National Bureau of Statistics (NBS) said that the Nigerian banking sector issued N18.9 trillion credit in the second quarter (Q2), 2020, compared to N18.56 trillion in first quarter (Q1), 2020 and N15.44 trillion in Q2, 2019.
“This represents 1.82 per cent increase in credit quarter-on-quarter and 22.38 per cent year-on-year.
While Lagos State recorded the highest credit by geographical distribution with N14.92 trillion, accounting for 78.94 per cent, Yobe State recorded the least with N13.8 billion, accounting for 0.07 per cent in Q2 2020.
According to the information obtained from NBS website, in Abuja, the total number of individuals who registered for National Housing Fund (NHF) in 2019 stood at 220,935, while a total amount of money given out as mortgage loans stood at N77.61 billion in 2019.
Similarly, the bureau said that a breakdown of borrowers in the banking industry showed that the total number of borrowers increased by 47.35 per cent to 2.59 million in 2019 from 1.76 million recorded in 2018, while the number of credit facilities increased by 55.54 per cent to 3.18 million in 2019, from 2.04 million recorded in 2018.
“Remittance inflows declined by -2.06 per cent in 2019 to $23.81 billion from $24.31 billion recorded in 2018 while total remittance outflows increased by 33.87 per cent to $90.6 million from $67.68 million recorded in 2018.
The total value of loans distributed under the Agricultural Credit Guarantee Scheme Fund (ACGSF) stood at N4.07 million in 2019 compared to N4.37 million distributed in 2018. This represents decrease of -7.03 per cent year on year” NBS said.
