Business
Rivers Community Decries Herdsmen’s Activities
Farmers in some parts of the state have continued to lament over the high level of destruction on their farmlands and crops by Fulani cattle rearers.
This was contained in a welcome address by the chairman, Omuoganwo Royal Family, Chief Joseph Nweke, during the foundation laying ceremony of its N50 million Multi-purpose Town Hall last Friday in Igwuruta, Ikwerre Local Government Area.
He said that the activities of the cattle rearers have brought a remarkable level of economic hardship to his people as this season’s harvest was poor.
Nweke pointed out that most farmers in the area have since abandoned their farms due to fear of the herdsmen.
According to him, if the trend was not checked, it may snowball into major economic crisis as the people would be tempted to depend on buying finished products from the market.
The Omuoganwor family chairman, who also is the Eze Chakiricha, called on the President Buhari-led Federal Government to do the needful, in order not to plunge the people into perpetual economic hardship.
Also speaking, the family’s Chief, HRH (Eze) John Nworlu, said that the project would address the economic need of the people upon completion.
He explained that the gigantic project would accommodate young people who are trained in various fields during and after the project.
Nworlu, maintained that projects of such nature ought to be executed by indigenous building experts in order to encourage local content growth.
He further hinted that the structure would last 365 days as all needed for it were already provided.
The Omueke monarch, recalled that the vision was by their fore-bearers years ago, in an attempt to usher in economic growth and unity.
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.
