Sectoral credit utilisation rose to N58.57tn in Q3- CBN

Nike Popoola

Sectoral credit utilisation increased by 5.13 per cent to N58.57tn in

Q3,2024, compared with N55.71 trillion in the preceding quarter.

The Central Bank of Nigeria’s economic report for third quarter obtained by Dailyeconomy revealed.

The services sector maintained dominance in receipt of credit to key sectors

of the economy, utilising 53.08 per cent, followed by industry and

agriculture which accounted for 42.98 and 3.94 per cent, respectively.

Consumer credit outstanding declined by 10.15 per cent to N4.25tn

in Q3,2024 compared with N4.73tn in the preceding quarter.

Consequently, personal, and retail loans declined to N3.15tn (9.22

%) and N1.10tn (12.70 %), from N3.47tm and N1.26tn,

respectively, in the preceding quarter. Personal loans remained

dominant, accounting for 74.14 per cent of total consumer credit, while

retail loans constituted the balance.