Business
Activist Cautions Construction Firms On Roads Closure
A Port Harcourt-based
human rights lawyer Mr Higher King, has spoken against the practice whereby constructing firms do not unannounced the closure of major roads in Port Harcourt and its environs when they carry out work.
King who barred his mind on the issue while speaking to newsmen recently in Port Harcourt however, acknowledged the various construction works going on in and around the city of Port Harcourt.
He advised that before roads are closed for construction, motorists and the general public needed to be informed in advance and alternative routes provided.
Investigations by The Tide indicate that the ongoing construction at the Obiri Ikwerre flyover on the East West Road has caused heavy traffic around the area.
The Tide further reports that for now, one lane has been closed to traffic without properly informing members of the public.
Also, there is nothing to show in terms of road sign to indicate that there is construction going on in the area in order to redirect users of the road.
According to King, ordinarily, a date should be given to members of the public to avail them of such eventualities to enable them adjust and plan on alternative routes to take.
He said the practice whereby motorists and other road users were taken unawares was unacceptable in modern times. “They do not do that, so it is condemnable, it is abuse of power and human rights”, he said.
He explained that in a developing or developed society “you do not wake up one day and just close the road”.
According to King, the unexpected grid lock that motorists face at such points leads to waste of man hours that was capable of negatively affecting the economy of the people.
“We are happy with the ongoing construction but when it negatively affects the life of the people using the road, then it is unacceptable”, 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
Solar Power: Host Communities Trust, Partner PIND To Light Up Ikwerre Communities
Business
NDDC Intensifies Women Empowerment Initiative Across Niger Delta
