N268.79 billion of the loans advanced by banks to the indigenous oil firms in Nigeria have been rated as non-performing. This poor rating, a report by the Nigerian Bureau of Statistics (NBS) sighted by Platforms Africa showed, was recorded as of June, 2020. The report added that the nation’s oil and gas sector saw its contribution to the economy tumble in Q2 to 8.93 per cent from 9.50 per cent in Q1 as it recorded negative growth. The NBS said in August that the sector, which grew by 5.06…
Read MoreBanks downgrade Nigeria’s downstream oil sector’s credit ratings, flag N269bn debts
