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Monday, March 20, 2023

Lagos Takes 79 percent of Bank Loans in Nigeria

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Lagos State recorded the highest credit by geographical distribution in Nigeria with N14.92 trillion in bank loans accounting for 78.94 percent while Yobe State recorded the least with N13.8bn accounting for 0.07 percent in Q2 2020.

The Nigerian Selected Banking sector data released by the National Bureau of Statistics (NBS) as at the second quarter (Q2) of 2020 revealed that total Geographical Distribution of Credit by State stood at N18.90 trillion compared to N18.56 trillion in Q1 2020 and N15.44 trillion in Q2 2019.

This represents 1.82 percent increase in credit Quarter on Quarter and 22.38 percent Year on Year.

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

The data also shows that the total number of Individuals who registered for National Housing Fund in 2019 stood at 220,935 while total amount of money given out as Mortgage Loans stood at N77.61 billion in 2019.

Remittance Inflows declined by -2.06 percent in 2019 to $23.81 billion from $24.31 billion recorded in 2018 while total Remittance Outflows increased by 33.87 percent 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 percent Year On year.

See full report here : https://www.nigerianstat.gov.ng/

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