Nigeria’s aggregate domestic credit jumps by 7.6%

The aggregate domestic credit to the Nigerian economy rose to N19.54 trillion as of November 2020, representing a growth of 7.35% Month-on-Month in September, according to the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

In his words, “Total gross credit by the banking industry stood at N19.54tn as at 13th November 2020 compared with N19.33tn at end-August 2020, an increase of N290.13bn. When compared with N15.56tn at the commencement of the LDR policy in May 2019, total gross credit increased by N3.97tn.”

In the month of October 2020, he stated that 86.23 per cent of the total loans granted to over one million customers by banks were at interest rates considerably below 20 per cent per annum.

The MPC was quite optimistic and favorably disposed about the future impact of the disbursements from agri-business/Small and Medium Enterprise Investment Scheme of the sum of N92.90bn to 24,702 beneficiaries; Anchor Borrowers Program – N164.91bn disbursed to 954,279 beneficiaries; and COVID-19 Targeted Credit Facility to household and SMEs, with the sum of N149.21bn to 316,869 beneficiaries.

Meanwhile the Deputy Governor, Financial System Stability, CBN, and Chairperson of the National Financial Inclusion Technical Committee, Mrs. Aisha Ahmad, has applauded stakeholders for their concerted efforts in closing the financial inclusion gender gap in Nigeria.

The disclosure was made through a recent Financial Inclusion newsletter released by the CBN.

Mrs. Ahmad thanked all the partners; particularly, Enhancing Financial Innovation and Access (EFInA) and Women’s World Banking (WWB), for collaborating with the CBN on this very important initiative.

She also appreciated the efforts of the FISIWG and those of other members of the National Financial Inclusion Technical Committee, composed of public-private sector stakeholders.

While commending their hard work and dedication towards the successful development of the Framework, she also charged them to thoroughly review and drive the implementation of the Strategic Imperatives presented within the Framework.

The framework for advancing women’s financial inclusion in Nigeria is in line with the commitment made by the Central Bank of Nigeria (CBN) to the Alliance for Financial Inclusion (AFI)’s Denarau Action Plan (DAP), which aims to halve the global financial inclusion of gender gap by 2021.

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