Business
Senator Charges Stakeholders On Farmers’ Productivity
The Chairman, Senate
Committee on Agriculture, Senator Abdullahi Adamu, has called on Croplife International, an NGO, and other stakeholders to assist Nigerian farmers with access to crop protection products to boost productivity.
Adamu made the call at the Croplife West and Central Africa Hub and Regulations Workshop in Abuja, recently.
The Chairman, who was represented by Sen. Sabi Abdullahi, described crop protection as a measure taken to protect cultivated plants against diseases, pests as well as competing weeks and grasses.
He stated that without crop protection products, cultivated crops were defenceless against pests and diseases, adding that the problem should not be ignored or waved aside.
“I want to call on all the agricultural experts to expand their relationships with stakeholders across the agriculture and food value chain to ensure that farmers have access to crop protection products.
“It is very true that all our farmers must deal with the threat to pests, weeds and diseases and the health of our crops, without crop protection , food production will be decimated”, he said.
Adamu said that it would be suicidal to relegate the critical role and importance of crop protection services to food production system to the background.
According to him, this becomes imperative considering that the country’s population, which is more than 160 million now, was expected to rise to 340 million by 2030.
“It is, therefore, a must that we equip our farmers with the right tools to guarantee us the food needed to feed this huge population and the time to act is now”, Adamu said.
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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Business
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