Business
Traders, Transporters Decry Poor State Of Agip Road
Business operators especially taxi drivers and tricycle operators have called on the Rivers State Governor, Barr. Nyesom Wike, to come to their aid over the poor state of the Mgbuoshimini/Agip Rad in Obio/Akpor Local Government Area of the state.
Some operators of tricycles, popularly known as Keke NAPEP who spoke to The Tide on Thursday complained that the road was so bad that taxi drivers have abandoned it.
According to the drivers, they can no longer break even as they visit mechanic workshops on a daily basis.
“Our Keke breaks down every day and some motor vehicles no longer come near the area”, they lamented.
One of the drivers who gave his name as Asuquo John explained that the bad water in the area was salty, a reason he claimed causes damage to their tricycles.
He said a majority of them visit the workshop at least twice a week even as he said the operators are expected to make a return of N3,000 to the owners on a daily basis, a task he described as frightening.
Some trader s who spoke to The Tide said the terrible state of the road has negatively affected business activities in the area.
They also complained that the frequent flooding on the road has reduced the volume of prospective customers.
For progress Mbam, who runs a car wash business, he was having a hard time as cars find it difficult to driver into his business premises.
“I operate a car wash along this Agip Road and I tell you that it is quite terrible.
“The road is now making it more difficult for us because it is causing a lot of holdup and for cars to drive in to this point, it’s difficult.
Most of them are scared and they do not come at all and it has really brought down the business”, he said.
However, some road users who spoke to The Tide urged the only multinational oil company, in the area, Nigeria Agip Oil Company (NAOC), to synergise with the Rivers State Government in order to fix the road.
It could be recalled that in July this year, governor Wike tasked the Nigerian Agip Oil Company to reconstruct the road leading to its administrative headquarters as part of its corporate social responsibility to its host community.
The governor gave the task when he led some members of his executive on a familiarization visit to the company.
“it will not be good if I leave here without talking about this road and with you providing electricity to this community, I urged you to fix the road.
“I know it is not easy but it is part of the Community relations activity that you have to carry out, so I plead with you to see how you can live well with your host communities”, he said.
The Managing Director of NAOC, Malco Rotondi, however noted that the company has been involved in series of social products in its host communities despite the fact that Agip/Mgbuoshimi Road has not been fixed.
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.
