Connect with us

Finance

Banking sector Q2 2020: Lagos state records highest volume of credit at N14.92trn

BY David Oladele

Published

on

Credit

The National Bureau of Statistics (NBS) has reported that Lagos State recorded the highest credit by geographical distribution with N14.92trn accounting for 78.94%.

The National Bureau stated this while unveiling the data of Nigerian Selected Banking sector as at Second Quarter (Q2 2020).

The NBS stressed that the total Geographical Distribution of Credit by the state stood at N18.90trn compared to N18.56trn in Q1 2020 and N15.44trn in Q2 2019.

The report read: The Nigerian Selected Banking sector data as at Q2 2020 revealed that total Geographical Distribution of Credit by State stood at N18.90trn compared to N18.56trn in Q1 2020 and N15.44trn in Q2 2019.

This represents 1.82% increase in credit Quarter on Quarter and 22.38% Year on Year. Lagos State recorded the highest credit by geographical distribution with N14.92trn accounting for 78.94% while Yobe State recorded the least with N13.8bn accounting for 0.07% in Q2 2020.

Total number of Individuals who registered for National Housing Fund in 2019 stood at 220,935 while the total amount of money given out as Mortgage Loans stood at N77.61bn in 2019.

Breakdown of borrowers in the Banking Industry showed that the total number of borrowers increased by 47.35% to 2.59m in 2019 from 1.76m recorded in 2018 while the number of credit facilities increased by 55.54% to 3.18m in 2019 from 2.04m recorded in 2018.

Remittance Inflows declined by -2.06% in 2019 to $23.81bn from $24.31bn recorded in 2018 while total Remittance Outflows increased by 33.87% to $90.6m from $67.68m recorded in 2018.

The total value of loans distributed under the Agricultural Credit Guarantee Scheme Fund (ACGSF) stood at N4.07m in 2019 compared to N4.37m distributed in 2018. This represents a decrease of -7.03% Year On Year.