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CBN Governor Cardoso Urges Manufacturers To Drive Forex Diversification

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CBN

CBN Governor Cardoso Urges Manufacturers To Drive Forex Diversification

CBN governor Cardoso urges manufacturers to drive forex diversification. He said Nigeria’s economy had long been dominated by crude oil exports.

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has urged manufacturers to lead efforts in diversifying Nigeria’s foreign exchange earnings from crude oil dependence.

Mr Cardoso made the call at the 54th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN), Apapa Branch.

The event had the theme: ‘Complementing the Oil Sector, a Major Forex Earner: Strategy for Manufacturing to Fill the Gap.’

Mr Cardoso was represented by Aliyu Ashiru, director, trade and exchange department.

He said Nigeria’s economy had long been dominated by crude oil exports, which accounted for more than 80 per cent of foreign exchange inflows.

This dependence, he noted, made the economy highly vulnerable to external shocks.

He stressed that manufacturing held significant potential to conserve forex, expand exports with value-added products, create jobs at all levels, and enhance macroeconomic stability.

The apex bank governor said a deliberate, coordinated, long-term strategy was required to unlock the sector’s full potential and transform it into a major forex earner.

He listed strategic pillars for growth, including policy alignment, investment in infrastructure and energy, access to finance and forex, value addition, and backwards integration.

He emphasised the need for a comprehensive industrial policy prioritising export-oriented manufacturing.
“This policy must be stable, predictable and aligned with trade, monetary and fiscal frameworks.

“Incentives such as tax holidays, duty waivers for machinery, export rebates and investment guarantees should target manufacturers producing for export markets.

“Nigeria must move from exporting raw materials to value-added products.

“This requires deliberate investment in backwards integration, especially in agro-processing, petrochemicals and solid minerals,” he said.

Mr Cardoso assured that the CBN would continue supporting the sector through proactive monetary policies and targeted financing interventions.

In his remarks, president of MAN, Francis Meshioye, said global oil price volatility underscored the urgency of diversifying Nigeria’s foreign exchange sources.

He identified priority areas including better infrastructure, lower production costs, affordable finance and the promotion of high-export-potential products.

Mr Meshioye also urged government intervention in industrial clusters, particularly within Amuwo-Odofin and Apapa areas of Lagos State.

“We urge government to address road networks in Amuwo-Odofin and Kirikiri industrial layouts, where many companies operate.
“Firms are willing to support rehabilitation in exchange for tax breaks.

“Improved industrial roads will reduce vehicle wear, enhance logistics and boost competitiveness,” he said.
Mr Meshioye further called for harmonisation of taxes and levies, particularly at the local government level, to reduce exploitation and improve compliance for manufacturers.

Lagos State Governor, Babajide Sanwo-Olu, reaffirmed support for the sector, describing it as a formidable pillar for inclusive economic growth.

He was represented by Folashade Ambrose-Medebem, commissioner for commerce, cooperatives, trade and investment.

Mr Sanwo-Olu said his administration prioritised creating an enabling environment where industries could thrive, expand and compete globally.

“The disruptions and forex crisis experienced over the years highlight the importance of reducing import dependence.

CBN

CBN

“Lagos is championing agro-industrial linkages, connecting farmers to processors and strengthening local supply chains.

“In this digital age, competitiveness is inseparable from innovation.
“Lagos is building an innovation-driven economy where smart manufacturing supports productivity and efficiency,” he said.

Chairman of MAN, Apapa branch, Raphael Danilola, appealed to government to address operational challenges affecting manufacturers nationwide.

He identified challenges, including poor road networks in industrial clusters, inadequate power, rising logistics costs, insecurity, and forex volatility.

Mr Danilola said tackling these problems was essential to improve competitiveness and boost manufacturing’s contribution to forex earnings.

Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

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Lagos Assembly

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

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.

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Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

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EFCC Probes Man

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 Probes Man

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

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Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

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National Bank Of Kenya

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.

National Bank Of Kenya

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.

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