Banks’ credit to private sector rises to N16tn

The National Bureau of Statistics on Friday released the banking sector credit report for the private sector, stating that credit to the private sector rose by N657.65bn from N15.53tn in the second quarter to N16.18tn in the third quarter of this year.

The bureau stated in the report that 17 sectors of the Nigerian economy benefitted from the credit injection by the banking sector.

An analysis of the report revealed that the oil and gas sector, with a total amount of N3.65tn, received the highest chunk of credit from the banking sector.

This represents about 22.5 per cent of the total banking sector credit to the private sector in the third quarter of this year.

The report added that loans to the manufacturing sector followed, with a total sum of N2.13tn or 13.2 per cent of the total credit.

Others are power and energy, N428.4bn; construction, N631.4bn; trade and commerce, N973bn; government, N1.3tn; real estate, N760.2bn; education, N89.3bn; information and communication, N957.9bn; and finance, insurance and capital market, N933.34bn.

In the same vein, the NBS in its electronic payment channel report, said that 238.8 million e-payment transactions worth N18.1tn were conducted in the third quarter of this year.

This is an increase when compared with the 202.8 million transactions worth N14.7tn conducted in the second quarter.

Further analysis of the payment indicated that transactions through the Nigerian Instant Payment platform, with N9.59tn, accounted for the highest payment.

This was followed by the Nigerian Electronic Financial Transaction payment platform, with N5.46tn; and cheque transactions worth N1.4tn.

Others are Automated Teller Machine transactions worth N1.25tn; transactions on Point of Sale terminals, N189.9bn; mobile payments, N223bn; and Internet-based transactions, N30.76bn.