Capital Market, Insurance Sector Borrow N1.1trn from Banks

By Modupe Gbadeyanka

In the fourth quarter of 2018, the total value of credit allocated by the banks operating in Nigeria to the capital market, finance sector as well as the insurance industry stood at N1.1 trillion.

This figure was revealed by the National Bureau of Statistics (NBS) and was retrieved from the electronic payment channels in the Nigerian banking sector.

According to the stats office, in the period under consideration, the total value of credit allocated to the private sector by the bank was N15.13 trillion.

It further said oil and gas and manufacturing sectors got credit allocation of N3.55 trillion and N2.23 trillion to record the highest credit allocation as at the period under review.

An analysis of the report by Business Post showed tbat the agriculture sector collected N610.2 billion, power and energy received N403.4 billion, construction sector had N614.5 billion, trade/generak commerce industry got N1.1 trillion, government had N1.4 trillion, real estate received N622.8 billion.

The NBS also said a total volume of 616,528,697 transactions valued at N39.15 trillion were recorded in Q4 2018.

It was disclosed that the NIBSS Instant Payments (NIP) transactions dominated the volume of transactions recorded, with 228,209,423 volume of NIP transactions valued at N23.57trn recorded in Q4 2018.