Oil/Gas, Manufacturing Sectors Got Lion’s Share Of N15.74tr Bank Credits In 2017Q4- NBS

• As ATM Tops N29.44tr Transactions

A new report by the National Bureau of Statistics (NBS) shows that Nigerian banks allocated the bulk of their N15.74tr total credit between the months of October and December 2017 to oil and gas, as well as manufacturing companies.
According to the report: “Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength,” for Q4, 2017 released on Monday, oil and gas players received N3.58tr, or 22.72% of total allocation; while manufacturing got N2.17tr, or 13.79%.
Government was allocated N1.391tr or 8.84% of total; finance, insurance and capital markets, N1.125tr, or 7.15%; trade and general commerce, N1.023tr or 6.5%; real estate, N753.649bn or 4.79%; agriculture received N528.243bn or 3.36% of total credit for the period; coming behind the N657.081bn or 4.17% that went to construction (services). The N774.365bn or 4.92% that went into information and communication was much more than power and energy’s N301.101bn or 1.91%; education was among the lowest sectoral allocations at N72.532bn or 0.46% of total credit;
Nigerian banks, according to the NBS data also reported a total of 461,980,541 electronic transactions worth N29.44tr between October and December 2017.
A breakdown showed that Automated Tell Machine (ATM) transactions continued to dominate, accounting for 239,692,229 transactions worth N1.833tr or 6.22%, with November recording the highest in terms of volume and value, followed by December. A total of 87,928,334 ATM transactions occurred in November, worth N670.98bn; followed by 79,622,990 valued at N629.56bn in December; while October had 72,140,905 transactions in October amounting to N532.01bn.
This was followed by 47,535,262 Point of Sales (PoS) transactions for the period worth N435bn, with the 17,057,465 purchases in December accounting for N167.58bn; followed by 15,425,224 transactions valued at N145.18bn in the prior month; and 15,052,573 trades worth N132.39bn in the month of October.
The period also so 12,272,667 transactions worth N307bn on mobile payment platforms, boosted by the 4,508,860 units in December amounting to N122.66bn; followed by 3,825,970 transactions in November for N95.89bn; just as 3,937,837 trades were settled in October worth N88.27bn.
Nigerians, according to the report are gradually catching up with paying bills electronically, as 190,876 bills worth N130bn were settled through this means in preferring for cash in 2017Q4; led by the N53.84bn worth of 63,098 transactions settled in October; followed by 68,869 transactions in November worth N39.7bn; and 58,909 transactions valued at N36.48bn in December.
A further breakdown shows that a total of 461,980,541 transactions worth N29.439tr were settled across the various payment platforms, led by 11,478,033 transactions worth N3.647tr settled through Remita.
December was the busiest with 162,313,805 transactions worth N10.535tr; November had 159,486,988 valued at N9.762tr; while N9.141tr came from the 140,179,748 deals in October.
On the Remita Platform, 4,683,456 transactions in December were worth N1.584tr; followed by 3,602,892 worth N1.059tr in November; and 3,191,685 valued at N1.002tr in October.
The NAPS platform captured 4,314,370 transactions valued at N1.888tr in the period under review; led by 2,067,249 transactions worth N716.65bn in December; which was followed by November’s N632.86bn from 1,098,577 transactions; and N538.51bn from 1,148,544 deals at the beginning of the quarter.
Also, total number of banks’ staff rose by 9.19% to 90,453 from 82,840.