Business
Olokola’s Proximity To Lagos Good For Business – NAGAFF
The National Associa-tion of Government Approved Freight Forwarders (NAGAFF) has said that on completion, the Olokola Free Trade Zone in Ogun State will serve the proximity factor to the seaports in Lagos State .
National President of NAGAFF, Chief Eugene Nweke made this disclosure during the NAGAFF 2013 Annual General Meeting held in Abeokuta, Ogun State recently.
He noted that 25 percent of freigh forwarders operating in Lagos ports reside in Ogun State, urging the Federal Government to collaborate with the government of the state because of the proximity attached to it as regards trade facilitation.
Nweke reiterated that Olokola as it stands covers a landscape of 10,000 hectares of land with three free trade zones scattered all over the state which in turn is good for business.
He said that NAGAFF as a professional group, is in a better position to advice the government on the rudiment of the maritime industry on how to carry out feasibility studies to decentralise import activities in the country.
Nweke stressed that “typical of our public policy advocacy campaign, this year’s theme: Free Trade Zone as Catalyst for International Trade Distribution and Networking, Olokola Free Trade Zone in focus was designed to focus the world attention on this goldmine.
“Our choice of this theme is borne out of our experience as major stakeholders in the supply chain sector and the attendant problems from the congestion at Lagos ports, hence the need to encourage an overflow of imports to neighbouring ports using available gift of nature like waterways which locations like Olokola offers us as a nation.
“We are also passionate about this Olokola FTZ because we are convinced that if properly harnessed, it can help the state to solve a lot of problems confronting it in the area of revenue generation, employment, technological transfer, social amenities, infrastructural development among others”.
The president noted that NAGAFF is willing to put it expertise in place to actualise the dream of the Olokola project.
Ogun State governor, Senator Ibikun1e Amosu, however said that the success of the Olokola Free Trade Zone will open up trade opportunities that will be beneficial to Nigeria and the gateway state.
The governor who describes the project as a mega project said that with the utmost support of key stakeholders in the maritime industry like NAGAFF, the Olokola Free Trade Zone project will surely be realized.
Represented by his Special “Adviser on Special projects, Lekan Onomusi, at the event, the governor said his administration was disposed to commercial industrialization which he expressed confidence that the Olokola Free Trade Zone and Deep Sea Port will adequately provide for.
The governor appreciated NAGAFF for its keen interest in the advocacy for FTZ development that has led to the hosting of the associations AGM by his state.
Meanwhile the founder ofNAGAFF, Dr. B niface Aniebonam, informed the Ogun State government of the association willingness and readiness on the FTZ to achieve a vibrant internationa0″ade distribution and networking.
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.
