector.

This represents about 22.5 per cent of the total banking sector credit to the private sector.

It added that loans to the manufacturing sector with a total sum of N2.13trn or 13.2 per cent of the total credit followed.

Others are power and energy, N428.4bn; construction N631.4bn; trade and commerce, N973bn; government N1.3tn; real estate N760.2bn; education, N89.3bn; information and communication, N957.9bn; and finance; insurance and capital market, N933.34bn.

In the same vein, the NBS in its electronic payment channel report said that a total of 238.8m e-payment transactions worth N18.1bn were conducted in the third quarter of this year.

This is an increase when compared with the 202.8 million transactions worth N14.7trn conducted in the second quarter of this year.

Further analysis of the payment indicated that transactions through the Nigerian Instant Payment platform with N9.59tn accounted for the highest payment.

This was followed by the Nigerian Electronic Financial Transaction payment platform with N5.46tn and cheques transaction with N1.4tn.

Others are Automated Teller Machine transactions with N1.25tn, Point of Sales N189.9bn, mobile payments N223bn and Internet-based transactions N30.76bn.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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