Business
Food Sufficiency: Don Seeks Synergy Between Varsities, Institutes
The former Dean, Faculty of Agriculture, University of IIorin, Prof. Yomi Omotesho, last Monday called for synergy between universities and research institutes to boost food sufficiency.
Omotesho made the call on Wednesday in IIorin while delivering a keynote address at a review meeting of agriculture experts.
Our correspondent reports that the meeting was convened at the instance of the Nigeria Stored Products Research Institute (NSPRI), IIorin.
The don noted that the synergy between universities and agriculture institutes would also help develop a market-oriented economy.
Omotesho advised agriculture researchers to work toward ensuring proper food preservation in order to transform the nation and guarantee food sufficiency.
He also urged other stakeholders in the agriculture sector to live up to expectation in their research effort to achieve food sufficiency and create more job opportunities.
The don stressed the need for the three tiers of government to give priority to agriculture research through proper funding.
Declaring the meeting open, the Executive Secretary, Agriculture Research Council of Nigeria, Prof. Baba Yusuf-Abubakar, urged researchers to evolve a new strategic agenda for agricultural transformation.
The acting Executive Director of NSPRI, Dr Joseph Williams, said the meeting was organised to ensure actualisation of the Agricultural Transformation Agenda.
He said the institute had recorded a breakthrough in the areas of post harvest handling of fruits and vegetables as well as technology for preservation.
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.
