The
value of consumer credit in the country grew by 24.5 per cent to N782.6 billion
as at December 2013, compared with a marginal growth of 0.8 per cent in the
first half of 2013.
The
Central Bank of Nigeria (CBN) disclosed this in its latest Financial Stability
Report posted on its website at the weekend.
As a
ratio of credit to the core private sector, consumer credit constituted five
per cent, compared with the 4.2 per cent it stood at the end of June 2013, the
report also stated.
Total
bank loans and advances to the various sectors of the economy grew by 13.9 per
cent to N10.043 trillion at the end of December 2013. The oil and gas sector
recorded the highest growth rate, with a share of 24.4 per cent, followed by
manufacturing (12.9 per cent) and the general sector (11.6 per cent).
Furthermore,
the report showed that
