32,359 contract staff working in Nigeria commercial banks – NBS

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Kayode Tokede

The National Bureau of Statistics (NBS) has disclosed that about 32,359 contract staff were working in Nigerian commercial Banks in fourth quarter (Q4) of 2017.

According to the bureau, contract staff in banks operating in Nigeria Quarter on Quarter (QoQ) gained 9.19 per cent from 27,032 in third quarter of 2017.

NBS in its report also has revealed that 3,852 senior staff in the banking sector lost their jobs in the fourth quarter of 2017.

The NBS report on Monday, which was titled, “Selected Banking Sector Data: Sectorial Breakdown of Credit, e –Payment Channels, and Staff Strength disclosed that the total number of senior staff working in Nigeria banks in third quarter was 20,420 but dropped to 16,568 in fourth quarter.

On QoQ growth, about 18.86 per cent senior staff lost their jobs in 2017, the report by NBS revealed.

NBS revealed that Executive Staff on QoQ dropped by 4.57 per cent from 197 in third quarter to 188 in fourth quarter of 2017.

However, total working force in the commercial banks operating in the country increased to 90,453, contributed by 41,338 junior staff working in the commercial banks.

In the same report, the NBS disclosed that Automated Teller Machine, (ATM) transactions and other electronic payment channels in the Nigerian banking sector have declared total volume of N462 million transactions, worth N29.44 trillion in Q4 of 2017.

The bureau report showed that ATM transactions dominated the volume of electronic payment transactions recorded with 239.7 million transactions worth N1.8 trillion.

The latest report, also, revealed that the Deposit Money Banks (DMBs) allocated credit worth total sum of N15.74 trillion to Agriculture, Industry, and Services in Q4 of 2017.

While considering banking sector credit to the private sector, the report stated that the Oil and Gas and Manufacturing sectors got the highest credit allocations of N3.58 trillion and N2.17 trillion respectively.

This means that there was a decline in facilities allocated to the private sector by banks, while comparing N15.74 trillion recorded in the fourth quarter of 2017 from N15.83 trillion declared in the preceding quarter in the same year.

NBS report further revealed that industry, mining and quarrying accounted for 0.16 per cent of the total credit worth N25.3 billion, while manufacturing, being the second highest benefactor of the bank credits in the fourth quarter accounted for 13.79 per cent of the total credits.

In fact, Oil and gas; power and energy accounted for 22.72 per cent and 2.88 per cent respectively. The credit allocated to power and energy was worth N453.9 billion.

Under the services category, construction was allocated 4.17 per cent of the total credit worth over N657 billion and general commerce (Trade) accounted for 6.50 per cent, worth N1.02 trillion.

The government received 8.84 per cent of the credit worth N1.4 trillion. Real estate was allocated 4.79 per cent worth N753.6 billion.

Finance, insurance and the capital market took up 7.15 per cent of the total credit worth N1.13 trillion, among other services.

The Central Bank of Nigeria ( CBN) had disclosed that Banking sector credit to the private sector increased year-on-year (y-o-y) to N22.29 trillion in 2017 from N21.88 trillion banks provided to the private sector in 2017.

Data gathered by NewsDirect from the apex bank money and credit statistics, revealed that N21.93 trillion in October was the lowest banking sector credit to private sector.

Source explained to NewsDirect that the Banking sector were cautiously investing in the oil & Gas sector and increased loan portfolio to manufacturing  sector.

According to CBN, Banking credit to private sector in February was at N22.23 trillion and close March at N22.37 trillion.

It dropped by 0.57 per cent to N22.24 trillion in April and moved to N22.03 trillion in June.

Banking sector credit to the private sector increased to N22.17 trillion in July 2017, but dropped by 0.79 per cent to N21.99 trillion in August.

Between September and October 2017, Banking credit to private sector closed at N22.02 trillion and N21.93 trillion respectively.