Business
Prioritise Sorghum In Agric Dev Programme, Expert Urges FG
Worried by the low productivity in Nigeria, and much dependency on foreign products, an expert in Economics, Dr Gabriel Okeah, has advocated the need for the Federal Government to place sorghum as a focus crop under its Anchor Borrowers Programme.
This, he said, was going by the growing demand for, and usage of sorghum by many manufacturing companies in their production processes.
Okeah, who is a Senior Lecturer of Economics, at the Federal University, Wukari, Taraba State, made the call while interacting with journalists, shortly on arrival at the Port Harcourt International Airport, Omagwa.
He noted that government has not done enough diversification of the economy through agriculture.
According to him, it had become imperative for government to include sorghum as one of the critical agricultural commodities, noting that doing so would help reduce the pressure on foreign exchange from companies, thereby conserving Nigeria’s foreign reserves.
He stated that the inclusion would significantly boost and create more jobs, as many smallholder farmers would get more involved in its cultivation.
The university don, who speake on how promotion of Made-in-Nigerian goods could be sustained, explained that a lot of things could be achieved locally through production of sorghum.
“Many companies had invested heavily over the years in research and development in the sorghum value chain and this had delivered enormous gains, particularly with the local production of malted sorghum and malted syrup replacing the imported high maltose syrup since 2019.
“The pharmaceutical industry alone would save huge resources with the use of locally produced sorghum, rather than the importation of maltose that has alternative locally”, he said.
By: Corlins Walter
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
-
Politics22 hours agoCHRISTIAN FORUM PASSES CONFIDENCE VOTE ON TINUBU, WIKE, OTHERS
-
Politics22 hours agoTinubu Felicitates Umahi @63, Says Works Minister Outstanding
-
Politics22 hours agoBuhari Administration Originated Fake PFIPC, Budget Office Tells Reps
-
Politics22 hours agoHow I Paved Way For Other Govs To Join APC — Eno
-
Politics22 hours agoSpeak For Yourself, Otti Tells Uzodimma Over Tinubu’s Reelection Bid
-
Politics22 hours agoVotes Will Count In 2027, INEC Assures Nigerians
-
Business24 hours ago$50m Steel Pipe Facility: NCDMB Lauds Brentex, Assures Industry Patronage
-
Niger Delta22 hours agoCommunity Elects Monarch After 55yrs Interregnum … As King-elect Preaches Unity
