Banks’ credit to Nigeria’s economy declines by N136bn in Q1 2018

List Of Banks In Nigeria
List Of Banks In Nigeria

FINANCIAL WATCH: Banks’ credit to Nigeria’s economy declines by N136bn in Q1 2018 – NBS: The total credit from banks to the economy recorded a decline of N135.8bn from N15.74tn at the end of the fourth quarter of last year to N15.6tn in the first three months of 2018.

This is contained in the banking sector report released by the National Bureau of Statistics on Monday.

The NBS stated that the total number of staff members in banks decreased by 0.93 per cent from 90,453 in the fourth quarter of 2017 to 89,608 in the first quarter of this year.

It said in the first quarter of this year, the sector recorded a total volume of 457,226,406 transactions valued at N32.48tn.

According to the report, data from electronic payment channels in the Nigeria banking sector revealed that Automated Teller Machine transactions dominated the volume of transactions during the period.

It stated that there were 212,370,853 ATM transactions valued at N1.56tn that were recorded in the first quarter of this year.

The report read in part, “In terms of credit to the private sector, the total value of credit allocated by the banking sector stood at N15.6tn as of Q1 2018.

“Oil and gas and manufacturing sectors got credit allocation of N3.42tn and N2.07tn to record the highest credit allocation as of the period under review.

“As at Q1 2018, the total number of banks’ staff members decreased by 0.93 per cent from 90,453 in Q4 2017 to 89,608.”

Based on analysis of the report, the agricultural sector received N501.6bn; power and energy, N426.5bn; construction, N647.9bn; trade and general commerce, N1.05tn; while credit to government was put at N1.41tn.

In the same vein, the real estate sector received a total loan of N784.2bn; finance, insurance and capital market, N999.4bn; education, N73.48bn; information and communications, N865.32bn; transportation and storage, N291.67n; while other sectors got N384.8bn.


Comments expressed here do not reflect the opinions of  FINANCIAL WATCH or any employee thereof

OpenShola Williams asked 3 weeks ago • 
221 views0 answers0 votes
OpenYetunde Koka asked 3 weeks ago • 
210 views0 answers0 votes
AnsweredHassan Abdul asked 1 month ago • 
348 views7 answers1 votes
OpenOpeyemi Jerome asked 1 month ago • 
231 views0 answers0 votes
AnsweredMike Ugezeh asked 1 month ago • 
233 views1 answers3 votes
AnsweredAdeyemi Osas asked 1 month ago • 
380 views3 answers3 votes
OpenShola Williams asked 1 month ago • 
300 views0 answers1 votes

Be the first to comment

Leave a Reply

Your email address will not be published.