Nigerian banking industry remains resistant, delivering 15.6 per cent, 6.8 per cent growth in total assets, profits respectively in first half of 2021, despite  challenges occasioned by the COVID-19 pandemic.

Written by on May 20, 2022

Despite challenges occasioned by the COVID-19 pandemic, the Nigerian banking industry remained resistant, delivering 15.6 per cent and 6.8 per cent growth in total assets and profits respectively in the first half of 2021.

The Chairman, Board of Directors of the Bank of Industry (BoI), Aliyu Dikko, stated this while declaring open the 62nd Annual General Meeting (AGM) of the bank, which was held on Thursday, in Abuja.

Dikko further said that total lending to the private sector increased by 18.5 per cent equivalent to 5.58 trillion-naira year-on-year to 35.73 trillion naira in December 2021, up from 30.15 trillion naira in 2020.

He said the increase in private sector lending was supported by the growth of business activities of financial technology usually abbreviated as FinTech and tech-based companies.

According to him, the FinTech ecosystem has grown significantly in recent years, delivering innovative digital financial solutions such as electronic payments, blockchain digital currency, foreign exchange and remittance transactions.

Kevin Madu

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