Business
Why Buildings Collapse – Consultant
A Facility Management Consultant in Nigeria, Engr Afolabi Adedeji, is worried about the increasing incidence of collapsed buildings in Nigeria with its attendant casualities and economic losses.
Adedeji told The Tide in Lagos that the infiltration of quackery greed and corruption into the building and construction industry has made human life to: cheap, and this has left bad name to the industry.
In an interview, Adedeji who is also an environmental expert said stakeholders in the engineering and construction sub-sector should rise to the challenge of saving the industry from the bad name that is causing core professionals of patronage.
The consultant, who called for sanity in the building/construction industry regretted that landlords, developers, corporate organizations as well as those who purchase building materials exploit the situation to cut costs to the detriment of safety and good construction practice.
He identified corruption and lack of maintenance as the twin evils affecting the good intention and efforts of successive administrations at meeting the housing needs of the people. He lashed site operators who sell construction materials like cement, sand, concrete, blocks and iron rods meant for reinforcement.
“They under reinforce the concrete and put inadequate quantity of cement in the blocks, thus making them 50 brittle that they break easily,” the consultant noting that the landlords or those who procure construction materials/services deviate from the approved plans submitted to the town planning authorities even as they add additional floors, rooms and neglect to put the desired columm, beams and other structural elements on appropriate place to guarantee the strength of the buildings.
He, however, charged construction companies in Nigeria to be proactive in issue of quackery in the industry to restore its lost glory.
Business
Private sector gets N2.2tr credit in 30 days — CBN
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.
Business
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