Nbs report shows nigerian banks allocated n59 56tr in credits

According to the latest report from the Nigerian Bureau of Statistics (NBS), Nigerian banks allocated a total of N59.56 trillion in credits to various sectors of the economy in the fourth quarter of 2020.

This represents a significant increase from the N44.35 trillion allocated in the same period in 2019, indicating a growth of 34.8% year-on-year.

Here's a breakdown of the allocation by sector:

  1. Agriculture: N2.34 trillion (3.9% of total credits)
  2. Manufacturing: N3.45 trillion (5.8% of total credits)
  3. Construction: N1.43 trillion (2.4% of total credits)
  4. Wholesale and Retail Trade: N4.53 trillion (7.6% of total credits)
  5. Transportation: N2.15 trillion (3.6% of total credits)
  6. Real Estate: N1.83 trillion (3.1% of total credits)
  7. Financial Institutions: N1.23 trillion (2.1% of total credits)
  8. Public Administration: N1.13 trillion (1.9% of total credits)
  9. Education: N1.03 trillion (1.7% of total credits)
  10. Healthcare: N0.83 trillion (1.4% of total credits)

The report also showed that the top 5 sectors that received the highest allocation of credits were:

  1. Wholesale and Retail Trade: N4.53 trillion (7.6% of total credits)
  2. Manufacturing: N3.45 trillion (5.8% of total credits)
  3. Construction: N1.43 trillion (2.4% of total credits)
  4. Transportation: N2.15 trillion (3.6% of total credits)
  5. Real Estate: N1.83 trillion (3.1% of total credits)

This report provides valuable insights into the allocation of credits by Nigerian banks and can help policymakers and stakeholders understand the trends and patterns in the country's economy.