Banks’ credits to consumers total N18.9trn second quarter 2020: NBS

Alexander Davis | ConsumerConnect

In assessing the aggregate amounts of money that all Nigerian banks and other financial institutions have lent to consumers this year, the National Bureau of Statistics (NBS) says the Banking sector had issued N18.9 trillion credit in the second quarter (Q2) 2020, compared to N18.56 trillion in first quarter (Q1), 2020 and N15.44 trillion in Q2, 2019.

The NBS, according to the information on its corporate Web site, said: “This represents 1.82 percent increase in credit quarter-on-quarter and 22.38 percent year-on-year.”

The Bureau stated whereas Lagos State recorded the highest credit by geographical distribution with N14.92 trillion, accounting for 78.94 percent of the total credits,    Yobe State recorded the least with N13.8 billion, accounting for 0.07 percent in Q2 2020.

Likewise, the NBS disclosed that the total number of individuals who registered for National Housing Fund (NHF) in 2019 stood at 220,935, while a total amount of money issued as mortgage loans totalled N77.61 billion in 2019.

A breakdown of borrowers in the banking industry indicated that the total number of borrowers increased by 47.35 percent to 2.59 million in 2019 from 1.76 million recorded in 2018.

The number of credit facilities also increased by 55.54 percent to 3.18 million in 2019, from 2.04 million recorded in 2018, according to the Bureau.

It further said: “Remittance inflows declined by -2.06 percent in 2019 to $23.81 billion from $24.31 billion recorded in 2018, while total remittance outflows increased by 33.87 percent to $90.6 million from $67.68 million recorded in 2018.

“The total value of loans distributed under the Agricultural Credit Guarantee Scheme Fund (ACGSF) stood at N4.07 million in 2019, compared to N4.37 million distributed in 2018.

“This represents decrease of -7.03 percent year on year.”

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