According to a report from ThisDay, Nigeria’s growth rate could’ve been much lower if not for the N5.8tr loan four banks gave to businesses to boost their operations.
This was despite headwinds the nation was facing- low oil prices, a depreciating naira, instability and so on. Despite these challenges, the four banks that released their audited reports for the 2015 financial year last week recorded loans and advances to customers worth N5.801 trillion. The four banks are:
- Access Bank Plc,
- Guaranty Trust Bank Plc,
- United Bank for Africa Plc
- Zenith Bank Plc
The nation’s budget for the year 2015 was N4.4trillion.