Banks’ Credit to Private Sector stood at N267.11trn in 2021, Oil & Gas led Allocation

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CEM REPORT, FINANCE | The total credit allocated to the private sector in the four quarters of 2021 stood at N267.11trn, the Nigerian Bureau of Statistics has said in its just released report titled selected banking report sector data.

According to the report, the total credit allocated to the private sector in Q1 2021 stood at N62.28 trn. The top three credit allocations went into the oil & gas industrial sector, manufacturing sector, and the general service sector with N11.97trn (19.22%), N9.82trn (15.77%), and N5.55trn (8.92%) respectively.

Similarly, in Q2 2021, total credit allocation increased by 5.64% to N65.79trn, with the top three allocations to the oil & gas industrial sector, manufacturing sector, and general service sector recorded at N12.34trn (18.75%), N10.83trn (16.46%) and N6.24trn (9.48%) respectively.

The Q3 2021 credit allocations to the private sector further increased by 2.33% from the amount recorded in Q2 2021, showing a total of N67.33trn. Of this amount, allocation to the oil & gas industrial sector stood top at N12.32trn (18.29%), followed by the manufacturing sector with N11.14trn (16.55%) and the general service sector with N6.49trn (9.64%).

In addition, N71.71trn was reported as a credit to the private sector in Q4 2021, indicating a growth rate of 6.52% from Q3 2021. Again, the oil & gas industrial sector recorded the highest allocation with N12.48trn (17.40%), followed by the manufacturing sector with N12.16trn (16.96%) and the general service sector with N7.08trn (9.87%).

In Q1 2021, 1.96bn volume of e-payment transactions were recorded through ATM, POS, Internet, NEFT, RTGS, USSD, Mobile, and Direct Channels. The volume of e-payment transactions in Q2 2021 increased by 13.11% to 2.22bn, while 2.43bn was recorded in Q3 2021 showing a growth rate of 9.49%. However, the volume of e-payment transactions decreased by 2.16% to 2.38bn in Q4 2021.

In terms of values of e-payment transactions made, N238.87trn was recorded in Q1 2021 and N269.73trn in Q2 2021. In Q3 2021, the value of e-payment transactions was N269.82trn, indicating an increase of 0.03%, while N285.95trn was recorded in Q4 2021, showing a growth rate of 5.98%.

The staff strength of deposit money banks in Q1 2021 stood at 94,681, inclusive of executive, senior, junior, and contract staff. In Q2 2021, this decreased to 92,780 and further decreased to 92,699 in Q3 2021. However, Q4 2021 recorded a staff strength of 93,090, indicating an increase of 0.42%.

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