Business
Ships’ Diversion: Rivers Port Dockworkers Threaten Showdown
Dockworkers at the
Nigerian Ports Authority (NPA), Rivers Ports Complex, Port Harcourt have threatened showdown with the management over the alleged continuous diversion of ships meant for the port to Onne.
During a peaceful protest at the port complex last Wednesday, the protesting workers also threatened to ground all activities at the port if the situation was not reversed.
Addressing newsmen during the protest, the Port Harcourt District Chairman, Dockworkers Union of Nigeria (DWUN) Comrade Oputa Ebenezer said that several vessels meant for the Port Harcourt Port are being diverted to Intels at Onne Port.
Comrade Ebenezer accused the management of the port of being responsible for the situation, which he claimed has rendered more than 13,000 workers redundant.
He said that the dockworkers are giving the management 24 hours ultimatum to reverse the policy or be prepared to face the wrath of workers.
“We are tired of these diversions. We have children to feed, so we cannot watch and allow management continue with these acts”, he said.
Ebenezer said that workers are not getting any wages because of the diversion, noting that at the moment the volume of business activities at the port has reduced and urged for intervention of government.
The Port Manager, Mrs Carol Akum Ufere was not on seat when The Tide called at her office for reaction.
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.
