Total number of borrowers increased by 47.35% to 2.59 million in 2019

THE National Bureau of Statistics (NBS) has said that breakdown of borrowers in the Banking Industry showed that the total number of borrowers increased by 47.35per cent to 2.59million in 2019 from 1.76million recorded in 2018 while number of credit facilities increased by 55.54per cent to 3.18m in 2019 from 2.04million recorded in 2018.

It also noted that total number of Individuals who registered for National Housing Fund in 2019 stood at 220,935 while total amount of money given out as Mortgage Loans stood at N77.61billion in 2019.

In the Nigerian Selected Banking sector data as at Second quarter (Q2) 2020 released last week, the NBS revealed that total Geographical Distribution of Credit by State stood at N18.90trillion compared to N18.56trillion in the first quater (Q1) 2020 and N15.44trillion in Q2 2019.

This represents 1.82per cent increase in credit Quarter on Quarter and 22.38per cent Year on Year. Lagos State recorded the highest credit by geographical distribution with N14.92trillion accounting for 78.94per cent  while Yobe State recorded the least with N13.8billion accounting for 0.07per cent in Q2 2020.

The total value of loans distributed under the Agricultural Credit Guarantee Scheme Fund (ACGSF) stood at N4.07million in 2019 compared to N4.37million distributed in 2018. This represents  decrease of -7.03per cent Year On year.

Remittance Inflows declined by -2.06per cent in 2019 to $23.81billion from $24.31billion recorded in 2018 while total Remittance Outflows increased by 33.87per cent to $90.6million from $67.68million recorded in 2018.

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