Business
‘Skills Acquisition, Tool For Economic Productivity’
The acquisition of
technical skills through vocational education has been described as a veritable step that would boost self-reliance and economic productivity in the country.
An educationist, Mr Emeka Uzah, stated this in his paper presented at a public lecture held recently at Erema in Ogba/Egbema/Ndoni Local Government Area of Rivers State.
In his paper titled, “Boosting Self-reliance and Economic Productivity Through Technical Education,” Mr Uzah said in all spheres of human endeavour, Nigeria as a nation would experience accelerated development if more investments were made to promote vocational education and recommended that both government and the private sector should take it as a matter of urgency to eradicate challenges frustrating technical education.
Uzah, who is a senior instructor at Government Craft Development Centre, Port Harcourt lauded the present interest being shown by the Governor Rotimi Amaechi-led administration in the state towards promoting technical education but said it was not enough for the society to leave the burden on government and urged corporate organisations, churches and individuals to redouble their efforts towards self-reliance and economic productivity through vocational training.
He said churches, companies and even communities could develop the manpower potentials of their members by partnering with the government towards the promotion of technical education in their areas.
The educationist said most advanced nations could not have been where they are today if they only stopped at paying lip service to technical education.
“Both government and private sectors should take it as a matter of urgency to have a clear curriculum of vocational/technical studies towards skills acquisition at the secondary school levels”, he stated.
He also called for increased interest on the part of students noting that every individual in the society is blessed by one form of talent or the other and pointed out that the only way to enhance proper development of such talents was to seek ways to train and actualise them for the benefit of the individual and society at large.
According to him, Nigeria remains more as a service-orientated nation relying on finished products instead of getting more involved in the processing of the abundant resources through small and large scale industries.
He identified lack of infrastructure and inadequate training of instructors as the bane of technical education while suggesting both local and foreign training for technical teachers to enable them boost more instructors through training-the-trainer arrangement.
Chris Oluoh
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.
