Business
PH Port Users Decry Poor Facilities
Port Harcourt Port operators have decried the poor state of common users facilities in the port.
The common users facilities include the deplorable condition of Industry Road leading to the port, poor power supply, lack of water supply in the port, hazardous environment of the port and other utilities.
Reacting to the issue, transporter at the port, Chief James Tompreye expressed his displeasure over the deplorable condition of Industry Road, the major access road linking Azikiwe Road, Nigerian Ports Authority (NPA) and Reclamation Road.
Tompreye acknowledged the fact that the port is a federal government parastatal, but appealed to the Rivers State Governor Rt. Hon. Chibuike Amaechi to extend his massive road rehabilitation programme to Industry Road to ease haulage of goods, stressing that some of the trailers that ply the road had broken down due to the poor condition of the road.
A dock-worker Lolo Tamuno, who spoke to The Tide, blamed the woes of the port on the indigenous companies and multi-national corporations operating within the area, saying that the companies have failed on their social responsibilities by not contributing to the development of their immediate environment, having contributed to the poor state of the road.
He noted that the road joins Reclamation Road (Witt and Bush), Industry Road to Azikiwe Road (Supabod Junction), pointing out that the companies that operate within the axis which include, NPA, Dangote Cement and Salt, Federal Salt Company, BUA Cement, Floor Mills, Union Dicon Salt, Conoil, Oando, Ibeto cement, Magcobar, Dresser Atlas and others, should contribute their resources and rehabilitate the road than waiting for the government.
Tamuno maintained that the 30 metric tons of trailers carrying cement, salt, flour, bitumen, containers, oil tankers and other consignments that ply the road daily are responsible for the deplorable condition of the road.
He urged the companies to help themselves than seeking for government intervention since the road plays important role in the distribution of their respective products.
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.
