The National Bureau of Statistics (NBS), the Nigerian statistical system coordinating agency, has reported that bank credit to the organized private sector (OPS) totalled N267.11 trillion in 2021.
The statistics agency, in its latest ‘Selected Banking Sector Data Q1-Q4 2021’ report published in October 2022, indicated that the total credit allocated to the private sector in Q1 2021 stood at N62.28 trillion, while total credit allocation increased by 5.64% to N65.79 trillion in the second quarter.
The Bureau reported that in Q3 2021 credit allocations to the private sector increased by 2.33% quarter-on-quarter, rising further to N67.33 trillion.
Similarly, the report reflected that in Q4, credit allocations to the private sector businesses surged to N71.71 trillion, representing 6.52% increase over the preceding quarter’s allocations
The Bureau indicated that during the year under review, oil and gas industry attracted the biggest credit followed by the manufacturing and general services sectors.
The NBS further clarified: “The total credit allocated to the private sector in Q1 2021 stood at N62.28trn. The top three credit allocations went into the oil & gas industrial sector, manufacturing sector, and the general service sector with N11.97trn (19.22%), N9.82trn (15.77%), and N5.55trn (8.92%) respectively.
“Similarly, in Q2 2021, total credit allocation increased by 5.64% to N65.79trn, with the top three allocations to the oil & gas industrial sector, manufacturing sector, and general service sector recorded at N12.34trn (18.75%), N10.83trn (16.46%) and N6.24trn (9.48%) respectively.
“The Q3 2021 credit allocations to the private sector further increased by 2.33% from the amount recorded in Q2 2021, showing a total of N67.33trn. Of this amount, allocation to the oil & gas industrial sector stood top at N12.32trn (18.29%), followed by the manufacturing sector with N11.14trn (16.55%) and the general service sector with N6.49trn (9.64%).
In addition, N71.71trn was reported as a credit to the private sector in Q4 2021, indicating a growth rate of 6.52% from Q3 2021.
“Again, the oil & gas industrial sector recorded the highest allocation with N12.48trn (17.40%), followed by the manufacturing sector with N12.16trn (16.96%) and the general service sector with N7.08trn (9.87%)”, the statistics agency added.
