Business
Welders Laud Govt Over Gas Sector Liberalisation
The Esit Eket branch of the Nigerian Welders Association (NWA) has commended the Akwa Ibom Government for opening the oil and gas sector to private investors.
In an interview with our correspondent in Eket on Monday, the branch Chairman of the association, Mr Robert Okpo, commended the state government for partnering with foreign investors in facilitating the Central Gas Project at the Uquo Marginal Field in Esit Eket.
He said the initiative would ensure that available resources were optimally harnessed for the benefit of the state government and the host communities.
Okpo also commended the state government for involving members of the association in the execution of the project, which, he noted, had provided them with income generating opportunities.
“We appreciate the state government, project contractors and stakeholders for recognising the capabilities of the union members to execute jobs that meet approved specifications obtainable in the industry.”
He said the project had attracted socio-ecenomic development to the area and created job opportunities for the teeming youths and impacted positively on the economy of the state.
Okpo assured the government of smooth execution of the project which would provide enough gas for the generation of uninterrupted power supply.
“Considering the importance of gas to power generation, the association wishes to restate its commitment to partner with contracting companies handling various construction projects.
“We will ensure that available gas within the field is channeled toward the generation and supply of steady electricity as envisaged by the current leadership at both the national and state levels.”
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.
