Business
Operator Laments Tourism Sector Underdevelopment
A tourism operator, Mrs
Chinyere Umeasiegbu, has lamented over the under development of tourism sub-sector, saying that over 60 per cent of Nigeria’s tourists centre were not developed.
Umeasiegbu, the Chief Executive Officer (CEO) of Global Link Travel and Tours stated this in a telephone chat with newsmen in Lagos.
She said that the tourists centres in the country should be given facelift, adding that Nigeria had thousands of tourism sites that are yet to be developed, and that government should urgently concentrate toward developing them.
“The only thing government can do to exploit the huge tourism potential in the country, is to adopt the public, private partnership (PPP) initiative.
“Government can not fully harness the nation’s tourism resources except it has the support of the private investors, she said.
Umeasieghbu identified beaches, wildlife, parks, monuments, event centres, galleries, culture, festivals, airports, and museums as some of the major tourist attraction centres across the country.
“All these tourism potential can contribute 50 per cent of the nations revenue, if well harressed and properly funded.
“Visitors and tourists do visit the country day by day to see if there are new things, new places and developments in the tourism industry.
“Reviving and upgrading the nation’s tourists centres would boost foreign exchange earnings,” she said. Umeasiegbu urged the Federal Government to assist private investors to develop the nation’s enormous tourism potential.
“With the involvement and support of private investors, stakeholders and Non-Governmental Organisations (NGOs), the nation’s toruism industry would grow and Nigeria would be a preferred tourism destination.
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.
