While complying with current prudential rules, Nigerian banks have recorded double-digit increases in assets and loans served to the economy despite a difficult operating environment.

Data published on Monday 14 November by the Central Bank of Nigeria mentioned that the assets of all Nigerian banks reached N66,760 billion ($151.1 billion) at the end of August 2022, compared to 56,040 billion naira in the same period of 2021, an increase of 19.13% year-on-year.

Indeed, for the same source, the total flow of credit at 28,120 billion naira ($61.6 billion) between September 1, 2021 and August 31, 2022, compared to N22,620 billion between September 1, 2020 and August 31, 2021. That's an increase of 24.3%. According to Kingsley Obiora, a member of the Monetary Policy Committee of the Nigerian Central Bank, “despite challenges and headwinds, the banking system has remained sound, safe and resilient in a context of slowing economic growth.”