Business
GPHCDA Awards N709.5m Water Supply Contract
As part of measures to avoid indiscriminate sinking of private water boreholes in the Greater Port Harcourt City, the Greater Port Harcourt City Development Authority (GPHCDA), has awarded contract for the construction on Temporary Water Supply Scheme for phase 1A of the new city at the cost of N709.4 million.
Handing over the site for the project to the contractor Paterson Candy International (PC1) at Omagwa yesterday, the Administrator, GPCDA, Dame Aleruchi Cookey-Gam explained that the temporary water scheme was necessitated by the need to provide potable water to strategic institutions located in the area.
She enumerated the benefiting institutions to include the new sports precinct, hospital, new Rivers State University of Science and Technology and, projected 2,500 housing units among other private homes located in the area.
According to Cookey- Gam, the permanent site for water scheme that will service the area would be located some 12 kilometres away and may be cumbersome to embark upon in the short run.
“The fact that we called it temporary does not mean that it will last for a year or two. Certainly it will last for at least five years”, she stated.
In his response, the Project Manager, PCI Engr. John Bredahl assured that his company had successfully executed bigger water schemes in Kano and some other African countries and therefore was confident to deliver the project within the 12 month deadline.
The GCPDA is to make 15% advance payment prior to the commencement of the project.
Desmond Osueke
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.
