NBS: With N3.45tn, Oil Sector Got Highest Credit in Q2

The National Bureau of Statistics (NBS) has put the total amount of credit allocated by banks to the oil and gas sector in the second quarter of 2018 at N3.45 trillion, which it said was the highest during the period.

The agency has also debunked reports credited to the Statistician-General of the Federation and Chief Executive Officer of the agency, Dr. Yemi Kale, to the effect that the economy was still in recession.

The oil sector had recorded total credit allocation of N3.42 trillion in the first quarter of the year.

The NBS stated this in a report titled, ‘Selected Banking Sector Data: Sectorial Breakdown of Credit, e-Payment Channels and Staff Strength,’ it posted on its website yesterday.

In terms of credit to private sector, the total value of credit allocated by the banks in the period under review dropped slightly to N15.34 trillion, as against the N15.605 trillion recorded last quarter.

Also, the report showed that the manufacturing sector got total credit allocation of N2.019 trillion in the second quarter of the year, compared with the N2.073 trillion it was in the first quarter.

Also, the agriculture sector got total credit allocation of N523 million in the period under review, up from the N502 million recorded the previous quarter.

The power and energy sector also recorded total credit allocation of N416 billion in the period under review, lower than the N426 billion it got in the first quarter of the year.

This is just as total credit allocation to the real estate sector was put at N744 billion, higher than the N784 billion recorded the previous quarter.

According to the report, a total volume of 509,668,433 transactions valued at N32.90 trillion were recorded in the second quarter of 2018 on electronic payment channels in the banking sector.

“Automated Teller Machine (ATM) transactions dominated the volume of transactions recorded. 217,417,961 volume of ATM transactions valued at N1,603 billion were recorded in the second quarter of 2018,” it added.

NIBSS instant payment recorded 168.6 million transactions and point of sale machines (POS) recorded 67 million transactions.

Furthermore, it showed that staff strength of banks in the country increased by 12,253 people in the second quarter of 2018, but 11,942 of this total figure were employed as contract staff.

According to the report, the staff strength in the industry increased from 89,608 to 101,861.

This Day

News Reporter
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