Economy
AfDB Sete To Invest $3.2bn In 5 Years For Nigeria’s Economic Transformation
AfDB Sete To Invest $3.2bn In 5 Years For Nigeria’s Economic Transformation
AfDB sete to invest $3.2bn in 5 years for Nigeria’s economic transformation. The African Development Bank (AfDB) Group has approved a new five-year country strategy paper (2025-2030) for Nigeria, committing about $650 million annually to drive economic transformation, build resilience, and foster “broad-based” prosperity.
The strategy paper, announced in a statement dated April 30, will see the bank invest $2.95 billion in the first four years, and a total of $3.2 billion by the end of the programme.
“Under the new strategy, the Bank will provide $2.95 billion over the first four years, complemented by an estimated $3.21 billion in co-financing from development partners,” the statement reads.
“The strategy focuses on two key priority areas: promoting sustainable, climate-smart infrastructure to enhance competitiveness and industrial development; and advancing gender and youth-inclusive green growth through industrialization.”
The AfDB said the strategy aims to close Nigeria’s infrastructure gap — estimated at $2.3 trillion between 2020 and 2043 — by investing in climate-friendly roads, power, clean water systems, and supporting agribusinesses that create jobs, especially for women and youth.
According to the bank, the investments are projected to support Nigeria’s ambition to double the size of its economy to $1 trillion and to create 1,561,000 jobs.
“The new strategy aligns with Nigeria’s long-term development plans, including the Agenda 2050, the National Development Plan 2021-2025, and the 2023 Renewed Hope Agenda,” the AfDB said.
The group said the strategy also supports Nigeria’s efforts to take advantage of the African Continental Free Trade Area (AfCFTA) agreement by boosting energy access, improving transportation, and enhancing market access for farmers, agro-entrepreneurs, and businesses.
‘WE’RE BUILDING PATHWAYS TO PROSPERITY FOR MILLIONS OF NIGERIANS’
Commenting on the initiative, Abdul Kamara, the director-general of the AfDB’s Nigeria office, said the strategy takes a transformative partnership between the bank and Nigeria to a new level.
“By investing in sustainable infrastructure and inclusive agricultural growth, we are not only building roads, power systems, and transforming agriculture – we are building pathways to prosperity for millions of Nigerians,” he said.
The development bank said millions of Nigerians, including women, youth, micro, small, and medium-sized enterprises, state governments, and rural communities, are expected to benefit from improved access to finance, enhanced supply chains, training, and business opportunities.

AfDB
According to the financial institution, women entrepreneurs would receive targeted support under programmes such as its affirmative finance action for women in Africa (AFAWA) initiative, while the youths will gain critical skills to tackle unemployment.
The AfDB said the strategy would enhance Nigeria’s ability to adapt to climate change by promoting greener, more resilient infrastructure and agricultural systems.
This, the organisation said, would help to reduce the impact of floods and droughts, ease farmer-herder conflicts, and support a more stronger and united future.
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.
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