Business
RSG Moves To Partner Groups For Improved Economy
The Rivers State Government has restated its preparedness to continue to partner with groups which are poised to improve the economy of the state through positive activities.
Rivers State Commissioner for Energy and Natural Resources, Dr Peter Medee made the declaration at the inauguration of the State Chapter of the Petroleum Products Retail Outlets Owners Association of Nigeria in Port Harcourt, last weekend.
Medee enjoined the members of the association to ensure that Rivers people did not suffer unnecessary industrial strikes by dealers of petroleum products in the state.
He noted that the governor of the state has been proactive in his administration’s developmental strides by putting infrastructures on ground.
According to him, “the Rivers State Governor has done very well, as you can see there are several infrastructural projects that would ensure that we operate in this state”
Furthermore, he said, the state government had worked assiduously to eliminate multiple taxation and expressed the hope that the association would not carry out actions that would sabotage the efforts of the government in creating a conducive business environment.
The commissioner said, “His Excellency has also ensured that multiple taxation does not obtain in Rivers state… we’re expecting that the leadership would join force with us to ensure the availability of petroleum product in Rivers State. I want you to have it at the back of your mind that anything that would lead to the suffering of Rivers people should not be your priority, rather your priority should be how best you can deliver your product unhindered in Rivers State, while you continue to make your profit.”
Also speaking, the National President of the Petroleum Product Retail Outlets Owners Association of Nigeria, Dr Billy Harry, stated that the association would work with other stakeholders in the petroleum sector in the state to ensure abundance of the products and compliance with best practices.
“As far as petroleum scarcity is concerned we will ensure that we work with all the regulatory agencies to make sure that the Pipelines and Products Marketing Company (PPMC), the official source of petroleum are working very closely with sister associations, like IPMAN and other associations that are dealing in petroleum products. We, as petroleum station owners, will make sure that we get unadulterated petroleum products and we will dispense to the user without any hoarding. Any hoarder will be penalised, any adulteration of the product would also be decisively dealt with”, Harry promised.
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.
