The loans obtained by operators in the country’s construction sector from banks increased from N1. 025tn in January 2022 to N1.157tn in October 2022.
According to CBN data, firms borrowed N132 billion between January 2022 and October 2022.
This comes just days after the National Bureau of Statistics revealed that construction services contributed N12. 9 trillion to the GDP in the first three quarters of 2022. Godwin Emefiele, Governor of the Central Bank of Nigeria, stated in January this year that the banking sector would increase access to finance and credit for households and businesses in 2022.
“The bank’s policy focus for 2022 is with a pledge to sustain improved access to finance and credit for households and businesses, mobilize investment to boost domestic productivity, enable faster growth of non-oil exports, and support employment generating activities,” he said.
Reacting, the Public Relations Officer, Nigerian Institute of Builders, Lagos Chapter, George Chukwurah, stated that the quest to defeat idleness had made more companies run to banks for more loans despite the economic downturn witnessed in the country. “Nigeria’s housing shortage is estimated at 28 million units.
The country’s growing population has increased the need for housing, but affordable housing is still a major problem.