Banks gave manufacturing, other sectors N15.8tn loans in Q3 2017

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The banking sector provided a total credit of N15.83tn to finance the activities of the private sector in the third quarter of this year, figures released by the National Bureau of Statistics have revealed.

The bureau stated this in its Banking Sector Data Report released in Abuja on Wednesday.

It stated that the oil and gas sector got the highest amount of loans from banks during the three-month period, receiving the sum of N3.54tn.

This, according to the report, represents 22.36 percent of the total credit to the private sector

The report stated that the manufacturing sector followed with N2.27tn. Credit to the manufacturing sector accounted for 14.34 percent of the entire credit to the private sector.

On the other hand, the mining and quarrying sector got the lowest credit to the private sector, receiving the sum of N11.76bn or 0.07 percent of the total.

The agricultural sector, according to the NBS report, received N491.49bn; power and energy, N459.24bn; construction, N653.6bn; trade and general commerce, N954.23bn; while credit to the government was put at N1.36tn.

In the same vein, the real estate sector received a total loan of N798.39bn; finance, insurance and capital market, N916.84bn; education, N77.18bn; information and communications, N822.62bn; transportation and storage, N373.26bn; while other sectors got N2.26tn.

The report stated, “In terms of credit to the private sector, a total of the N15.83tn worth of credit was allocated by banks in Q3, 2017.

“Oil and gas and manufacturing sectors got credit allocation of N3.54tn and N2.27tn to record the highest credit allocations in the period under review.”

In terms of electronic transactions, the report stated that the banking sector recorded 213.69 million transactions valued at N19.33tn during the third quarter of this year.

The Director, Banking Examination Department, Nigeria Deposit Insurance Corporation, Mr. Adedapo Adeleke, had in a presentation entitled: ‘Curtailing the growth of non-performing loans in banks – The role of regulators and supervisors’, said the level of non-performing loans in the Deposit Money Banks had risen by 50 percent from N1.639tn in December 2016 to N2.424tn by September this year.

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