A total of 17 banks have applied to the Central Bank of Nigeria for permission to restructure 33 per cent of their loans due to the fallout from the coronavirus pandemic.
The banks submitted requests to restructure more than 32,000 loans for individuals and businesses impacted by Covid-19 by the end of May.
According to the deputy governor of CBN, Aisha Ahmad, the coronavirus pandemic, oil-price collapse and dollar shortages have dealt a blow to the economy of Africa’s largest crude producer, hampering the ability of borrowers to meet their obligations to lenders.
She added that manufacturing and general commerce sectors constitute the bulk of the restructured facilities by lenders.
“The coronavirus-induced global economic crisis is pervasive, with heightened uncertainty for the medium-term economic outlook.
“Credit to the oil and gas sector accounted for about 26 per cent of the industry’s total loans and advances, making the sector the single most important in terms of credit exposure of the banking system,” she added.
