Governments’ Credit Shrinks, Private Sector’s Rises To N25.8tn

Banks’ credit to governments shrunk by13.41 per cent in October to N9.05tn from N10.45tn reported in September, the Central Bank of Nigeria has disclosed.

On the other hand, credit to private sector hit N25.8tn in October, according to apex bank.

With N25.8tn, commercial bank lending to real sector, the year-till-Date performance revealed that credit to private sector improved by 12.42per cent in 2019 while the year-on-year performance rose by 11.49 per cent.

The apex bank in its money and credit statistics explained that credit to private sector opened the year with N22.95tn and hit the N25tn threshold in September.

According to reports, the credit to private sector in September hit N25.47tn following the regulator’s drive mandated commercial banks to raise lending to real sector of the nation’s economy. Continue Reading….