Nonperforming loans in Nigeria fall by 41% in 2019

April 2, 2020 10:23 AM

The year-on-year nonperforming loans (NPL) in the Nigerian banking sector has fallen by 41% from N1.79 trillion in 2018 to N1.05 trillion in 2019.

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This was revealed by the National Bureau of Statistics (NBS) in its Selected Banking Sector Data for the fourth quarter of 2019 (Q4’19).

The bureau added that banks’ credit to the private sector increased by 4% in 2019 from N15.13 trillion in 2018 to N17.19 trillion.

The data showed that the credit allocated to the Oil and Gas sector declined by 4% from N3.55 trillion in 2018 to N3.42 trillion in 2019.

The credit allocated to the manufacturing sector went up by 18% from N2.23 trillion in 2018 to N2.62 trillion in 2019.

The bureau said that “in terms of credit to the private sector, the total value of credit allocated by the bank stood at N17.19 trillion as of the fourth quarter of 2019. Oil & Gas and Manufacturing sectors got credit allocation of N3.42 trillion and N2.62 trillion respectively, to record the highest credit allocation as of the period under review.”

Meanwhile, the NBS added that the number of bank staff reduced by 1% from 104,669 staff in 2018 to 103,610 staff in 2019.

But the number of contract staff increased by 0.25% in 2019 from 45,238 staff in 2018 to 45,350 in 2019.