Business
NLNG Signs GMoU With Six Communities
The Nigeria Liquefied Natural Gas (NLNG) Limited has launched a Global Memoranda of Understanding (GMoU) involving six new cluster communities in Rivers State.
They are Abua, Egi, Ekpeye, Kalabari, Ogba and Okrika.
Chairman, House of Assembly Committee on Environment, Christian Ahiakwo, described the GMoU as a new paradigm, adding that it is apt and geared towards community development.
Speaking, Friday, at the signing, Ahiakwo said the “NLNG has built a system that will reduce suspicion and encourage gender inclusion, community unity and development.”
General Manager, External Relations and Sustainable Development, NLNG, Andy Odeh, explained that the GMoU is a model for sustainable community development in which communities are grouped in clusters and empowered to drive their development.
He said the company’s previous GMoU with Ubeta, Rumuji and Ogbunabali communities that host its Gas Transmission System (GTS) and Corporate Head Office had been yielding excellent results in those communities.
Odeh said: “The decision to take up this model of relationship is based on the yearnings and observed developmental deficits in our GTS communities.
“The need to bridge the infrastructural gaps, to alleviate poverty and unemployment, while building community capacity to drive their affairs necessitated this novel approach for CSR activities.
“The GMoU framework has already been adopted by International Oil Companies (IOCs) for managing relations with their respective host communities, and it has proven fruitful over the years.
“While it may seem NLNG is late to the game, we believe our GMoU model will benefit from the experiences of these IOCs and, therefore, it is assured successful outcomes”.
By: Ike Wigodo & Tonye Nria-Dappa
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.
