EconomyNews

Services, Industry Sector Got 77%% Of N59.564tr Bank Credits In 2016- NBS Report

Operators in the Nigeria’s services and industry sectors obtained N45.919 trillion, or 77.09% of the N59.564 trillion worth of credits allocated by banks to the private sector in the four quarters of 2016.
The services sector got the lion’s share of N23.071 trillion or 38.73%, while ‘industry’ were able to access credit lines worth N22.847 trillion, representing 38.35% of the total from banks in the period under review.
Manufacturers got a total of N8.266 trillion or 13.87%; far lower than the N12.839 trillion or 21.55% extended for operators in the oil and gas sector, led by credit to the “downstream, natural gas and crude oil refining’ sub-sector
Sectors categories as ‘Others’ received N10.66 trillion or 17.89%; while the agriculture sector attracted N1.983 trillion, representing a mere 3.33% of the year’s total for a sector expected to help contribute more significantly to the nation’s economy as measured by the Gross Domestic Product (GDP), earning more foreign exchange and job creation across the country.
A further breakdown of the figure shows that in the third quarter, a total of N15.787 trillion were obtained, followed by N15.75 trillion between October and December; followed by N15.144 trillion in the second quarter; while N12.882 trillion were extended by banks to the private sector in the first quarter of 2016.
Allocation of the banking sector to the trade/general commerce sector was even more robust that agriculture, as N3.928 trillion or 6.59%, receiving N1.02 trillion between April and June.
The agric sector received N525.945 billion in the fourth quarter, followed by N491.281 billion in the preceding quarter; and N485.633 billion, between January and March.
Total banking sector credit to government during the year stood at N5.343 trillion, led by N1.384 trillion in the second quarter; followed by N1.36t trillion in the following quarter and then N1.361 trillion in the final quarter of 2016.

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