Banks lend N15.1 trillion to Nigeria’s private sector

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Nigerian banks total lending for Q2 was N15.1 trillio

The National Bureau of Statistics (NBS) said the Nigerian banking sector allocated N15.13 trillion as total value of credit to the private sector in the second quarter (Q2) 2019.

The NBS figures revealed this figure on its website on Sunday.

It was part of the data published under “Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength (Q2 2019).

NBS said that of the N15.1 trillion credit line, the oil and gas sector got N3.33 trillion and manufacturing N2.32 trillion.

The report said that a total volume of 711,299,990 transactions valued at N40.48 trillion were recorded in the quarter as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.

“The Nigeria Inter-Bank Settlement System (NIBSS) Instant Payments (NIP) transactions dominated the volume of transactions recorded,“ it said.

The report said 271,344,549 volume of NIP transactions valued at N25.18 trillion were recorded in the second quarter.

It further said that the total number of banks’ staff as at the second quarter of 2019, decreased by 0.62 per cent quarter-on-quarter from 105,017 in quarter one to 104,364.

The NBS said that the data was supplied administratively by the Central Bank of Nigeria (CBN) and was verified and validated by the agency.