The total assets of Nigerian banks rose by N8.25tn to N59.24tn as of the end of 2021. This is as the nation’s lenders’ total assets had hit 50.99tn as of the end of 2020.
The Central Bank of Nigeria made this known in the personal statements of members of the Monetary Policy Committee.
According to the CBN, a member of the MPC, Kingsley Obiora, said, “The banking system continued to sustain its soundness, safety, and resilience amid economic recovery.
“The total asset of the banking industry increased from N50.99tn from end-December 2020 to N59.24tn, representing an increase of 16.18 per cent, driven by balances with CBN/banks, OMO bills, and credits.”
This came as another member of the MPC, Robert Asogwa, said, “The banking industry asset base increased by 16.17 per cent from 50.9tn naira at end 2020 to 59.2tn naira at end 2021.”
Obiora, however, said the banking system continued to sustain its soundness, safety and resilience amid economic recovery.
Meanwhile, the CBN stated that the banks had continued to support the economy through various interventions in critical sectors of the economy including infrastructure.
For example, it added, as part of the bank’s effort to support infrastructural development, it disbursed N274.33bn to the sector under the Nigeria Bulk Electricity Trading Payment Assurance Facility.
An additional N20.58bn was also released to Distribution Companies under the Nigeria Electricity Market Stabilisation Facility – Phase 2.
However, it added that given Africa infrastructure financing needs of $170bn a year and a gap of about $100bn a year according to the African Development Bank, Nigeria must attract private capital to complement the limited fiscal space.
“This is where initiative like the establishment of InfraCorp becomes necessary because it will attract funds across the globe, which will provide the basis for infrastructural development, increased productivity, double-digit growth and sustainable economic development,” it added.
