Figures obtained from the Central Bank of Nigeria has shown that Nigerian banks’ total assets rose by N11.15 trillion in one year to N64.32 trillion as of the end of April.
CBN said that the assets of the lending institutions had hit N53.17 trillion in the corresponding period of 2021.
The 2022 numbers showed a 21 percent increase over the period.
According to a personal statement of a member of the Monetary Policy Committee, Kingsley Obiora, which was released by the CBN, the growth was driven by balances with CBN/banks, OMO bills, and credit to the real sector of the economy.
He said, “The banking system remained sound, stable and resilient. Total assets of the banking industry grew by 20.97 per cent from N53.17tn in April 2021 to N64.32tn in April 2022, driven by balances with CBN/banks, OMO bills, and credit to the real sector of the economy.
“As a result, the total flow of credit to the economy increased to N26.10tn in April 2022 from N21.45tn in April 2021, representing an increase of 21.66 per cent.”
He said some sectors with the increased credit included: manufacturing, consumer credit, general commerce, information and communication, and agriculture.