Nigerian banks’ loans and support for the private sector rose to about N74.31tn at the end of May 2024, data from the Central Bank of Nigeria (CBN) has revealed.
Latest data from the CBN indicated that credit to the private sector rose by 65.9 per cent or N29.52tn to N74.31tn in May 2024 compared with N44.79tn recorded in the same period of 2023, indicating that the banking sector has continued to provide increasing support for the economy.
Credit to the private sector from banks includes loans, trade credits, and other account receivables and supports provided by banks to the private sector within a period.
A further breakdown showed that in April, the CPS stood at N72.92tn, it was N71.21tn in March. February recorded the highest amount of contribution at N80.86tn and the second highest was N76.48tn in January 2024.
The latest CPS data came on the heels of a recent report on capital importation into the country.
The report showed that banks attracted significant capital importation into the country. Analysts had said this was a measure of confidence in the Nigerian banks as foreign investors gradually took a more active stance in the nation’s economy.
According to the National Bureau of Statistics capital importation report for Q4 2023 released earlier this month, Stanbic IBTC Bank, Citibank Nigeria, and Rand Merchant Bank led the pack in the facilitation of $1.09bn capital importation into Nigeria in the fourth quarter of 2023.
