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Nigeria: Oil & Gas and Manufacturing sectors are top recipients of banking sector credit in Q4 2020

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By Chrystal NK Chukwudebe

MON 26 APRIL, 2021-theGBJournal- In terms of credit to the private sector in Nigeria, the total value of credit allocated by the bank stood at N20.37trn as of Q4 2020.

Oil & Gas and Manufacturing sectors got credit allocation of N3.93trn and N3.19trn to record the highest credit allocation as at the period under review.

The figures are contained in the latest National Bureau of Statistics (NBS) report- Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength.

Agriculture, often touted as Nigeria’s next big thing, received a total N1.049 trillion, 5% more Q on Q Growth.

Meanwhile, banking sector Non-Performing Loans (NPLs) dropped to N1.233 trillion in Q4 2020 from N1.170 trillion in Q3 2020.

On the other hand, hiring by banks dropped -0.90% in Q4 2020. Number of staff hired dropped from a total of 95,888 in Q3 2020 to 95,026 in Q4 2020.

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