Business
BPO To Boost Industrial CompetitivenessIn Nigeria
Business Process Outsourcing Academy will soon make its debut in Nigeria, in a move described as another effort at boosting the country’s industrial competitiveness.
The Head of the global operations of the BPO Certification Institute, Mr Sanjeeva Shukia, arrived Nigeria on Thursday as part of activities targeted at ensuring a smooth take-off of the academy.
The Nigeria BPO Academy is an initiative of Multimix Academy of Outsourcing Practitioners of Nigeria.
Justifying Nigeria’s need for the capacity building organisation, the Chief Executive Officer, BPO Academy, Mr Obiora Madu, said business processes outsourcing had become a key source of competitive advantage.
According to him, the increasing global competitiveness as a result of several business innovations has resulted in the transfer of some core and non-core business to outside service providers by many multi-national and international organisations.
He stressed that the development had impacted positively on the performance of such companies, noting that Nigeria must also benefit from the initiative.
Madu said that apart from helping Nigeria’s economy to grow and be in tune with international business ethics, the establishment of BPO would drive efficiencies in business, in terms of organisational excellence, responsiveness, branding, efficiency and customer relationship.
“For instance, in BPO, the outside provider does not only take on the responsibility to manage the function or business process, but also re-engineers the way the process has been done traditionally”, he said.
“India and China have dominated this industry, but as the cost of outsourcing gets higher in these countries, companies are looking for other possible destinations”.
The BPO boss said Nigeria had all it took to evolve a verile and competitive BPO outlet because of the availability of cheap labour, skilled manpower, huge market for western products and cultural affiliation with the western world.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
