Energy companies in Nigeria owe commercial banks in the country N3.673 trillion, according to data produced by the Central Bank of Nigeria, CBN.
This was in spite of several warnings by the CBN and other economic analysts, against the backdrop of declining fortune of crude oil in the international market.
CBN, in its Statistical Bulletin for the First Quarter of 2015, revealed that the aggregate credit to the energy sector as at March 2015 stood at N3.673 trillion, dropping by N182 billion from N3.855 trillion recorded in February 2015.
Giving a breakdown of the figures, the CBN stated that in the industrial segment, oil and gas firms’ aggregate credit stood at N2.153 trillion as at March 2015, compared to N2.3 trillion in February 2015 and N2.047 trillion as at December 2014. The oil and gas firms in this segment comprise downstream, natural gas and crude oil refining.
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