Business
UN Commission Charges Africa On Natural Resources
The UN Economic Commission for Africa (ECA) has advised African countries to use the continent’s natural resources in its industrialisation drive.
The Chief, Green Economy and Natural Resources Section at ECA, Ms Isatou Gaye, gave the advice in an interview with newsmen in Abuja.
She said the natural resources had provided Africa with opportunity for industrialisation, and that it could be achieved through adding value to the resources instead of exporting them as raw materials.
“Our natural resources really provide the opportunities whereby we can add value. Through manufacturing, we can launch the industrialisation drive of Africa using its commodities,’’ she said.
Gaye said Africa’s resources had not really been to the benefit of the continent, pointing out that multi-nationals were benefiting more from the region.
“It has followed the traditional trade routes that have been established by the colonialists that were here; mainly, that is exporting the raw materials from Africa and adding value to it in developed countries.
“In essence, it is more or less like exporting jobs, and you know Africa has bulging youth population; we need to really find jobs for them and not just any jobs but decent jobs.
“Africa must industrialise. It must add value to its commodities.
“How do we hope to create jobs and enhance the growth that we want to see if we don’t add value to the commodities?’’
Gaye advised the region to concentrate on ensuring “the transformation and rise of Africa’’, noting that modern transformation is enabled by many factors, particularly, favourable balance of trade.
She expressed regrets that Africa’s trade with the international community, particularly, the entry of the region’s products into the international markets was still facing serious challenges.
To temporarily overcome the challenges facing the entry of the continent’s products into the international market, Gaye urged African countries to enhance intra-Africa trade.
According to her, trade plays a vital role in the economic diversification of Africa and the industrialisation of the continent.
“Internally within Africa, we can enhance the intra-Africa trade; trading among African countries has been quite low.
“We should also take advantage of the rich natural resources within Africa to make sure that we add value to them in order to also enhance the entry of Africa’s products into the international markets.’’ ‘
She urged African countries to also see unfavourable multilateral trade agreements as opportunities for intra-Africa trade rather than challenges.
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.
