SAT, JUNE 01 2019-theG&BJournal-The total value of credit allocated by Nigerian banks to the private sector stood at N15.21trn as at Q1 2019, according to the latest data on Electronic Payment Channels in the Nigeria Banking Sector published yesterday by the National Bureau of Statistics (NBS).
Oil & Gas and Manufacturing sectors got credit allocation of N3.49trn and N2.23trn to record the highest credit allocation as at the period under review.
Agriculture received N638,458.19 or 4.20% allocation. The Trade/General Commerce sector got N1,019,773.89 in total while allocation to the education sector was near insignificant at N82,765.99 or 0.54% of total credit.
Credit to the Insurance, Finance and Capital Market in the period under review was N1,123,916.94 while a total of N1,363,200.75 was credit allocated to government.
The power and energy sector credit was N305,211.57 or 2.01% of total credit.
As at Q1, 2019, the total number of banks staff increased by 0.33% QoQ from 104,669 in Q4 2018 to 105,017, indicating the sector is expanding after the huge lay-offs in 2017/2018.
In terms of transactions, the value of the Nigerian banking sector transactions reached N34.02 trillion in Q1 2019. The total volume of transaction to achieve the value was 557,083,712.
The NBS said NIBSS Instant Payments (NIP) transactions dominated the volume of transactions recorded. 232,816,102 volume of NIP transactions valued at N24.17trn were also recorded in Q1 2019.
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