Managing Director of Afrinvest, Mr. Ike Chioke has expressed optimism about the Nigerian banking sector with total assets in the sector predicted to reach N54.3 trillion by the end of 2021.
This represents a 14.3 per cent growth.
Chioke disclosed during the presentation of the Afrinvest 2020 Nigerian Banking Sector Report titled: ‘The insecurity challenges of poverty,’ which was launched recently in Lagos.
Commenting on the country’s debt profile, Chioke said: “Our debt position has risen from N15.7 trillion in 2016 to now approaching N38 trillion estimatee in 2020. Another part of the component of debt, which is often not visible to most people, is the ways and means, which is the Central Bank of Nigeria printing money and giving to the government and that has also risen dramatically from N2.2 trillion in 2016, and is currently estimated at N10 trillion in 2020.
He said: “Total industry asset, we are projecting that the industry would end the year with N54.3 trillion in assets, climbing 14.3 per cent from 2019. And in 2021, we are projecting a further growth to about N57.8 trillion in industry asset.
“In terms of industry deposits, we have seen it rise sharply following significant open market operations (OMO) maturities. So, this year we are looking at about N35.8 trillion of industry deposits and that would continue to climb to N38.1 trillion of deposits into 2021.”
