Business
CPC, NMA To Formulate Consumer Protection Guide
The Consumer Protection Council (CPC) and the Nigeria Medical Association (NMA), say they would formulate an acceptable guide to regulate interaction between patients and medical doctors in the country.
CPC’s Director-General, Mr Babatunde Irukera said this when the President of NMA, Prof. Mike Ogirima led members of his executive team on a visit to the council in Abuja.
In a statement issued by the Head of Public Relations of the council, Mr Abiodun Obimuyiwa on Sunday in Abuja, Irukera said that the proposed Guide would be known as Patients’ Bill of Rights.
According to him, it will identify rights and privileges in a patient-care giver relationship for the protection of consumers.
He said a standing committee, with members drawn from the NMA and the CPC, had been set up to immediately advance the finalisation of the document.
“The committee will also expand key areas of collaboration for the promotion of high standards of care and patients’ protection.”
Irukera also said, it was imperative that the two organisations collaborate and jointly disseminate such rights to consumers to promote higher and safer healthcare standards.
“We need to ensure people know their rights to information and proper explanation of their medical situation in a language they understand.
“People need to know their right to control decision-making with respect to their treatment regimen; the right to know when to, where to and how to secure a second opinion if desired.
“The introduction of the Bill of Rights in Nigeria is long overdue and nothing improves standards more than consumers demanding it and asking questions,” he said.
The CPC boss and the NMA president underscored the urgency of the need for the Guide and had set end of June as deadline for a final draft of the Bill of Rights.
They both also agreed that a short form of the Bill of Rights should be displayed at all public and private healthcare facilities in the country.
Irukera reiterated the need for the NMA to ensure absolute precision in their dealings.
“Your industry does not permit any error; the legal industry to which I belong, provides successful appeals as many other industries also have built-in redundancies.
“This is not the case in medicine which, although investigative, requires absolute precision.
“It is tragic that doctors can go on strike and I recognise the fundamentals that are subjects of some of the strikes.
“However, I have never been able to reconcile the potential and irreversible loss that can and does happen when these strikes occur; we must not trivialise life.
“I think the rightful partner in reinforcing that message of sanctity of life is the Nigerian Medical Association because for many, saving lives is a motto, but in medicine, it is an obligation.”
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.
