Banks record ₦42.4b decline in non-performing loans

A recent report by the National Bureau of Statistics (NBS) has shown that Nigeria’s banking sector non-performing loans dropped by N42.4 billion in three months.

According to the Bureau’s report, the total amount of non-performing loans dropped from N1.21tn at the end of the second quarter of 2020 to N1.17tn as of Q3, 2020

Also, credit to the private sector reached N19.87tn as of Q3 2020.

“Oil and gas and manufacturing sectors got credit allocation of N3.74tn and N3.03tn to record the highest credit allocation as at the period under review,” it said.

The report also shows that while Lagos State businesses and individuals accessed more bank credit facilities, the opposite was the case for Yobe State within the period covered.

“Lagos beneficiaries recorded the highest credit by geographical distribution with N15.13tn, accounting for 77.74 per cent of the total credit by geographical distribution, while Yobe State recorded the least with N19.38bn, accounting for 0.09 per cent in Q3 2020,” the NBS stated.

According to the figures, beneficiaries from Abia, Abuja, Adamawa and Akwa-Ibom borrowed N115.83bn, N594.02bn, N62.16bn and N92.21bn respectively, while those from Anambra, Bauchi, Bayelsa and Benue borrowed N98.72bn, N48.13bn, N98.81bn and N90.18bn respectively.

Beneficiaries from Borno, Cross River, Delta and Ebonyi borrowed N38.24bn, N77.25bn, N216.39 and N25.06bn respectively, while those from Edo, Ekiti, Enugu and Gombe borrowed N142.18bn, N47.56bn, N53.37bn and N63.01bn respectively.