Private sector got N46.53tn from banks in nine months – NBS

The banking sector gave out a total amount of N46.53tn as loans to the private sector between January and September this year.

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

Giving a breakdown of the bank loan of N45.58tn, the NBS in the report said that credit to the private sector in the first quarter was estimated at N15.6tn.

This, it added, represented a decline of N26bn when compared to the first quarter credit of N15.34tn.

It said that in the third quarter, the banking sector provided a total funding of N15.58tn representing an increase of N249bn over the second quarter figure of N15.34tn.

It said the oil and gas and manufacturing sectors got credit allocation of N3.59tn and N2.15tn to record the highest credit allocation as at the third quarter.

The report reads in part, “In terms of credit to private sector, the total value of credit allocated by the bank stood at N15.59trn as at Q3 2018.

“Oil and gas and manufacturing sectors got credit allocation of N3.59tn and N2.15tn to record the highest credit allocation as at the period under review.”

In terms of banking transactions, the NBS in the report stated that about 5,294,871,285 transactions valued at N340.15trn were recorded in the third quarter.

It said that based on data on electronic payment channels in the Nigeria Banking Sector, the Automated Teller Machine transactions dominated the volume of transactions recording 220,270,371 transactions valued at N1.59tn.

It said as at the third quarter, the total number of banks’ staff increased by 0.95 per cent from 101,861 in the second quarter to 102,821.

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