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Credit to Private Sector, Govt Rise by 42.68% to N87.27trn

September 27, 2023
in Business
Credit to Private Sector, Govt Rise by 42.68% to N87.27trn
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Central Bank of NigeriaCentral Bank of Nigeria

FIRS

Credit to Private Sector, Govt Rise by 42.68% to N87.27trn

The Central Bank of Nigeria (CBN) has disclosed that banks’ credit to the economy rose by 42.68 per cent Year-on-Year (YoY) to N87.27 trillion in August 2023 from N61.17 trillion reported in the corresponding period of 2022.

Data from the CBN’s Money and Credit Statistics showed that the total credit comprises government borrowing of N32.5 trillion and private sector borrowing of N54.76 trillion in August 2023.

Credit to government has appreciated by 55.07 per cent YoY from N20.97 trillion reported in August 2022, while credit to private increased by 36.21 per cent YoY from N54.76 trillion reported by apex bank in August 2022.

The reported N54.76trillion credit to private sector is all-time high and the figure is expected to increase further this year.

The rising credit to government and private sector is coming on the backdrop of hike in inflation rate and depreciation of Naira.

Inflation rate in Nigeria stood at 25.80 per cent in August 2023 from 20.52 per cent in August 2022, while naira against the dollar depreciated to N741.768/ Dollar at Investors & Exporters Foreign Exchange Window (9I & E FX) from N422.38 / Dollar in August 2022.

Nigeria’s economy in the first quarter of 2023 recorded political tensions, scarcity of naira and fuel shortages that slowdown business activities.

As a result of slow economic activities in Q1 2023, business conditions in the country deteriorated at the sharpest paces, while price pressures climbed further in March 2023 and at the same time, borrowing costs were increased to a new record high.

Credit growth slowed slightly in January and February 2023, from the fourth quarter of 2022 and foreign direct investment plunged in 2022, hampered by the US dollar shortage, leading some companies to cancel their expansion plans.

The economy rebound in second quarter, following a peaceful 2023 presidential elections.

Economic Confidential can report that credit to private sector in 2019 when the Loan-to-Deposit (LDR) policy was introduced, gained N3.75trillion or 16.33 per cent to close at N26.69trillion from N22.95trillion it opened in 2019.

In 2020, credit to private sector added N3.5trillion or 13.12 per cent to close December 2020 at N30.15trillion from N26.65trillion recorded in January 2020.

However, in the full year of 2021, credit to private sector rose by N5.08trillion or 16.57 per cent close 2021 at N35.38trillion from N30.65trillion reported by the CBN in January 2021.

In 2022, however, it gained 18.64 per cent to close at N41.74 trillion in December 2022.

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