Business
Research Institute Develops Cassava Storage Technology
The Nigerian Stored Products and Research Institute (NSPRI) Rumueme, Port Harcourt has developed a technology that can preserve fresh cassava harvested from the farm for at least three months.
Revealing this in an interview with The Tide in his office in Port Harcourt, the officer in-charge of the institute, Mr Simeon Robbert said the technology was developed due to the present challenges facing famers.
He said that farmers have suffered a lot from flooding of the farm, where they will be forced to harvest all their cassava product at a time, which will make the product plenty at that time, and after that there is scarcity.
With the technology, he said that farmers can afford to save their cassava product for at least three months fresh, and can plan themselves gradually unlike where they are forced to use all by nature.
According to Robbert, the new preservation technology only uses saw-dust and water, but the techniques on the usages and the environment is what makes the difference.
The NSPRI Port Harcourt Chief also explained that their contribution as a research institute is in the preservation and storage of agricultural products, to minimize wastage of produce.
In the area of information dissemination, Robbert explained that the extension department has been doing tremendous work, pointing out that the Omademe community in Ikwerre Local Government Area of Rivers State has benefited from some of the technologies developed by the institute, as well as some secondary schools in Port Harcourt.
He told The Tide when he conducted the reporter round some of the facilities produced by the institute, that some other technology, like the Multi-purpose dryer, vegetable preserver among others have been developed, but added that the institute is already perfecting plans to reach out to more communities as well as go into partnership with local government councils.
Although the institute have said that it has reached out to communities and schools, but the impact of its produce is yet to be felt within its catchment area, especially within the Rumueme and surrounding areas.
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.
