Business
Unemployment: Rep Advocates Investment In Crafts
A member of the House of Representatives, representing Degema/Bonny Federal Constituency, Dr. Sokonte H. Davies, has described investment and training in arts and crafts as one of the ways of overcoming the challenge of unemployment in the country.
Hon. Davies who made this assertion in Bonny, headquarters of Bonny Local Government Area of Rivers State during the opening ceremony of a five-day intensive craft training programme, said, “we are in an era where the vogue is self-employment.”
He said the essence of the programme was to generate employment, create wealth and bring to the fore a new class of small-scale entrepreneurs that would boost the local economy and beyond.
The training, he added, was tailored to produce crafts of international standard for local and international markets, pointing out that participants would be exposed to various branding and marketing strategies, including marketing their crafts through the Internet.
The lawmaker gave the assurance that his office would give assistance to trainees willing to explore and use the e-market disclosing that a start-off grant in form of equipment and accessories would be provided for the participants and enjoined them to take the training seriously. On ICT, Hon. Davies promised to open a centre in Bonny to complement the one already established in Port Harcourt.
The Chairman of the Local Government Council, Ho. Edward Pepple, represented by the Executive Assistant, Administration and Finance, Wariesenibo Darlington e programme as critical to the socio-economic advancement of the constituency.
Banigo, in his speech described the programme as critical to the socio-economic advancement of the constituency.
The Chairman, noted that opportunities abound in the programme and urged participants to explore and exploit it to the betterment of their wellbeing, and commended the lawmaker for the different empowerment programmes he had always initiated in the constituency.
In her address, the Director General, Nigerian Tourism Development Corporation (NTDC0, represented by the Director, Training, Mrs. Trudy Edwards, espoused the place of indigenous arts and crafts in sustaining the tourism industry and boosting the economy.
the economy.
She stated that impressive efforts were being made at both the federal and state levels to transform the arts and crafts industry “into an economically viable sector and in line with the tourism industry.”
The Director General noted that the ongoing training programme was a platform to expose participants to the yet-to-be-tapped numerous tourism opportunities, adding that the focus on coral beads, aso-oke making and fabric/textile designs was a step in the right direction for many to be gainfully employed.
She also pointed out that the programme would involve local communities to learn about impacts, options and possibilities of tourism development.
The Commissioner for Employment Generation and Empowerment, Dr. Ipalibo Harry, on his part, said the initiative of Hon. Davies was in tandem with the aspirations of the ministry, which he said was poised to create several opportunities for self-employment through various craft training programmes of the administration.
Represented by Mr. Ibiba Dokubo, Director of Employment, Dr. Harry gave kudos to the honourable member, adding that he had always meant well for the constituency and its people.
Earlier in a keynote address Head of Department of Management Science, Rivers State University of Science and Technology, Chief (Dr.) Zeb Obipi explored the relevance of the training programme, which according to him, was intended to engender change in the lives of participants and that of the Bonny community as a whole.
He said the training would open doors for economic opportunities as it was designed to make them potential entrepreneurs.
The training programme is the initiative of the lawmaker in collaboration with NTDC .
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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