Business
Standard &Poor Rates Rivers Economy High
An international economy rating body, Standard and Poor’s has rated the economy of Rivers State high and far above average.
The body also endorsed the borrowing capability of the state considering what it described as the transparent management of its resources and finances.
International Sovereign and Public Finance Director of the group, Lorenzo Pareja told Government House reporters shortly after a meeting with Governor Chibuike Amaechi on Monday that the state has carried out several laudable reforms in its financial sector and that the economy of the state is growing at an unprecedented pace
In the words of Pareja, “the state has improved its financial management and the economy is in the right trend and we have decided to change our outlook to stable, which indicates that the rating might be upgraded.”
He recalled that the body had two years ago carried out an economic assessment of the state during which it rated it at a B level which shows strength even though its vulnerable to shocks.
Among areas which the S&P Director listed as virile include the state internal revenue surge, performance of key sectors in infrastructure, including public administration, adding that the administration could build on these to drive the economy through an effective financial planning.
Pareja argued that contrary to views that the recent loan acquisition would bring financial burden on the state, the current economic indices shows its ability to meet its financial obligations without much stress on its expenditure.
He however counselled on the need for better corporate governance, improved skills of civil service, and the IT capabilities of the work force which according to him are crucial in driving reforms deeper all over the world.
Similarly, the Manufacturers Association of Nigeria (MAN), Rivers State Chapter has scored the state government 70 percent in its economic policies.
Chairperson of Rivers State and Bayelsa branch, Mrs. Ekanma Akpan told newsmen in government house shortly after the stakeholders meeting with Governor Amaechi on Tuesday, that the administration has infused confidence in the various sectors, especially through the long term policies it initiated to attract investors.
“As far as we are concerned these policies are not self centered. The roads, power and infrastructure are long term things and these are the things the next administration must continue.”
Mrs. Akpan called on the state government to establish commercial free zones in all the local government to boost employment generation, while stressing the need for government to check multiple taxation in order not to discourage investors.
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.
