Banking sector gross credit grows by N2trn in 7 months


Emefiele emerges AljazirahNigeria Man of the Year
CBN Governor, Mr Godwin Emefiele

The Central Bank of Nigeria governor, Godwin Emefiele (CBN) says the Banking Sector Gross Credit has grown by two trillion nairas in seven months.

The CBN Governor, Mr Godwin Emefiele disclosed this while briefing newsmen on the outcome of Monetary Policy Committee (MPC) meeting held in Abuja on Friday.

Emefiele said that the gross credit in the industry grew by two trillion nairas between May and December 2019.

He noted that the credit was channelled primarily to the employment-stimulating sectors such as agriculture and manufacturing, in addition to increased lending to the retail and Small and Medium Enterprise (SME) segments.

The CBN governor said this is expected to boost domestic output growth in the short to medium term.

He stated that the Committee further encouraged the Management of the bank to be more vigorous in its drive to improve access to credit through its pursuit of the Loan-to-deposit ratio policy as doing this…

Source: Vanguard Newspaper