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Banks’ Credit To Private Sector Hits N15.60Trn In Q1

The National Bureau of Statistics (NBS), has reported credit to the private sector by banks in the first quarter of this year, totaled N15.60 trillion.

The Bureau gave this hint in its Selected Banking Sector Data for First quarter, 2018, posted on its website last weekend.

According to the official statistics producing agency, of the total credits to the organized private sector,  the Oil and Gas and Manufacturing sectors got the largest chunk of credit allocation with the former recording a credit of N3.42 trillion or 21.92 percent of the total credit while the latter grossed N2.07 trillion, representing 13.29 percent of the total credit.

A further analysis of the banks’ funding support showed that the Agricultural sector got N501.673 million, representing 3.21 percent of the credit while Mining and Quarrying sub-sector of real sector received about N10.642 million and Power and Energy got N426.510 million or 2.73 percent of the credit portfolio.

Other sectors’ credit from the banks indicated that the Construction sector got N647.961 million or 4.21 percent of the total credit; Trade and Commerce sector received N1.054 billion, representing 6.75 percent of total credit; and Government enterprises received N1.054 billion or 9.05 percent of the credit.

The Real Estate sector secured N784.228 million credit, representing 5.03 percent of the total loan portfolio while Finance; and Insurance and Capital Market secure N999.491 million credit or 6.41 percent of the total credit to private sector, amongst others.

Other highlights of the report indicated that transactions through the Automated Teller Machines (ATMs) from selected banks during the review period stood at N1.568 billion compared to the N32.48 trillion made in a total of 457,226,406 transactions through Electronic Payment channels.

The agency, however, noted that ATM transactions dominated the volume of businesses recorded by the banking sector which was 212,370,853 transactions.

On the manpower base in the banking sector, the report showed that there was a slight drop in the personnel working in the sector, decreasing by -0.93 per cent from 90,453 in Q4, 2017 to  89,608 in the review period.

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