Oil and gas top bank credit allocation in 2021 – NBS

The National Bureau of Statistics (NBS) reports that the oil and gas industry was one of the top credit allocations to private sector businesses in 2021 in its October 2022 banking sector data.

The bureau noted that the total credit allocated to the private sector in the first quarter of 2021 stood at N62.28 trillion. For Q2/2021, total credit allocation increased by 5.64% to N65.79 trillion.

Q3 2021 credit allocations to the private sector increased by 2.33%, posting a total of N67.33 trillion.

Bank credit refers to the amount of credit available to a business or individual from a banking institution in the form of loans. Bank credit is therefore the total amount of money that a person or business can borrow from a bank or other financial institutions.

Total credit allocation for the fourth quarter of 2021 increased by 6.52%, posting a total of N71.71 billion. The oil and gas industry led every quarter with the highest bank credit allocation, overtaking the manufacturing and general services sectors.

In the report, credit allocations for the oil and gas industry stood at 11.97 trillion naira (19.22%), highest against the manufacturing sector at 9.82 trillion naira (15. 77%) and the general services industry at 5.55 trillion naira. (8.92%).

It was reported that for the first quarter of 2021, the oil and gas industry attracted N11,967,670.27 while the power and energy industry attracted N1,358,850.52.