Business
Q3 NBS data shows banking sector expanded its workforce for first time in 2017
A positive reversal of fortunes for the banking sector in 2017 was marked by an addition of 6,924 more staff in the third quarter, first time in 2017 for any such workforce increases.
According to the third quarter banking sector data released by the National Bureau of Statistics (NBS), the workforce in the sector increased from 75,607 in the second quarter to 82,531 in the third quarter.
Also, in the first quarter of the year, 77,096 people had been employed in the private sector but the figure reduced to 75,607 in the three months that led to the second quarter.
A breakdown of the data showed that the number of executive staff rose from 161 to 197, while senior staff increased from 19,826 to 20,420.
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The number of junior staff increased from 33,783 in the second quarter to 35,191 in the third quarter. Contract staff in the sector increased from 21,837 to 26,723.
A total of 213,693,964 transactions valued at N19.33 trillion were recorded in Q3 2017 on electronic payment channels in the Nigerian banking sector.
“NIBSS Instant Payment (NIP) transactions dominated the volume of transactions recorded. 97,530,856 volume of NIP transactions valued at N13,963 bln were recorded in Q3 2017.
“In terms of credit to private sector, a total of N15.83 trn worth of credit was allocated by the banks in Q3 2017. Oil & Gas and Manufacturing sectors got credit allocation of N3.54 trn and N2.27 trn to record the highest credit allocation in the period under review”, the reported read.
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