Banks loan to private sector hits N71.7trn, oil and gas leads
The National Bureau of Statistics (NBS) says the oil and gas industry was one of the top credit allocations for private sector businesses in 2021 in its October 2022 banking sector data.
The bureau noted that the total credit allocated to the private sector in Q1 2021 stood at N62.28 trillion. For Q2/2021, total credit allocation increased by 5.64% to N65.79 trillion.
The Q3 2021 credit allocations to the private sector increased by 2.33%, showing a total of N67.33 trillion.
Bank credit refers to the amount of credit available to a business or individual from a banking institution in the form of loans. Bank credit, therefore, is the total amount of money a person or business can borrow from a bank or other financial institutions.
READ ALSO: Non-performing loans increase as banks‘ credit to economy hits N21.12bn
Total credit allocation for Q4 2021 increased by 6.52%, showing a total of N71.71trn. The oil and gas industry topped all quarters with the highest bank credit allocation, overriding the manufacturing and general services sectors.
In the report, credit allocations for the oil and gas industry were at N11.97 trillion (19.22%), the highest when compared to the manufacturing sector at N9.82 trillion (15.77%) and the general services industry at N5.55 trillion (8.92%).
It was stated that for Q1/2021, the oil and gas industry attracted N11,967,670.27, while the power and energy industry attracted N1, 358.850.52.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: 4 yrs after completion, Kwara PHC facility inactive, rural dwellers in pains
In the middle of the night sometime in September 2019, Fatimah Ballah struggled with severe pains as she tries to...
INVESTIGATION: How Oyo State, contractors spent N1.1bn on water projects, but communities don’t have a drop
Multimillion naira water projects largely initiated by the late Abiola Ajimobi-led state government in Oyo State to benefit over 40...
INVESTIGATION: In Cross River, civil servants retire into poverty as govt looks away, squanders funds on frivolities
Thousands of civil servants in Cross River State struggle to stay alive as they are denied their gratuities and monthly...
Students suffer as contractors abandon Kano school projects after receiving over N70m
In 2019, to improve the condition of public schools in Kano State, the Federal Government disbursed millions of naira to...
SPECIAL REPORT: World Bank road projects go bad in Enugu, as state govt fails to fulfill promise
Counterpart funded road projects between the world Bank and Enugu State government have started to fail, as the state government...