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Home Business News

Lagos State records the highest volume of Credits booked in Q2 2020

Johnson Uche by Johnson Uche
October 9, 2020
in Business News, Spotlight
7 out of 10 bank loans given to Lagosians 
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According to the report recently released by the National Bureau of Statistics (NBS) on the Geographical Distribution of Credit by state for Q2 2020, it is succinctly revealed that the total Credits booked stood at N18.90trn compared to N18.56trn in Q1 2020 and N15.44trn in Q2 2019. This represents 1.82% increase Quarter on Quarter and 22.38% Year on Year.

READ: R.T. Briscoe declares N618.9 million loss in H1 2020, as sales of vehicles fall 

Lagos State recorded the highest credit by geographical distribution with N14.92trn accounting for 78.94%, followed by Rivers and FCT/Abuja with  N861.72billion (5%) and N564.10 billion (3%) respectively, while Yobe State recorded the least with N13.8bn accounting for 0.07% in Q2 2020.

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It is important to note that the volume of Credit per state may not necessarily reflect the level of economic activity in the state, as most of the oil majors operate outside Lagos but their credits are booked in Lagos. For example, Dangote Cement’s loan may have been booked in Lagos but their major activity is outside Lagos.

The total value of loans distributed under the Agricultural Credit Guarantee Scheme Fund (ACGSF) stood at N4.07m in 2019, compared to N4.37m distributed in 2018. This represents a decrease of -7.03% Year on Year.

READ: N3.2 billion Rights Issue: C and I Leasing files SEC application

Remittance Inflows declined by -2.06% in 2019 to $23.81bn, from $24.31bn recorded in 2018; while total Remittance Outflows increased by 33.87% to $90.6m, from $67.68m recorded in 2018.

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

READ: Nigeria to ban foreign vessels operating without valid license by December – NIMASA

Total number of Individuals who registered for National Housing Fund in 2019 stood at 220,935; while total amount of loans disbursed as Mortgage Loans stood at N77.61bn in 2019.


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Tags: Agricultural Credit Guarantee Scheme FundBusiness NewsNational Bureau of StatisticsNigeria News
Johnson Uche

Johnson Uche

Johnson is a risk management professional and banker with unbridled passion for research and writing. He graduated top of the class with B.sc Statistics from the University of Nigeria and an MBA degree with specialization in Finance from Ambrose Alli University Ekpoma, with fellowships from the Association of Enterprise Risk management Professionals(FERP) and Institute of Credit and Collections management of Nigeria (FICCM). He is currently pursuing his PhD in Risk management in one of the top-rated universities in the UK.

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