Business
Group Plans Cassava Processing Centres
A group, the Cassava Growers Association of Nigeria (CGAN) , Osun State chapter has said that it is working towards setting up cassava processing centres across the state to process cassava into finish products.
Chairman of CFAN, Mr Musefiu Ganiyu, who disclosed this in an interview with newsmen in Osogbo, Friday, did not, however, state when the project will commence.
According to him, one of the major challenges facing cassava farmers in the State is that of marketing of their produce after the harvest.
He expressed concern that cassava flour processing companies which were given grants by the government to buy cassava from the local farmers, were not patronizing them, adding that such attitude has negatively impacted on the income and profits of its members.
Ganiyu said that when the proposed processing centres materialize, that it would ease the marketing of finished cassava products with the added value.
“Though the price we sell to buyers is moderate, but by setting up cassava processing centres by ourselves, it will yield more returns for farmers.
“Right now, we only sell our produce to people from the local market who process and turn them to garri and fufu”, he said.
The chairman also said that cassava produce, in finished form, would yield more profit for farmers, considering the state of the country’s economy.
“We are, however, working towards having our own cassava processing centres across the State, and even if it will be just for processing garri alone, we will start from there and other things will follow”, he said.
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.
