Business
Privatisation Creates Employment Opportunities For Nigerians – BPE
Traders displaying snails for sale at Oyingbo Market in Lagos. This is the holy week, two days before the Good Friday, when some christians eat snail instead of meat, to mark the crucifixion of Jesus Christ. Photo: NAN
The Bureau of Public Enterprises (BPE) has disclosed that the reform and privatisation programme of the Federal Government had created thousands of employment opportunities for Nigerians.
Speaking to newsmen in Abuja on Monday, the BPE Director-General, Mr Benjamin Dikki, said that reforms in the various sectors of the economy have generated employment opportunities.
Dikki said most of the privatised companies like WAPCO, OANDO and the banking sector have, through local and international expansion, created millions of jobs for Nigerians, stressing that privatisation creates jobs.
He said that in the last 16 years, the defunct Power Holding Company of Nigeria (PHCN) could not employ engineers, whereas the new distribution and generation companies have employed 2,022 engineers within a space of one year.
The BPE boss said the privatisation programme under the transformation agenda of President Jonathan has also started to yield results as five to six automotive companies including NISSAN, Volkswagen and Hyundai had returned to the country as a result of the investment friendly industrial revolution policy of the Federal Government.
He further disclosed that President Jonathan had directed and insisted that every worker of the defunct PHCN must receive every kobo of his or her entitlements.
Dikki said that to achieve this, all the proceeds from the sale of unbundled companies of the defunct state monopoly were expended in the settlement of workers entitlements across the country.
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.
