Dissatisfied by the huge rise in banks’ Non-Performing Loan in the 2021 financial year, triggered by the prevailing economic downturn, investors at the weekend, urged government to stimulate economic activities, particularly, in ensuring security and facilitating the movement of agricultural produce as well as the seamless export of commodities.
This is exacerbated by the pressure of the COVID-19 crisis on corporate cash flows for debt service, particularly, the impact of the foreign exchange rate crises, which has increased the level of corporate loan default Findings revealed that the aggregate NPLs of nine banks increased to N814.08 billion in 2021, representing 3.16 per cent increase from the N789.1 billion reported in 2020.
The banks’ audited 2021 financial statements showed that Access Holdings, Zenith Bank and GTCO reported the top three highest NPL by value among the nine banks, while Stanbic IBTC Holdings reported the lowest. To boost the performance of the real sectors, Anono stated that port and land border reforms must be implemented to achieve a more efficient exportation process and to reduce smuggling activities, alongside the establishment of a special court for speedy adjudication of disputes arising from commercial transactions.
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