The oil and gas industry was one of the top credit allocations for private sector businesses in 2021.
This was revealed in the October 2022 report from the National Bureau of Statistics (NBS).
NewsBeatng reports that the total credit allocated to the private sector in Q1 2021 stood at N62.28 trillion. For Q2 2021, total credit allocation increased by 5.64% to N65.79 trillion.
The Q3 2021 credit allocations to the private sector increased by 2.33%, showing a total of N67.33 trillion.
Total credit allocation for Q4 2021 increased by 6.52%, showing a total of N71.71trn. The oil and gas industry topped all quarters with the highest bank credit allocation, overriding the manufacturing and general services sectors.
In the report, credit allocations for the oil and gas industry were at N11.97 trillion (19.22%), the highest when compared to the manufacturing sector at N9.82 trillion (15.77%) and the general services industry at N5.55 trillion (8.92%).
Bank credit refers to the amount of credit available to a business or individual from a banking institution in the form of loans. Bank credit, therefore, is the total amount of money a person or business can borrow from a bank or other financial institution.
In the NBS data, it was stated that for Q1/2021, the oil and gas industry attracted N11,967,670.27, while the power and energy industry attracted N1,358.850.52.
Meanwhile, the oil and Gas services sector attracted N3,820,783.94, while the Power and Energy services sector recorded N981,189.94 in the first quarter of 2021.
In Q2 of 2021, the Oil and Gas industry attracted N12,335,594.62, while the Power and Energy industry attracted N1,483,310.17.
The Oil and Gas services sector recorded N4,050,303.01, while the Power and Energy services sector recorded N1,101,896.91. In Q3/2021, the Oil and Gas industry attracted N12,316,702.97, and the Power and Energy industry attracted N1,487,046.10. The Oil and Gas services sector showed N3,958,846.89 and the Power and Energy services sector recorded N1,021,668.77.
In Q4/2021, the Oil and Gas industry attracted N12,480,988.03, and the Power and Energy industry attracted N1,533,934.92. The Oil and Gas services sector showed N4,229,460.07 and the Power and Energy services sector recorded N1,034,088.50.
