Growth: Private sector credit from Banking sector credit rises from 2.5 % to N20.37tr


The National Bureau of Statistics (NBS) reveals banks in the country disbursed a total of N20.37 trillion as credit to the private sector in the fourth quarter (Q4) 2020.

This is 2.5 percent higher than credit disbursed to the private sector in Q3 2020.

According to the report titled, ‘Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength (Q4 2020)’, released on Sunday, NBS noted that the oil and gas sector received the highest credit allocation of N3.93 trillion followed by N3.19 trillion received by the manufacturing sector.

This represents 19.3 and 15.7 percent increase respectively when compared to the third quarter of 2020 (Q3).

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“In terms of credit to the private sector, the total value of credit allocated by the bank stood at N20.37trn as of Q4 2020,” the report said.

“Oil & Gas and Manufacturing sectors got credit allocation of N3.93trn and N3.19trn to record the highest credit allocation as at the period under review.”

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