Business
PH Residents Lament High Price Of Food Items
Residents of Port Harcourt, the Rivers State capital have decried what they described as unprecedented increase in the prices of some essential commodities, especially food items in the new year.
Some of the residents who spoke to The Tide on the turn-out of events with respect to prices of some commodities on their return to Port Harcourt in the new year, said they were very surprised at the rise in prices of some commodities, on their return to Port Harcourt.
Mr. Mercy Amos, who resides within the Rumuokoro axis of Port Harcourt told The Tide that the change in prices with the few days in the new year cannot be explained, and is unacceptable even now that much money has been expended in the Christmas and the new year festivity.
According to her “Before I travelled home last December, I bought a medium size tine of Mile for N550, and just to buy the same for N600 on return on January 7t, 2011”.
Apart from the beverage, Mrs Amos also said that a ball of Onions she bought for N20 last Christmas, now sells for between N70 and N100, while the size of frozen fish she use to buy for N300, now goes for between N400 and N500.
On his part, Felix Owhor explain that he noticed some changes in the prices of items he bought during Christmas and now, pointing out that he was surprised on the increase in prices of some items in the market.
He said that the prices of fish and some provisions like soap, milk among others have changed, pointing out that Dettol soap he bought for N100 last Christmas period, now sells for N130, among other commodities.
Felix posited that the price hike is artificial, and is the creation of some disgruntled traders who want to take advantage of the Christmas and new year break to inflate prices.
Another resident of Port Harcourt, Mrs. Edith Amadi expressed dissatisfaction over greed of traders, because as she puts it “ I see no reason why another increase will come in the new year, after all that we suffered within the Christmas period”.
Mrs. Amadi who resides at Mile One in Diobu, however expressed hope that things will normalise as every body settles down for business.
However, when The Tide visited the Mile One Market, it was revealed that not all commodity prices changed, except for few of them, as compared to the last Christmas prices.
Commodities like beans had remained the same, as compared to the Christmas price, while onions appeared to be some what higher than the cost of the Christmas prices.
A fish dealer, Madam Anthonia, who spoke to The Tide on the matter, said that she could not explain the reason for the high price, but quickly pointed out that many fishermen have gone on holiday, and that except they return to business that fish scarcity will endure.
Corlins Walter
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.
