Business
Motorists Lament Traffic Gridlock At Rumuokoro Roundabout
Motorists plying the Port Harcourt-Elele road have continued to express regrets over the heavy traffic gridlock at Rumuokoro roundabout occasioned by traders’ activities.
Some motorists who bared their minds on the issue at the weekend, noted that the only solution to the issue was to relocate the traders to a permanent site.
A high way driver, who only gave his name as Mr Onyenegbu, said that the situation had made business in the area stressful.
He pointed out that the hold-up could in most cases last over an hour, thereby telling negatively on business.
Onyenegbu, recalled how the road was free sometime last most when the slaughter market was shut down for days during the burial of a certain chief in the area.
He regretted that the traders had refused to consider other business operators in the axis, and said that such must be discouraged.
Also speaking, a female driver, Lemchi Sunday, suggested a fly-over bridge, if the traders must not be evicted from the area.
She was embittered that the traders had failed in their earlier promise to vacate the area when the government recently gave them a marching order concerning the place.
Sunday, further told The Tide that the traffic gridlock also caused lateness to work and other inconveniences as the situation was always difficult to beat.
Others, like Baba Adura, regretted that such development was in a major road linking the Port Harcourt International Airport.
According to him, in emergency situations, the traffic grid in the area could prevent easy movement of rescue service providers.
But the traders have insisted that the bulk of the blame should be on the motorists who have abandoned the motor park and seen the road as the most suitable place to do their business.
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.
