Written by Sarah NEGEDU

Non-performing loans hits N2.24tn in Q3, investment drops by $2.66bn

Non-performing loans in the Nigerian banking industry rose to N2.245trillion at the end of the third quarter of 2018, reports from the National Bureau of Statistics, NBS, has shown.

Also in the period under review, the country’s gross loans stood at N15.861trillion, while loans (after specific provisions) stood at N13.332trillion.

According the statistic office, as of the end of June, non-performing loans stood at N1.939trillion while gross loans and loans (after specific provisions) were N15.50trillion and N13.587trillion respectively.

Meanwhile, total investment inflows into the Nigerian economy declined by $2.66billion, between the second and third quarter of this year.

The bureau in its capital importation report for the third quarter of 2018, states that total amount of investment in the third quarter dropped to $2.85billion. This represents a 48.21percent decline from the $5.51billion which the economy attracted during the second quarter of this year.

The investment figure when compared to the quarter period of 2017, represents a decline of 31.12 per cent.

Overall, the economy attracted about $14.66billion between the first nine months of this year.

A breakdown of the amount showed that the sum of $6.3billion was attracted in the first quarter while the second and third quarters each attracted $5.51billion and $2.85billion respectively.

“The total value of capital importation into Nigeria stood at $2.85bn in the third quarter of 2018. This was a decrease of 48.21percent compared to Q2 2018 and a 31.12percent decrease compared to the third quarter of 2017.”

NBS said the largest amount of capital importation by type was received through portfolio investment, which accounted for $1.73bn or 60.5 percent of total investment inflows.

This was followed by “other investment”, which accounted for $601.53million or 21.07percent of total investments. It said foreign direct investment followed as it accounted for $530.63million or 18.58 percent of total capital imported in the third quarter.

In terms of country of destination, the NBS report stated that the United States emerged as the top source of capital investment in Nigeria in the third quarter of 2018 with $911.33million, representing 31.91 percent of the total capital inflow in that quarter.

 

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