By KAYODE TOKEDE, Lagos and MBAKAAN KWEN, Abuja
The National Bureau of Statistics (NBS) has disclosed that banking sector credit to private sector increased by 0.7 per cent to N15.83 trillion in third quarter ended September 30, 2017.
In the second quarter of 2017, the Bureau had disclosed that banking sector credit to private sector stood at N15.71 trillion and N16 trillion in first quarter of 2017.
The Bureau, in its latest report on ‘Sectorial Breakdown of Credit, ePayment Channels, Deposits & Domestic Credit Breakdown and Staff Strength’, said banks were lending to agriculture, industry and services sectors.
The NBS report noted that banks’ lending to Agriculture sector continued to drop, while banking investment in the Oil & Gas increased significantly this year.
According to NBS report released yesterday, banking sector credit to agricultural sector dropped by 1.9 per cent to N491.5 billion in third quarter of 2017 from N501.1 billion reported in second quarter of 2017.
Also, banking sector credit to the power sector (industry) slumped by 1.5 per cent to N459 billion in third quarter of 2017 as against N466 billion in second quarter of 2016, while banking sector credit to services dropped by 1.75 per cent to N296.87 billion from N302.18 billion in the second quarter of 2017.
Banking sector lending to the Oil & Gas sector (services and Industry) hit N4.68 trillion as global oil prices continued to recover in 2017.
The Bureau stated that banking sector credit to the Oil & Gas industry sector was at N3.54 trillion in third quarter of 2017 from N3.5 trillion in second quarter of 2016, while Oil & Gas services rose by 4.7 per cent to N1.14 trillion from N1.09 trillion in the second quarter of 2017.
NBS in the report noted that: “Oil & Gas and Manufacturing sectors got credit allocation of N3.54trillion and N2.27 trillion to record the highest credit allocation in the period under review”.
The report by NBS disclosed that a total volume of 213,693,964 transactions valued at N19.33 trillion were recorded in third quarter of 2017, according to data on Electronic Payment Channels in the Nigeria Banking Sector.
NBS stated that Nigeria Inter-Bank Settlement System (NIBSS) Instant Payment (NIP) transactions dominated the volume of transactions recorded, even as 97,530,856 volume of NIP transactions valued at N13.963 billion were recorded in third quarter of 2017 while volume of transactions recorded on Automated Teller Machine (ATM) valued at N514 billion in third quarter of 2017.