While telecommunications industry posted huge profits from the increase in the social relevance of their businesses, the banks recorded losses. “The total gross loans of these banks rose from N3.9 trillion in 2010 to N13.6 trillion in 2020 or by 248 per cent. xAlso, First Bank’s investment in securities as of December 2020 was N1.55 trillion as against N2.2 trillion total credits extended to its customers. Besides, a larger proportion of banks’ total credit is extended to the exclusive public and oil/gas while sectors that have direct impacts on the people were left in limbo. Of the N20.4 trillion total industry credits as of December 31, 2020, the government had N1.8 trillion.

Source: The Guardian July 19, 2021 03:16 UTC