By KAYODE TOKEDE, Lagos
Despite low productivity in the manufacturing sector in 2016, mostly influenced by several factors, 13 banks reported a 16.1 per cent increase in total credit to the real sector from N1.8 trillion in 2015 to N2.1 trillion in the year under review.


LEADERSHIP review of these Deposit Money Banks (DBMs) showed intensive efforts to support the real sector of the nation’s economy while only one bank reported nearly four per cent decline in the manufacturing sector in 2016.

The Central Bank of Nigeria (CBN) said the oil and gas sector accounted for the highest share of total credit with N4.89 trillion or 30.02 per cent, followed by the manufacturing sector that accounted for N2.2 trillion or 13.6 per cent in 2016. The apex banking regulating body stated further that the sectoral distribution of Credit in 2016 was N16.29 trillion as against N13 trillion in 2015.

Consequently, the contribution of the manufacturing sector to the real GDP decreased to 3.46 per cent in 2016 from 0.70 per cent in 2015.


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