Business
CBN Advocates Framework To Safeguard Economy
The Governor of Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi, has called for a framework that would safeguard the economy with the current spate of bombings across the country.
The governor made the call at the inauguration of the Business Continuity Institute (BCI), Nigeria Forum, in Abuja recently.
“Indeed, the current spates of bombings across the country by terrorist groups allude to the fact that our business environment is becoming more and more threatened.
“Therefore, there is the need for a framework that will enable us effectively respond to any crisis, safeguard lives and property and ensure stability and growth in our economic system,’’ he said.
Represented by the Deputy Governor (Operations), Mr Tunde Lemo, the governor, said many organisations had acknowledged the need for business continuity planning as essential priority for effective mitigation of natural disaster.
According to him, many have yet to discover that business continuity planning is also due diligence that must be on the strategic agenda of organisations.
He said that CBN agreed to sponsor the inauguration of the institute because it was part of its mandate to ensure the establishment of a sound, stable and safe financial system.
“On a macro level, we believe that a sound, stable and robust business environment will lead to economic growth, increase per capita income and enhance quality of life of the citizenry,’’ he said.
The CBN Director of Risk Management, Mrs Folake Fatuke, said the inauguration would promote professionalism and personal development in business continuity management in Nigeria.
She said that to have BCI, Nigeria Forum, would stimulate the development of Business Continuity management practices to improve organisational performance in Nigeria.
She commended the effort of the apex bank in training 20 staff to be BCI members and some banks for developing staff competence in the area.
It would be recalled that BCI was established in 1994 to enable members to obtain support from business continuity practitioners.
The institute has more than 6,500 members in 100 countries, including Canada, Japan, Switzerland and the U.S. as well as 2,500 organisations comprising the private and public sectors.
By the inauguration, Nigeria will be listed among the countries with BCI Forum in the 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.
