Economy
MAN Tasks Tinubu Government On Reforms To Boost Local Industries
MAN Tasks Tinubu Government On Reforms To Boost Local Industries
MAN tasks Tinubu government on reforms to boost local industries. He said that statistics showed that Nigeria’s overall GDP grew by 3.40 per cent in 2024.
The Manufacturers Association of Nigeria (MAN) has urged the federal government to introduce reforms that will support
the growth and development of local industries in the country.
The association made the call at the 40th Annual General Meeting of MAN, Ogun State Branch, on Thursday in Abeokuta.
The theme of the meeting is: “Financing Manufacturing Concerns: Exploring Alternative.”
The chairman of MAN, Ogun branch, George Onafowokan, who expressed deep concern over the decline in the nation’s manufacturing sector called for urgent reforms to support local industries.
Mr Onafowokan noted that the manufacturing sector’s contribution to Nigeria’s Gross Domestic Product (GDP) declined significantly from 16.04 per cent in the fourth quarter of 2023 to 12.68 per cent by mid-2024.
He attributed the decline to rising inflation, foreign exchange scarcity, high lending rates, and regulatory policies.
He said that statistics showed that Nigeria’s overall GDP grew by 3.40 per cent in 2024, driven mainly by the service and industry sectors, which includes manufacturing.
Mt Onafowokan also highlighted the industry’s struggles with foreign exchange volatility, inflation, and regulatory burdens.
He said in spite of the harsh environment, members continued to operate and contribute meaningfully to the economy.
He listed some of the challenges facing manufacturers in Ogun state as unconstitutional levies by local governments, arbitrary regulatory fines, and harassment by government agencies and security institutions.
“Members have remained steadfast, keeping factories running, paying workers, and contributing to Ogun state’s revenue base and Nigeria’s GDP.
“Despite these challenges, Ogun manufacturers continue to operate and invest in the economy,” he said.
The chairman also lamented the rising cost of accessing finance from commercial banks, citing the high monetary policy rate (MPR), which stood at 27.5 per cent as of May 2025.
He explained that the high interest loan makes repayment burdensome and erodes profit margins.
He, however, urged manufacturers who needed loans to explore other avenues where they could access affordable funds for operations and expansion.
He noted that institutions such as the Bank of Industry (BoI), LECON Finance Company, and Agusto & Co. were present to provide guidance on such alternatives.
In his remark, the state governor, Dapo Abiodun, who was represented by the commissioner for industry, trade, and investment, Adebola Sofela, commended manufacturers for their resilience.
He assured them of the state government’s commitment to improving the business environment through tax harmonisation and infrastructure development.
Also speaking, MAN president, Francis Meshioye, while speaking on the theme, called on the federal government to fully implement the Nigeria First Policy.
Mr Meshioye noted that government must insist that the policy must be enforced, through the mandatory patronage of locally made products by all arms and levels of government.
“All uniformed agencies should source their vehicles, uniforms, shoes, and other materials from Nigerian companies.
Government contractors must be obliged to prioritise local content, and there must be penalties for non-compliance.

MAN Tasks Tinubu Government On Reforms To Boost Local Industries
“We are actively working with the Minister of State for Industry through the Industrial Revolution Working Group to see through these reforms.
“We must restore confidence to the manufacturing space,” he said.
He also demanded the immediate clearance of the $2.4 billion outstanding foreign exchange forwards owed manufacturers, lamenting that many companies are “bleeding” due to double interest payments.
“We also urge the Ogun State Government to domesticate the policy and ensure that all ministries, departments, and agencies in the state prioritise made-in-Nigeria goods in procurement and contracting,” he said.
Economy
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.
The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.
Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.
He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.
“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly
“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”
Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.
Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.
He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.
Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.
Crime
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
Economy
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.
Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.
Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.
Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.
She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

Access Bank Gets New Board Chair Ifeyinwa Osime
Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.
“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”
Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.
-
Crime9 months agoKogi Assembly Considers Law To Regulate Rent, Establish Control Board: Tenancy Law
-
News10 months agoAtiku Reveals Why He Failed To Pick Wike As Running Mate In 2023
-
Crime12 months agoFederal High Court Jails 2 For Vandalizing Transformer, Telecom Mast In Kogi
-
Akwa Ibom1 year agoThe Apostolic Church Gets New Territorial Chairman, Exco
-
News12 months agoThe Apostolic Church Gets New National President, Executive
-
Akwa Ibom1 year agoUmo Eno Commences Payment Of 80,000 Naira Minimum Wage With Arrears
-
News11 months agoSenator Natasha Returns To Senate With Husband Amid Seat Dispute
-
Economy9 months agoKiyosaki: Is Tinubu’s Government Afraid Of Ibrahim Traore?
