Nigeria's merchandise trade declines by 27.30% in Q2 2020 — NBS

By Elizabeth Adegbesan

The National Bureau of Statistics (NBS)  said the 36 States of the federation recorded  N18.9 trillion credit by Geographical distribution in the second quarter of the year, (Q2’20). This represents a 2.0 percent or N37 billion rise in credit distribution when compared to N18.56 trillion in Q1’20.

In it’s Selected Banking Sector Report: Quarterly Geographical Distribution of Credit by State Q1’15 to Q2’20, volume 2,  the bureau noted that Lagos State recorded the highest credit by geographical distribution N14.92 trillion (79 percent) of the total credit.

The report stated: “The Nigerian Selected Banking sector data as at Q2 2020 revealed that total Geographical Distribution of Credit by State stood at N18.90 trillion compared to N18.56 trillion in Q1’20 and N15.44 trillion in Q2’19.

” This represents 2.0 percent increase in credit quarter on quarter and 22.38  percent year on year.

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“Lagos State recorded the highest credit by geographical distribution with N14.92 trillion accounting for 79 percent while Yobe State recorded the least with N13.8 billion accounting for 0.07 percent in Q2’20.”

On  Agricultural Credit Guarantee Scheme Fund (ACGSF), the bureau said:” The total value of loans distributed under ACGSF stood at N4.07 million in 2019 compared to N4.37 million distributed in 2018. This represents decrease of 7.03 percent YoY.

“Remittance Inflows declined by 2.06 percent  in 2019 to $23.81billion from $24.31billion recorded in 2018 while total Remittance Outflows increased by 34  percent to $90.6 million from $67.68 million recorded in 2018.

“Breakdown of borrowers in the Banking Industry showed that the total number of borrowers increased by 47.4 percent to 2.59 million in 2019 from 1.76 million recorded in 2018 while number of credit facilities increased by 56 percent  to 3.18 million in 2019 from 2.04 million recorded in 2018.

“Total number of Individuals who registered for National Housing Fund in 2019 stood at 220,935 while total amount of money given out as Mortgage Loans stood at N77.61 billion in 2019.”

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