Credit To Private Sector Hit N62.28trn In Q2, 2021 – NBS

The National Bureau of Statistics (NBS) yesterday said the total credit allocated to the private sector in Q1 2021 stood at N62.28 trillion.

According to its report entitled: “Selected Banking Sector Data (Q1- Q4 2021), the top three credit allocations went into the oil and gas industrial sector, manufacturing sector, and the general service sector with N11.97 trillion (19.22 per cent ), N9.82trillion (15.77 per cent ), and N5.55trillion (8.92 percent).

The report said in Q2 2021, total credit allocation increased by 5.64 per cent to N65.79trillion, with the top three allocations to the oil and gas industrial sector, manufacturing sector, and general service sector recorded at N12.34 trillion (18.75 percent ), N10.83 trillion (16.46 per cent ) and N6.24trillion (9.48 per cent).

NBS noted that the Q3 2021 credit allocations to the private sector further increased by 2.33 percent from the amount recorded in Q2 2021, showing a total of N67.33 trillion.

Of this amount, allocation to the oil and gas industrial sector stood top at N12.32trillion (18.29 per cent), followed by the manufacturing sector with N11.14 trillion (16.55 per cent) and the general service sector with N6.49trillion (9.64 per cent ). In addition, N71.71 trillion was reported as a credit to the private sector in Q4 2021, indicating a growth rate of 6.52 percent from Q3 2021.

According to the document, the oil and gas industrial sector recorded the highest allocation with N12.48 trillion (17.40 per cent), followed by the manufacturing sector with N12.16trillion (16.96 per cent) and the general service sector with N7.08trillion (9.87 per cent).

The NBS report said in “Q1 2021, 1.96billion volumes 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 per cent to N2.22billion, while 2.43billion was recorded in Q3 2021 showing a growth rate of 9.49 per cent .”

The NBS said, however, the volume of e-payment transactions decreased by 2.16 percent to N2.38billion in Q4 2021.

In terms of values of e-payment transactions made, according to the document, N238.87 trillion was recorded in Q1 2021 and N269.73trn in Q2 2021.

It added that in Q3 2021, the value of e-payment transactions was N269.82trillion, indicating an increase of 0.03 per cent, while N285.95 trillion was recorded in Q4 2021, showing a growth rate of 5.98 per cent.

NBS said the staff strength of deposit money banks in Q1 2021 stood at 94,681, inclusive of executive, senior, junior, and contract staff.

It further noted that in Q2 2021, this decreased to 92,780 and further decreased to 92,699 in Q3 2021.

NBS said, however, Q4 2021 recorded a staff of 93,090, indicating an increase of 0.42 per cent.