Business
FAAN Conducts Mock Disaster Management
The management of the Federal Airports Authority of Nigeria (FAAN) on Friday in Abuja conducted simulation exercise to check its level of preparedness for disaster management.
General Manager, North Central, FAAN, Mr Chris Bature, told newsmen that it was recommended by International Civil Aviation Organisation and International Air Transport Association.
He said the Federal Government also supported the exercise due to the concern for emergency issues in the aviation sector.
ature said emergencies were a collective responsibility and should not be left to a single agency to tackle.
The exercise was to help check the level of preparedness to know the strengths and weaknesses of the parastatals in case of emergency,” he said.
“In today’s simulation, earth moving equipment, emergency ambulances, conventional buses and other tools and personnel were on hand for the practice.”
He said inhabitants of communities where crashes occur also play a major role in disaster management.
“For instance, in the ADC aircraft mishap, it was the community that informed us about where exactly it happened,” he said.
He said the exercise was not limited to crash situations as it was extended to security issues like fire outbreak and bomb explosion.
He posited that apart from the paramedic aspect where a little hiccup was witnessed, the exercise was successful.
The mock exercise was conducted in collaboration with Nigerian Airspace Management Agency, Nigerian Civil Aviation Authority and FAAN personnel.
Others were the Red Cross, Julius Berger Construction Company, security agencies and handling agents.
Business
Private sector gets N2.2tr credit in 30 days — CBN
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.
Business
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Business
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