The Nigerian banking sector has recorded a sharp increase in its credit support for the private sector in the third Quarter of 2016, with total increase of N657.65 billion to take it from N15.53trillion declared in the second quarter, to N16.18trillion, according to newly released data by the National Bureau of Statistics (NBS) at the weekend.

 

The nation’s statistics bureau disclosed that 17 sectors of the Nigerian economy benefitted from the credit injection by the banking sector.

 

An analysis of the report revealed that the oil and gas sector, with a total amount of N3.65trillion, received the highest chunk of credit from the banking sector.

 

This represents about 22.5 per cent of the total banking sector credit to the private sector in the third quarter of this year.

 

However, the report added that loans to the manufacturing sector followed, with a total sum of N2.13trillionn or 13.2 per cent of the total credit.

 

Others are power and energy, N428.4billion; construction, N631.4billion; trade and commerce, N973billion; government, N1.3trillion; real estate, N760.2billion; education, N89.3billion; information and communication, N957.9billion; and finance, insurance and capital market, N933.34billion.

 

Also, the NBS in its electronic payment channel report, said that 238.8 million e-payment transactions worth N18.1trillion were conducted in the third quarter of this year.

 

This is an increase when compared with the 202.8 million transactions worth N14.7trillion conducted in the second quarter.

 

Further analysis of the payment indicated that transactions through the Nigerian Instant Payment platform, with N9.59trillion, accounted for the highest payment.

This was followed by the Nigerian Electronic Financial Transaction payment platform, with N5.46triillion; and cheque transactions worth N1.4trillion.

 

Others are Automated Teller Machine transactions worth N1.25trillion; transactions on Point of Sale terminals, N189.9billion; mobile payments, N223billiobn; and Internet-based transactions, N30.76billion.

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