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Lagos Accounted for 78.9% of Credit by Geographical Distribution in Q2 2020, Says NBS

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The National Bureau of Statistic (NBS) on Thursday disclosed that Lagos state accounted for 78.9 per cent credit by geographical distribution in the second quarter of 2020(Q2 2020).

The bureau in its “Nigerian Selected Banking sector data” as at Q2 2020 revealed that total geographical distribution of credit by State stood at N18.90trillion compared to N18.56trillion in Q1 2020 and N15.44trillion in Q2 2019.

“This represents a 1.82 per cent increase in credit Quarter on Quarter and 22.38 per cent Year on Year.

“Lagos State recorded the highest credit by geographical distribution with N14.92trillion accounting for 78.9 per cent while Yobe State recorded the least with N13.8billion accounting for 0.07 per cent in Q2 2020.”

According to the report, the total value of loans distributed under the Agricultural Credit Guarantee Scheme Fund (ACGSF) stood at N4.07million in 2019 compared to N4.37 million distributed in 2018.

This represents a decrease of -7.03per cent year on the year, the report explained.

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

Breakdown of borrowers in the Banking Industry showed that the total number of borrowers increased by 47.35 per cent to 2.59 million in 2019 from 1.76 million recorded in 2018 while the number of credit facilities increased by 55.54 per cent to 3.18million in 2019 from 2.04 million recorded in 2018.

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

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