Lagos State records the highest volume of Credits booked in Q2 2020
- 9th October 2020
- Posted by: Hakeem
- Category: Business plans
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.
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.
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.
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.
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.