Lagos State accounts for 77% bank credits in 2015

From a statistics released by the National Bureau of Statistics, Lagos State accounted for about 77 per cent of credit given out by banks in 2015.

A total of N13.12 trillion credits were given out by banks in 2015 with N10.128 trillion of that amount given out to Lagos state.  “Bank Credit and Deposit by States in Nigeria 2010-2015” document made available on its website revealed that banks received N17.175 trillion as deposits from customers in 2015.” NBS stated.

Of this figure, bank customers resident in Lagos deposited N10.128 trillion representing 50 per cent, followed by the Federal Capital Territory, Abuja which accounted for N2.304 trillion of the deposits while Rivers state customers deposited N1 trillion.

Deposits from customers in Lagos had in five years grown by 173 per cent from N6.27 trillion in 2010 to N17.175 trillion in 2015 while credit to customers rose by 38.8 per cent from N7.294 trillion in 2010 to N10.128 trillion in 2015.

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Yobe state has the least banking service penetration as bank customers in the state had gotten only N4.092 billion credits from banks as well as the least deposit amount of N23.32 billion.

While customers in Jigawa followed Yobe as the sate with the least banking credit with N7.335 billion loan from banks, Zamfara was the second least penetrated state in terms of deposits with N27.75 billion coming from depositors in the the state.

The level of increase in deposits obtains from Laos had I five years groom faster than the amount of credit given out to customers as loans between 2010 and 2015.