Business
Farmers Commend LG Over Fertiliser, Water Pumps Distribution
Some farmers in
Kirikasamma Local Government Area of Jigawa on Saturday commended the council over the distribution of fertilisers and water pumps to them.
The council had distributed more than 3, 000 bags of assorted fertiliser and 200 water pumps for irrigation to farmers during the last cropping season.
A cross section of the farmers said in Kirikasamma that the gesture had encouraged them to improve their production in the last farming season.
Malam Aminu Yusha’u, said he had received a water pumping machine and other inputs from the council.
Yusha’u said that the council had also constructed tube wells in various farms, adding that the gesture had enabled him to water his farm with ease.
“With water pump, I am planting and cultivating my farm without difficulties,” he said.
Bulama Amadu, another farmer, said the distribution of the machines had encouraged irrigation activities. Amadu also said that the gesture had encouraged farmers to produce variety of crops.
He called for the expansion of the programme to enable more farmers benefit.
“We are calling for more support from the government this dry season in order to boost our output,” 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.
Business
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Business
NDDC Intensifies Women Empowerment Initiative Across Niger Delta
