PRIVATE SECTOR SUFFERS DECLINE IN LOANS BY COMMERCIAL BANKS

A National Bureau of Statistics report indicates that the total loans granted by Nigerian banks to the private sector declined from 16 trillion naira in the first quarter of 2017 to 15.34 trillion naira in the second quarter of 2018, bringing about a whopping 600.60 billion naira drop.

This means credit to the private sector declined for six consecutive quarters.

President, Manufacturers Association of Nigeria (MAN), Dr Frank Jacobs, said the Deposit Money Banks (DMB) had consistently showed unease to lend to the real sector of the economy.

He also said the association would continue to engage the banks to bridge the funding gaps.

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