The National Bureau of Statistics (NBS) says non-performing loans (NPLs) in the Nigerian banking sector fell by 3.31 percent (N42.4 billion) in third quarter of 2020 (Q3 2020).
This was contained in NBS report, released on Sunday titled: Selected banking sector data: Sectorial breakdown of credit, e-payment channels and staff strength (Q3 2020).
According to the report, the total amount of NPLs in Nigerian banks fell from N1.21 trillion in second quarter of 2020 (Q2 2020) to N1.17 trillion as of Q3 2020.
At the onset of the pandemic, the Central Bank of Nigeria (CBN) had announced several intervention policies to help banks and their customers.
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The policies include interest rate reduction on loans approved under intervention programmes, a moratorium on interest and principal repayments and provision of grants to healthcare companies, businesses and households that have been affected by the pandemic.
NBS said N313.99 trillion and N116.06 trillion transactions were made via electronic payment channels and online transfer window respectively in Q3 2020.
It also said in terms of credit to the private sector, the total value of credit allocated by the bank stood at N19.87 trillion as of Q3 2020.
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“Oil and gas and manufacturing sectors got credit allocation of N3.74 trillion and N3.03 trillion to record the highest credit allocation as at the period under review,” the report read.
Meanwhile, geographical distribution of credit by state rose from N18.90 trillion in Q2 2020 to N19.46 trillion in Q3 2020.
Lagos state recorded the highest credit by geographical distribution with N15.13 trillion, followed by Rivers state (N977.1 billion); Federal Capital Territory (FCT) with N594.1 billion; Delta state (N216.4 billion); and Oyo state (N208.9 billion).
States that recorded the least credit by geographical distribution, include: Yobe with N19.38 billion; Ebonyi (N25.1 billion); Jigawa (N25.4 billion); Kebbi (N25.5 billion); and Nasarawa (N34.66 billion).
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