The amount of non-performing loans recorded by Nigerian banks in the real estate and construction sectors rose to N226.62bn at the end of last year, latest data obtained from the National Bureau of Statistics have shown.
The statistics office said the bad loans in the real estate sector rose by 12.87 per cent to N56.03bn at the end of 2020 from N49.65bn in December 2019. The construction sector contracted by -7.68 per cent last year, compared to a growth of 1.81 per cent in 2019 and 2.33 per cent in 2018, according to the NBS.
The Project Manager at EnergoBuilding Construction Limited, Toyin Ogunwale, in an interview with our correspondent, attributed the increase in bad loans in the construction sector to the COVID-19 pandemic.
While Covid is a factor as alluded to in your article, the need to look at the cost/interest loans is critical. At 18 % mortgages compared to NHF under 10% ,there will be more bad loans in the banks compared to NHF loans
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