Business
Why Nigerians Prefer Foreign Goods
Against the backdrop of federal authorities appealing to Nigerians to patronise made in Nigeria goods, a cross section of people spoken to by our correspondent over the weekend has given reasons for the development.
According to Comrade Okukwudi Worlu, “the simple reason is that Nigerians go crazy about foreign goods.”
Comrade Chukwudi, a fashion designer said that even those in power, when they are sick instead of going to our own hospitals and clinics around, love fravelling abroad, while we have qualified medical practitioners that can as well treat us.
He opined that it has been our culture to place high value on imported goods than those we manufacture locally.
On the issue of durability and quality, he said some Nigerians who like getting rich over night use substandard materials in manufacturing goods even as he called for proper regulation in the production process as it is done elsewhere.
For Ernest Emelezi, a computer analyst, foreign products have quality and durability than made in Nigeria goods.
According to Emelezi, Nigerian manufacturers have not attained the level of quality that foreign goods have.
“Untill when Nigerian goods attain quality then we can also patronise them,” he said.
Ranging from shoes to dresses foreign goods have durability and quality.
No body would like to sink his money for what they cannot use for a long time.
Joyce Harcourd, a house wife, who described made in Nigeria matches as a “house wife’s night mare” said she could not understand how a box of matches that has the name of a regulatory body stamped on it does not ignite.
According to her, any time she shops for matches she goes for the foreign ones from other African countries.
However for Idorenyen Obu, most of the foreign goods were second hand, especially clothings.
He advised Nigerians to shun such items because no one knows the condition of the last user.
“There are wars here and there and people can even remove dresses from a corps and sell,” he said.
Business
Private sector gets N2.2tr credit in 30 days — CBN
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.
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