BANKS REDUCE LENDING TO ECONOMY BY N292BN IN Q2 – NBS
source : http://www.eyesoflagos.com/2017/08/banks-reduce-lending-to-economy-by.html

According to EYES OF LAGOS findings, The National Bureau of Statistics (NBS) has disclosed that commercial banks reduced their lending to the economy by N292 billion in the second quarter (Q2) of 2017. The bureau in its report titled: “Selected Banking Sector Data” also disclosed that Electronic Payment Channels in the Nigeria Banking Sector hits N19.78 trillion in Q2 of 2017.
According to NBS report, Commercial banks’ lending to 17 sectors of the economy fell to N15.7 trillion in Q2 of 2017 from N16 trillion in first quarter (Q1) 2017, indicating a drop of N292 billion or 1.8 per cent. The 17 sectors according to NBS include Agriculture, Mining and Quarrying, Manufacturing, Oil and Gas, and Power and Energy, among others.
However when compared to lending in the second quarter of 2016, commercial banks’ lending to the sectors increased by 0.57 per cent to N15.5 trillion. The report by NBS also showed that oil and gas sector got the largest credit of about N3.5 trillion, followed by the manufacturing sector with N2.22 trillion while power and energy dropped by 1.3 per cent to N466billion in Q2 2017.
In terms of credit to private sector, a total of N15.71 trillion worth of credit was allocated by the banks in Q2 2017. Oil and Gas and Manufacturing sectors got credit allocation of N3.53trillion and N2.22 trillion to record the highest credit allocation in the period under review. The report showed that the volume and value of electronic payment transactions stood at 327,366,042 and N19.78 trillion at the end of Q2 2017.
Automated Teller Machine (ATM) transactions dominated the volume of transactions recorded. 187, 805, 431 volume of ATM transactions valued at N1.54 trillion were recorded in Q2 2017 while Nigeria Interbank Settlement System (NIBSS) Instant Pay (NIP) transactions came first in terms of value with N13.36 trillion.
The report also showed that Nigerians withdrew N1.5 trillion through ATMs in the first quarter of 2017, slightly down from N1.54 trillion at the end of fourth quarter of 2016. The report by NBS said, “187, 805,431 Transactions in Q2 – ATM Payment Option had the highest Volume of Transaction and the 3rd by Value. N13.36 trillion Transaction Value in Q2 – NIBSS Instant Payment Option Had the highest value of transaction and 2nd by Volume.”
Also the volume and value of Point of Sales (PoS) transactions increased to 32 million and N324 billion from 26.6 million and N286 billion in Q1 2017. While the volume and value of mobile payment transactions stood at 11 million and N295 billion in Q2 2017 from 12.6 million and N261 billion in Q1 2017. Similarly, the volume and value of web (internet) transactions increased to 5.96 million and N37 billion in Q2 2017 from 5.52 million and N47 billion in Q1 2017.

This most interesting stat. It seems more Nigerians are getting tech savy. More vendors are starting to have card readers I'm guessing. That should mean more cash to government.

Also the volume and value of Point of Sales (PoS) transactions increased to 32 million and N324 billion from 26.6 million and N286 billion in Q1 2017.

Similarly, the volume and value of web (internet) transactions increased to 5.96 million and N37 billion in Q2 2017 from 5.52 million and N47 billion in Q1 2017.

Nigeria

We're just playing with fiat money here and that's no doubt the cause of the inflation this country is facing. Nice move from the bank. Now I'm wondering, will it encourage CBN to print more money? That will be disaster.

Nnn

k

NIGERIANS DO NOT UNDERSTAND ALL THESE GRAMMAR

Everybody is being careful.

Long Story!!!


EFCC should pump the whole money they recovered into our Economy!

GAME OF LIFE

Pls read to the end.

When next a football game is on, take a look at the players, the referees, the linesmen and the spectators.

Out of all these category of people, the only people who don't wear a wrist watch are the players on the field.

They get into the pitch and play their hearts out knowing that even though they don't know the exact time, the exact minute the game will end and the whistle will be blown, they are conscious of the fact that the game will definitely end when the one holding the time blows his whistle.

I liken this to our race here on earth. We are on the pitch of play called life.

And even though we all wear wrist watches, they are just a man-made devise to guide our daily activities and give us a sense of timing. The one who holds time is somewhere waiting and watching us play our game on the pitch of life. He has a whistle. When the time is up, by HIS own timing, he will blow the whistle and the game will be over and then winners and losers will emerge and rewards will be given to deserving players.

It is only after the referee's whistle has sounded that I notice people weep or jubilate.

They cry and gnash their teeth because, it's all over!

The game is over and the time is up!

They weep because they see missed opportunities, missed scoring chances, but by that time, the time is up! The game is over.

And those who celebrate do so because they won the match. They were adjudged winners and deserving of the much - contested trophy.

Let me encourage you today, dear friends, that your wristwatch is not the time.
Oh no its not!

The time is with the one who created time and only HE determines when the time starts and stops for each one of us.

With this in mind, let's strive for mastery and reach for the goal as we play on the pitch of life...

The play is still on
I sense we have long returned from our half-time break.
I sense that we may perhaps be in our extra time, just incase we will capitalise on the extra time to hit the goal correctly....

Tick - tack-tick-tack... Time is going...

It is not our wristwatch that's reading, it's God's time ticking away....

Play your game well.
Play it with utmost concentration.
Shut out the spectators who are either cheering or jeering.
Keep your eyes on the goal post .
Play hard!!!

Do have a blessed day and blessed life while it lasts.

.

Cashless policy is gradually been adopted by elites Nigerians.

A very good step in the right direction. Reducing the cost of printing notes and disregard for the naira notes.

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Lotta negative topics today

nice one

M

Sniper12:
Na dumb pple full here. Dey dont understand

Our esteemed havard trained professor of Economics
Break it down in common language

T

what is the rationale behind Nigeria banks for channelling largest percentage (28.7%) of the total lending into oil and gas sector??

noted; as at 2013 the banking sector nonperforming loans stood at 3.88% which is far bellow 5% maximum regulatory requirement. however, from 2014 when oil n gas sector started experiencing falling in the international crude oil prices, the nonperforming loans in the Nigeria banking industry rose from 3.88% in 2013 to 4.48%, 5.3% and 11.7% in 2014, 2015 and 2016 respectively.... the question now is that,,,, why Nigeria banks are still channel their customers funds into this sector

...this is a very bad news for nigeria.. the economy is responsible for real GDP growth, employment, poverty reduction, now I see what the effect of lending to the CBN can cause for nigeria...the banks prefer to lend to d government for unproductive reasons instead of to the private productive sectors...for those that don't understand eco omics,try to ask questions instead of hailing every thin online as good news

why

ALAYORMII:
Nigeria

how much is ur space, i have something to comment.

Boyooosa:

how much is ur space, i have something to comment.

How much you wan pay??

ALAYORMII:



How much you wan pay??

2MB AND I LL PAY IN PIECEMEAL.

Ok.

bedspread:
NIGERIANS DO NOT UNDERSTAND ALL THESE GRAMMAR

Don't you guys take an economics course in high school and university?

buffalowings:


Our esteemed havard trained professor of Economics
Break it down in common language

Debit card and online payments are getting more popular. Point of saless just mean card readers that sellers use.

The lending by bank has reduced over the past year. The lend did how ever increase over past quater.

Boyooosa:

2MB AND I LL PAY IN PIECEMEAL.

Deal

ALAYORMII:



Deal

Deal.

Boyooosa:

Deal.

Send it