Business
Christmas: PH Traders Predict Low Sales
Barely twenty four
days to Christmas, a cross-section of traders who were displaced last December at the Mile One market fire incident have expressed fear on their fortunes.
Some of the traders who are now selling beside the fenced burnt market who spoke to our correspondent said the chances of selling products like rice, beans, tomatoes amongst others in bags and cartons was a near impossibility.
According to Festus Onyinye, a rice dealer, the development has made it impossible for customers to request bags of rice in advance.
He said before the fire incident, the commodity was ordered in advance at least three to four months before Christmas day.
Onyinye, who said he was now retailing the commodity fears that he has not been able to break even ever since.
“After the fire incident, I used to measure in cups and paint containers.
“This method brings no gain because nobody places order in bags”, he lamented.
For Cletus Obiandu who sells vegetable oil and tin tomato, the incident has since reduced his stock.
He said before the fire incident, he used to sell his products in cartons.
While lamenting his predicament, he said the government should take action to enable them bounce back.
“Right now most of us have problems of where to put our fowls and other livestocks”, said Wenenda Amanwo, who sells Chicken beside the fenced market.
According to him, before now, he bought chicken in large quantity to enable him meet the demands of Christmas and New Year celebrations.
He said the government was seen not to care even as he added that the upcoming elections may have distracted government’s attention in the rebuilding of the market.
One of the hawkers, Mr Okon Ufots, who spoke to our correspondent opined that the government should remove the fence to enable the traders use the space for the period of the yuletide.
“Since the government is not yet ready to build the market let them remove the fence.
“They can close it again after Christmas and new year because the traders are suffering”, he said.
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.
