Business
Power Supply: Safety Engineers Urge Use Of Certified Professionals
The American Society of Safety Engineers, Nigeria Chapter (ASSE-NC), has called on the Federal Government to ensure only certified professionals were engaged in the power sector.
The association’s President, Mr Kamildeen Abiodun, told newsmen in Lagos that quacks could also cause the epileptic power supply currently experienced in the country.
Abiodun said there should be holistic overhaul of the sector if the President’s plan to improve power supply within a while was realistic.
Abiodun said there were associated risks inherent in providing steady power supply if substandard technicians and electrical fittings were installed in a plant.
“The power industry should return to colonial era when electrical installations were inspected to ensure compliance to standards before power was supplied.
“Even before meters are installed in homes, officials of power distribution companies need to inspect the quality of the wiring to ensure they meet standards.
“They are also to maintain routine check for any changes or modulation in a building.
“These are parts of control measures to check fire incidences,” he said.
Abiodun urged the Standards Organisation of Nigeria (SON) and the Nigeria Customs Service to ensure substandard electrical cables and appliances did not find their way into the country.
“This will ensure the security of government’s investment in the power sector and safety of lives,” he said.
He said that the Council for Regulation of Engineering in Nigeria (COREN) must ensure that electrical technicians were registered and retrained.
According to him, awareness and enlightenment should be made on the importance of using only certified professional technicians for all electrical fittings.
He urged the government to collaborate with relevant safety professionals for advisory role to support its plan for the power sector.
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
Solar Power: Host Communities Trust, Partner PIND To Light Up Ikwerre Communities
Business
NDDC Intensifies Women Empowerment Initiative Across Niger Delta
