Banks’ total assets increased by 8.25 trillion naira in 2021 – CBN report

Total assets of Nigerian banks increased by 8.25 billion naira to reach 59.24 billion naira at the end of 2021. Total assets of lenders in the country had reached 50.99 billion naira at the end of 2021. 2020.

The Central Bank of Nigeria revealed this in the personal statements of the members of the Monetary Policy Committee.

According to the CBN, MPC member Kingsley Obiora said, “The banking system has continued to maintain its soundness, safety and resilience amid the economic recovery.

“Total assets in the banking sector increased from 50.99 tn at the end of December 2020 to 59.24 tn, an increase of 16.18%, driven by balances with CBN/banks, OMO bills and credits. “

This came as another MPC member, Robert Asogwa, said: “The banking sector’s asset base grew by 16.17% from N50.9 billion at the end of 2020. to N59.2 billion by the end of 2021”.

Obiora, however, said the banking system continued to maintain its soundness, safety and resilience amid an economic recovery.

Meanwhile, the CBN said banks have continued to support the economy through various interventions in critical sectors of the economy, including infrastructure.

For example, he added, as part of the bank’s efforts to support infrastructure development, it has disbursed N274.33 billion to the sector under the Nigeria Bulk Electricity Trading Payment Assurance Facility.

An additional N20.58 billion has also been disbursed to distribution companies under the Nigeria Electricity Market Stabilization Facility – Phase 2.

However, he added that given Africa’s infrastructure financing needs of $170 billion a year and a gap of around $100 billion a year according to the African Development Bank, Nigeria needs to attract private capital. to supplement the limited fiscal space.

“This is where an initiative like the creation of InfraCorp becomes necessary because it will attract funds from around the world, which will provide the basis for infrastructure development, increased productivity, two-way growth numbers and sustainable economic development,” he added.

Copyright

All rights reserved. This material and any other digital content on this website may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without the prior express written permission of PUNCH.

Contact: [email protected]