Banking sector gross credit Increases by N2trn in 7 months – Emefiele
The Central Bank of Nigeria (CBN) says the Banking Sector Gross Credit has grown by two trillion naira in seven months.
The CBN Governor, Mr Godwin Emefiele disclosed this while briefing newsmen on the outcome of Monetary Policy Committee (MPC) meeting held in Abuja.
Emefiele said that the gross credit in the industry grew by two trillion naira between May and December 2019.
He noted that the credit was made to the employment-stimulating sectors such as agriculture and manufacturing, in addition to increased lending to the retail and Small and Medium Enterprise (SME) segments.
The CBN governor said this is expected to boost domestic output growth in the short to medium term.
He stated that the Committee further encouraged the Management of the bank to be more vigorous in its drive to improve access to credit through its pursuit of the Loan-to-deposit ratio policy as doing this would help, not only in creating job opportunities.
He added that it would also help in boosting output growth and in moderating prices.