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The National Bureau of Statistics has reported that Nigeria’s total commercial banking credit rose by 24 per cent year-on-year for the third quarter ended September 30, 2016. The statistics agency said commercial bank’s credit rose to N16.19 trillion compared with N13.01 trillion recorded in a similar period of last year.

According to a statement released on Friday, the NBS said the rise in commercial bank credit resulted mainly from an increase in loans to the oil and gas sector and the government, which rose by 40 per cent and 121 per cent, respectively.

A breakdown of the total commercial banking loans for Q3’16 showed that oil and gas sector accounted for N4.85 trillion or 29.95 per cent; the manufacturing sector, N2.13 trillion or 13.16 per cent; the government, N1.37 trillion or 8.44 per cent; Trade/General Commerce, N973.01 billion or 6.01 per cent; and Information/Communication, N957.94 billion or 5.92 per cent.

Other sectors are Finance/Insurance/Capital Market, N933.34 billion (5.77 per cent); Power and Energy, N729.81 billion (4.51 per cent); Agriculture, N491.28 billion (3.04 per cent); Construction, N631.41 billion (3.9 per cent); Real Estate, N760.23 billion (4.7 per cent); Transportation/Storage, N459.22 billion (2.84 per cent); Education, N89.31 billion (0.55 per cent); and Mining & Quarrying, N27.28 billion (0.17 per cent).

In its electronic payment channels report, the NBS said the total volume of transactions on all payment channels stood at 238.89 million transactions and valued at N18.16 trillion for the three-month period ended September 30.  

The Nigeria Instant Payment (NIP) platform accounted for 38.83 million transactions valued at N9.59 trillion; the Nigerian Electronic Financial Transaction (NEFT) platform accounted for 9.53 million transactions valued at N5.46 trillion; cheques accounted for 3.01 million transactions with a total value of N1.41 trillion; Automated Teller Machine (ATM) accounted for 157.1 million transactions estimated at N1.25 trillion; mobile payments accounted for 10.86 million transactions valued at N223.06 billion; Point of Sale (POS) accounted for 16.03 million transactions at a total value of N189.95 billion; and Internet banking accounted for 3.53 million transactions valued at N30.76 billion.