Ifeanyi Onuba
The banking sector provided a total credit of N63.27tn to finance the activities of the private sector in 2017, figures from the National Bureau of Statistics revealed.
The bureau stated this in its banking sector data report obtained on Friday by our correspondent in Abuja.
The amount represents an increase of N2.2tn over the N61.05tn recorded in the 2016 fiscal period.
A breakdown of the N63.27tn showed that the sum of N16tn was provided in the first quarter while the second, third and fourth quarters had N15.7tn, N15.82tn and N15.74tn, respectively.
The NBS in the report stated that the oil and gas sector got the highest amount of loans from banks during the period, receiving the sum of N14.2tn.
This, according to the report, represents 22.44 per cent of the total credit to the private sector.
The report stated that the manufacturing sector followed with N8.79tn….
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