Oil & Gas Sector Dominates Banking Sector Credit In Q2 2017

Oil & Gas Sector Dominates Banking Sector Credit In Q2 2017

The oil and gas sector continued to account for the largest portion of the banking industry credit, clinching N3.35 trillion of the N15.71 trillion credit to the private sector by banks in the country in the second quarter of the year, Leadership reports.

This is 22.46 per cent of the total banking industry credit to the private sector, a little higher than 22.34 per cent which it accounted for in the first three months of the year.

Credit to the manufacturing sector was also much higher as the sector accounted for 14.11 per cent of the credit to the private sector by banks in the second quarter compared to the 13.39 per cent share which it held in the first three months of the year.

As the banks struggled to keep up their profitability, they also shed weight in the second quarter of the year, cutting down expenses particularly in staff costs. The data given by the National Bureau of Statistics (NBS) showed that banks had let go of 1,489 staff during the three month period.

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