Banks allocate N15.13tr credit to private sector

The National Bureau of Statistics (NBS) has disclosed that the Nigerian banking sector allocated N15.13tr credit to the private sector in the second quarter (Q2) 2019.

The NBS figures, contained on its “Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength (Q2 2019)” was released on its website yesterday in Abuja.

It said of the amount, the oil and gas and manufacturing sectors got credit allocation of N3.33tr and N2.32tr, recording the highest credit allocation.

The report showed that 711,299,990 transactions valued at N40.48tr were recorded in the quarter as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.

“The Nigeria Inter-Bank Settlement System (NIBSS) Instant Payments (NIP) transactions dominated the volume of transactions recorded within the period,” it said.