Business
Firm Urges Local Production Of Photo Materials
A Port Harcourt-based photographic company, Redkarpet Multi Links Ltd, over the weekend donated some food items, clothings and cash to two Charity Homes in Port Harcourt.
The benefiting Charity Homes are OLG organisation, Woji, which caters for people with autism and the Port Harcourt Compassion Home.
The Business Development Manager, Princess Victoria Woluchem, said the gesture was part of the company’s activities to mark its one-year anniversary.
Woluchem stated that in expressing gratitude to God for the divine guide and blessing to the company, there was need to remember the less privileged in the society and touch their lives.
The company, which started operation on 8th June last year, she said has done pretty well inspite challenges.
“We successfully Covered the Commonwealth Parliamentary Assembly, 40th African Regional Conference, ION International Film Festival, the 2009 CARNIRIV and also covered Port Harcourt International Polo Tournament”, she said.
“Apart from the above, we have been remarkable in the coverage of other numerous private and corporate activities within the state and beyond”, she added.
The Business Development Manager, who revealed that her company is looking forward to the forth coming Rivers State Cultural festival, billed for December this year, stressed the ambition of her company to become the most proficient and purpose-driven digital imaging organisation in sub-Sahara Africa through the assemblage of passion-driven core professionals in the industry.
Woluchem revealed that Redkarpet has trained good number of photographers within the past twelve months and that arrangements have been concluded to train some Niger Delta persons in photography as part of the skills acquisition progamme in partnership with the Niger Delta Development Commission (NDDC).
Commenting on the challenges, she stated that the company was sited near the Rivers State University of Science and Technology in the hope of enjoying patronage of the university community but regretted that the university had been on strike for the greater part of the year.
She also noted that the unavailability of local resources for the industry was a major challenge facing photographic companies.
“We import over 90 per cent of our raw materials from out side the country and this is not helping the industry in its bid to grow as in other countries”, she remarked.
Woluchem called on investors to take interest in the manufacturing of photographic materials locally in view of abundant opportunities available in it.
The manager commended the customers of the company for their patronage and reassured them of consistency in quality standard of services.
She gave kudos to the Rivers State Government for complimenting the efforts of the Federal Government in bringing about peace through the amnesty programme.
Chris Oluoh
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.
