Business
Institute Inducts New Members, Inaugurates Abuja Chapter
The Institute of Strategic
Customer Service and Trade Management (ICSTM) has inaugurated its Abuja chapter and inducted 17 persons as fellows of the institute.
The chairman of the council of ICSTM, Mr Babatunde Adesanya, in his opening remarks said: “Excellent service to customers is the reason why some businesses succeed while others fail.”
The event, which took place at the NTA premises in Abuja, attracted many business organisations and families of the inductees.
Adesanyan said “in a highly competitive business environment as we have in Nigeria, one needs an understanding and experience of customer relationship to promote excellent service delivery.
The guest speaker at the event, Mr Sanni Emmanuel, who spoke on the topic: ‘Excellent Customer Service,’ described a customer “as any individual whose need we have capacity to meet.”
“Customer service is a series of activities designed to enhance the level of customer’s satisfaction and the feeling that a product or service has met customer’s expectations,” he said.
Emmanuel called on business organisations to promote the culture of excellent customers’ service as a way of lifting the economy from its present state of contraction.
Meanwhile,the representative of Konga Online marketers, Mr Oluseyi Folaranmi, who shared their experiences in customer service delivery, noted that the organisation had been battling and have succeeded in keeping at bay the “yahoo, yahoo” boys and hackers.
He said the gathering that the greatest threat to online marketing in Nigeria is the hackers otherwise referred to as the “yahoo yahoo boys.”
The newly inaugurated coordinator of the Abuja chapter of ICSTM, Mr Victor Walsh, a business consultant spoke with newsmen on his new assignment of meeting expectations of customers in Abuja and the FCT.
He noted that excellent customers’ service is essential in growing the economy and managing national resources both at individual and corporate level.
He stressed the need to join hands with the present administration in moving the nation forward by conducting our businesses in a transparent manner.
“We cannot call for foreign investment when our attitude and character chases away potential investors.
“We must be on the same page with the government on its zero tolerance to corruption to move the nation forward,” he said.
The Tide reports that 17 persons were inducted as fellows of the Institute while some individuals and organisations were given award of excellent customer service.
The Acting DG of NTA, Mr Philip Ofoegbu was given an award for his aggressive transformation of NTA from a government establishment to a business oriented organisation.
While Konga, Nigeria largest online Mall went home with an award for its pioneering and sterling customer service delivery in the area of online marketing.
The ICSTM aside its training programme, consults on both local and international trade, it enlist business organisations for local and foreign trade fairs.
It is also into advocacy of customer right in business transaction among others.
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.
