Oil, manufacturing account for 55.5% as banks’ loans hit N8.03trn H1’2023

Oil and Gas, and manufacturing sectors lead other sectors in the amount of loans received from banks in the first half of 2023, accounting for 55.5 per cent of total N8.03 trillion to the economy as loans.

This was revealed via data from the Sectoral Distribution of Credit by Deposit Money Banks published by the Central Bank of Nigeria (CBN) in the Statistical Bulletin for the second quarter of the year of 2023.

The Oil and Gas sector got the largest share of N3.09 trillion representing 38.8 percent of fresh loans in the first half of 23, followed by the manufacturing sector which received N1.42 trillion or 17.5 per cent.

The financial sector comprising the Finance, Insurance and Capital Market received the 3rd largest share of banks’ loans receiving N837 billion or 10.4 per cent of the new loans in the first half of 23.

Trade and General Commerce received N670 billion representing 8.3 per cent while the Information, Communication and Technology sector received N517 billion representing 6.4 per cent of new loans in the first half 2023.

General Services and Constructions received N398 billion and 348 billion respectively representing 5.0 per cent and 4.3 per cent of new loans in the first half of 23.