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Credit to private sector increased 2.5% to N20trn in Q4 2020 – NBS

The results in respective increase of 5.2, 6.6 and 7.2 percent compared to the preceding quarter.

The National Bureau of Statistics (NBS) says 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).

“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.”

According to the report, agriculture sector got N1 trillion, trade and general commerce received N1.3 trillion while finance, insurance and capital market was allocated loans worth N1.46 trillion.

The results in respective increase of 5.2, 6.6 and 7.2 percent compared to the preceding quarter.

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NBS noted that the federal government also obtained loans worth N1.77 trillion, upscaling its previous borrowings in Q3 by 8.7 percent.

Information and communication sector got N1 trillion while N1.8 trillion was allocated to industries under general.

On staff strength in the banking sector, the report noted that the total number of bank staff decrease slightly from 95,888 in Q3 to 95,026 in Q4 2020.

“As of Q4 2020, the total number of Banks’ staff decreased by -0.90% QoQ from 95,888 in Q3 2020 to 95,026,” the report added.

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