Economy
NEC Meeting: Oil Prices, Exchange Rates, Capital Flows Will Frustrate Nigeria’s Policies Says Shettima
NEC Meeting: Oil Prices, Exchange Rates, Capital Flows Will Frustrate Nigeria’s Policies Says Shettima
NEC Meeting: Oil prices, exchange rates, capital flows will frustrate Nigeria’s policies says Shettima. Mr Shettima observed that commodity markets will remain volatile, oil prices, exchange rates, and capital flows will frustrate the nation’s policies.
The National Economic Council has resolved to deepen engagement with stakeholders to boost non-oil revenues in line with the economic blueprint of the administration of President Bola Tinubu.
This is just as the chairman of the council, Vice-President Kashim Shettima, called for an accelerated transition from an oil-based to a non-oil-based economy through competitive manufacturing, export diversification, and private-sector investment.
The council also approved the constitution of a committee to implement the president’s directive on the actualisation of the legacy projects, a statement on Friday by the vice-president’s spokesman, Stanley Nkwocha, said.
The committee is chaired by the governor of Cross River, while a governor from each sub-region will serve as a member of the committee, as follows: North-West (Sokoto), North-East (Gombe), North-Central (Niger), South-East (Abia), and South-West (Lagos). The permanent secretary of the Ministry of Budget and Economic Planning, Deborah Odoh, will serve as secretary, while the ministers of works and transportation will also serve on the committee.
NEC’s decision, taken on Thursday during its 156th meeting and the first of the year, which was held virtually, followed a presentation on the economic priorities for 2026 by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The presentation highlighted key reforms implemented by the Tinubu administration, including targeted programmes that have removed distortions in the system, stabilised the economy and put Nigeria on the path of sustained recovery and prosperity.
The presentation also reflected the country’s current global recognition, which is reinforcing investor confidence in the economy, projected to grow at 4.68% in 2026.
The key priorities, according to the minister, include maintaining Nigeria’s economic competitiveness through sound governance, improving the availability and affordability of food, and ensuring human capital development through improved social protection and the timely payment of debt service, salaries, and pensions.
In its resolution, NEC noted and commended the federal government’s plans to unlock rapid and sustained job-rich growth, high-quality jobs, and entrepreneurship opportunities. The council also resolved to hold a special session to address salient issues in the country’s food security efforts, particularly those related to agricultural productivity.
In his opening remarks, Mr Shettima observed that while “global powers assert their interests with renewed confidence, commodity markets will remain volatile”, oil prices, exchange rates, and capital flows will frustrate the nation’s policies.

Shettima
He noted that the current economic reality has reinforced the urgency of fiscal risk management and the need to reduce the nation’s economic and revenue exposure to oil. According to him, the non-oil economy has emerged as the backbone of Nigeria’s growth story, accounting for about 96 per cent of the country’s GDP and is expanding at about 4 per cent.
“Services, agriculture, and other non-oil sectors are increasingly carrying the weight of the economy. More importantly, non-oil revenues now contribute nearly three-quarters of total government collections.
“This marks a significant, if gradual, departure from our historic dependence on volatile oil receipts. The task before us is to deepen this transition through competitive manufacturing, export diversification, and private sector investment,” said Mr Shettima.
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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