The oil and gas sector received 31.1% of deposit money banks’ (DMBs) total credit allocation in the third quarter of 2024, highlighting the sector’s continued dominance in accessing credit within Nigeria’s financial landscape.
According to data from the CBN’s most recent Quarterly Statistical Bulletin (QSB), the oil and gas sector accounted for 31.1% of total credit during the quarter, up from 29.9%.
Conversely, the manufacturing sector, which had the second largest allocation of DMBs credit at 15%, saw its allocation of credit contract by -6% quarter-on-quarter (q/q) to around N8.7 trillion.
Furthermore, the financial and insurance sector, the third-largest recipient of credit from deposit money banks at around 13%, saw impressive growth, with a +22% increase q/q.
General services sector accounted for 9% of total credit to the private sector; however, it experienced a contraction of -9% q/q, bringing its total credit to N5.0 trillion.
Consistent with historical patterns, the agriculture sector continues to struggle in securing a significant portion of banks’ loan portfolio. Credit extended to this sector fell by -5% q/q to NGN2.3trn, and its share of the overall loan book remains marginal at just 4%.
