Business
Delta Approves Dev Of Community Markets
Delta State Government has approved the development of eight community markets in the state, the Commissioner for Commerce and Industry, Mr Kingsley Emu, has said.
Emu, who disclosed this in an interview with newsmen in Asaba, said the markets would be located in the three senatorial districts of the state.
The commissioner said the locations of the markets were determined by the needs of the people, adding that they would promote economic activities in the areas.
He said they would be located at Abigborodo in Warri North, Ojobo in Burutu, Otokutu in Ughelli South and Oko-Anala in Oshimili South Local Government Areas.
Emu said other areas were Kwale in Ndokwa West, Umunede in Ika North East, Agbor-Nta in Ika South and Abraka in Ethiope council areas.
“The contracts for the construction of the markets have been awarded and payment of mobilisation fees is being processed”, he said.
Emu noted, however, that development of markets was the responsibility of local governments but that the state intervened because the councils could not provide the needed resources for the projects.
He also disclosed that the state, in collaboration with the Nigeria Export Promotion Council, planned to establish an oil palm production plant at Owa-Aliosimi, Ika North East Local Government Area.
The commissioner said further that government had identified four strategic centres in the state for the collection and preservation of palm products, before moving them to the processing centre.
According to him, the centres are Oghara in Ethiope West, Abraka in Ethiope East, Ejeme in Aniocha South and Issele-Uku in Aniocha North Local Government Areas.
Emu explained that government’s attention to palm production in particular and agriculture in general, was part of its efforts to develop the non-oil sector of the economy.
He said that when the centres were fully developed, they would create employment for the people and trigger off some other economic activities in the areas.
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.
