Banks’ Credit to Private Sector Crosses N44trn in April – THISDAYLIVE

The Central Bank of Nigeria has disclosed that banking industry credit to the private sector crossed the N44 trillion mark to N44.1 trillion in April 2023 amid the recovery in economic conditions after the general elections.

Deposit Money Banks had begun to increase lending to the private sector as the effects of the cash crunch waned in the country, increasing the level of credit to the sector by 6.16 per cent Year-till-Date from N41.54 trillion compared to N44.1 trillion that was recorded at the end of April 2023. Credit growth slowed slightly in January and February 2023, from the fourth quarter of 2022 and foreign direct investment plunged in 2022, hampered by the US dollar shortage, scarcity of Naira and stagflation, leading some companies to cancel their expansion plans.

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