Business
Niger Decries Illegal Gold Miners’ Activities
The Niger State Commissioner of Information, Alhaji Danjuma Salau has called on illegal gold miners in the state to desist from the act because of its negative consequences.
Salau, who made the call in an interview with newsmen in Minna, yesterday said that it was wrong for people to continuously defy environmental law for selfish gains.
He condemned the way illegal miners continued to sabotage the state by indiscriminately scavenging for gold without recourse of the ecological consequences and other risk inherent in their action.
“Individuals involved in illegal mining of gold are gradually destroying themselves, the economy and ecology of the place they are carrying out such activities.
“When the ecology of a place is destroyed, it affects the lives and houses of people living around such places,” he said.
Salau said that the same people who were involved in the environmental degradation would turn around to accuse the government of environmental degradation and negligence.
“Whereas as a result of their illegal activities, we are encumbered with a lot of crisis, no matter the situation they find themselves, they should stop because of its numerous risks,” he said.
Salau charged illegal miners in the state to follow due process to avoid the inherent danger associated with illegal mining, saying that the risk they took daily was not worth their lives.
“Irresponsible mining practices causes irreparable harm to the environment and the ecology.
“The use of environmentally unfriendly refining methods and materials put their health and lives at grave risk,” he said.
Recall that six illegal miners died on April 15 at the Niger State College of Education, Minna, while engaging in illegal mining.
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.
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