Business: Banks Allocated N15.13tn Credit to Private Sector in Q4

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The banking sector advanced a total sum of N15.13 trillion as credit to the private sector in the fourth quarter of 2018 (Q4, 2018), the National Bureau of Statistics (NBS) has said.

The manufacturing sector got N2.23 trillion of total credit, while the oil and gas sector received credit allocation of N3.55 trillion to record the highest loan allocation within the period under review.

According to the Selected Banking Sector Data Q4 2018, which was released Wednesday by the statistical agency, a total volume of 616,528,697 transactions valued at N39.15 trillion were also recorded in Q4 on Electronic Payment Channels in the banking industry.

NIBSS Instant Payments (NIP) transactions dominated the volume of transactions, recording 228,209,42 transactions valued at N23.57 trillion in Q4.

Details later…

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