Bank loans to the different levels of government and the national economy have continued to grow steadily as the banking sector moves to put its non-performing loans under control, NIKE POPOOLA reports
The total credit to the economy rose to N18.6tn as of the end of April 2020, according to the latest report released by the CBN. At the last Monetary Policy Committee, a member of the committee, Kingsley Obiora, said the banks’ financial system indicators were encouraging, with improvements to real sector lending, reflecting the bank’s LDR policy.
Another member of the MPC, Adamu Lametek, said falling prices in the oil and gas sector, which gulped 26 per cent of the credit in the banking sector, exposed the banks’ risk exposure to non-performing loans.