Business
ICT Can Transform Economy – Ericsson
The president and chief executive officer, Ericsson, Mr. Hans Vestberg, has said that information communication technology (ICT) has the transformational power to spur socio-economic development and put the world on the path of law-carbon economy.
A company statement recently quoted him as saying, “As a catalyst for more sustainable development, we have only begun to tap the possibilities of the networked society”.
The Tide was informed that the company’s ongoing efforts to apply innovation to market based solutions that empower people and society that will help create a more sustainable world.
According to him Ericsson continues to be a global advocate for the transformational power of ICT solutions to solve global energy, environmental and social challenges.
The vice president Sustainability and Corporate Responsibility Ericsson, Mrs. Elaine Weidman-Grunewald, who corroborated vestberg said, “The network society brings many opportunities and challenges wherever and however we work, we want to ensure that we are a force for good and that our technology contributes to making the world a better place”.
She noted that company’s SCR report highlighted certain focus areas such as reducing carbon emission in the world.
“In order to achieve a low-carbon economy, Ericsson’s aim is to continue delivering solutions that will result not in incremental but rather transformative change, where video conferencing substitutes business our travel. Intelligent utility grids reinvent how we access and use energy and cities are designed to be low-carbon”, he said.
The company, according to its SCR report, will also focus on reducing networks environmental impact and ensure communication access to all.
The report reflected Ericsson’s focus on enabling communications for all including the four billion people living at the base of the pyramid.
The company, according to the SCR report will continue its efforts to us technology to help meet the millennium development goals by 2015.
Emmanuella Azubuike
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.
