Business
Recession: Rivers, Bayelsa MAN Lists Antidotes
The Manufacturers Association of Nigeria (MAN) says, the country would easily recover from its present economy challenges, if the governments as the highest spenders should begin to patronizing made-in-Nigeria’s products.
The Association made its suggestion in a pre-Annual-General Meeting press statement signed by the Chairman of its Rivers/Bayelsa States branch, Prince Charles Beke and read by his representative, the 1st Vice Chairman of the branch, Mr. Vincent Okuku in Port Harcourt.
The Association called on governments at all levels to consult widely with major stakeholders for effective policy formulation to tackle recession in the country.
The manufacturers, who decried the activities of tax agents and consultants toward its members and other corporate citizens, also called on governments of Rivers and Bayelsa State to do away with such agents and collaborate with the organized bodies like MAN and others to recover its revenue generation devoid of harassment and unconducive business environment.
According to the Association, Manufacturers in both States (Rivers/Bayelsa) had since last year been facing challenges like multiple taxation, harassment by tax agents, scarcity of Forex, fall in the exchange rate of Naira, Introduction of list of items not valid for Foreign exchanges at the Inter-bank market and the introduction of Flexible exchange regime, amongst others.
The Association commended the governments in Nigeria, including the Rivers and Bayelsa States for their readiness in tackling the current recession in the country, advised the governments to double up its budgets implementations as part of the measures to addressed economic challenges.
Meanwhile, the Chairman of the Rivers/Bayelsa States branch of Manufacturers Association of Nigeria, prince Chales Beke has announced the 32nd Annual General meeting of the Association scheduled to hold on October 20, 2016 in Port Harcourt.
Enoch Epelle
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.
