Business
Microsoft Tasks FG On Piracy
Microsoft Nigeria last Wednesday advised the Federal Government to intensify the campaign against piracy at all levels to bring about improvement in the economy.
Microsoft Country Manager, Mr Emmanuel Onyeje, gave the advice at the media briefing to mark this year’s Microsoft Anti-Piracy Day in Lagos.
Onyeje described piracy as a major scourge on the economy as it affected virtually all sectors of the economy.
“We are not just advocating for the eradication of software piracy because we are software developers, but piracy in general because it affects virtually all intellectual properties.
“Piracy affects the music, movie and creative arts industry making these industries unattractive for newcomers who tend to use their intellectually property as a means of livelihood,” he said.
Onyeje said piracy was killing intellectual property and the economy since no industry alone could engage about 170 million people.
“Piracy also affects government because of the loss of tax that should be remittable to government, but since pirates are faceless entities it is impossible for them to be taxed. “The software piracy especially is detrimental to every sector, whether public or private, because malwares that can cripple an organisation’s system are usually embedded in pirated software’s,” he said.
He advised government to invest more in information technology and create more awareness on the danger of buying pirated products, not just software’s but any counterfeit product or pirated copy. “Over the years, more than 60 per cent of people and organisations will get infected by dangerous malware due to lack of awareness of the danger of pirated products,” he said.
The Hewlett-Packard (HP) Supplies Country Manager, Mrs Rita Amuchienwa, said that HP had developed an innovation that would help reduce the manufacturing of pirated computer hardware in its fight against piracy.
“We have developed a code called the QR code which can be used to authenticate our product at the point of sale by just using your smart phone.
“We need more innovation like this to help us save the various industries that are highly prone to piracy to create more employment and save our economy,” she said. Gabriel Afolayan, an actor, who represented the Nigerian entertainment industry at the event, described the sector as the worst hit by piracy.
“Nollywood is the third largest producer of movies in the world. “And we don’t have anything to show for it in the quality of our movies or the lifestyle of the people in the industry.
“This is because over 50 per cent of Nollywood movies are pirated; a movie that’s to debut on Monday will be already in the black market on Sunday.
“Government needs to step in and make this work for us because it’s a continuous war and they should not relent in their efforts. “The media also has a major role to play by sensitising the public on the dangers of patronising pirated products.
“I will like to urge all relevant authorities to work on the mindset of the public in their fight to curb piracy.
“It’s only when the public knows that buying pirated products will eventually hurt them that we can start making head way in curbing this menace,” he said.
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.
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