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Tinubu To Boost Domestic Production To Reduces Inflation Says Experts

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Inflation

Tinubu To Boost Domestic Production To Reduces Inflation Says Experts

Tinubu to boost domestic production to reduces inflation says Experts. Some experts have urged the federal government to support domestic production and mechanised agriculture to reduce inflation.

They made these remarks in separate interviews with journalists in Lagos on Friday. Sherifdeen Tella from the Department of Economics at Babcock University, Ogun, called for greater support for domestic production to control inflation.

“The government should adopt friendly macroeconomic policies that encourage local production.

“This will help manufacturers integrate backwards, rely less on imported raw materials, and increase market supply,” Mr Tella said.
He stressed that the government should incentivise local investors to establish refined petrochemical plants, given Nigeria’s vast crude oil reserves.

“This will enable the country to achieve self-sufficiency in refined petroleum products, promote competition in the sector, and reduce transportation costs,” he added.

Similarly, Nnamdi Ifenkwe, project coordinator at Nissi Agro Allied Services, urged the government to encourage more youths to engage in mechanised farming.

“This will ensure food security and help curb frequent price increases in the domestic market, which have significantly contributed to food inflation,” Mr Ifenkwe said.

He emphasised that reducing the cost of refined crude oil would help lower logistics expenses.
“The high cost of logistics is a major factor often behind the rise in food prices,” he added.

Boniface Okesie, president of the Progressive Shareholders Association of Nigeria, urged the government to continue addressing security challenges contributing to food inflation.

“Investing in sophisticated surveillance drones will help mitigate threats to farmers. This will allow them to cultivate their crops without fear for their lives or property,” Mr Okesie said.
He stressed the need for measures to reduce post-harvest losses in farming communities.

Tinubu

Tinubu

“Government collaboration with the private sector to build storage facilities and key infrastructure will help address post-harvest losses,” he said.

He added that poor road networks in agrarian communities remain a major challenge.

Nigeria’s annual inflation rate dropped to 24.48 per cent in January from 34.80 per cent in December 2024, according to the National Bureau of Statistics (NBS).

The statistician-general of the federation and NBS chief executive officer, Adeyemi Adeniran, disclosed this in Abuja at the launch of the rebased consumer price index (CPI) report.

The NBS stated that the rebased CPI reflects an updated price reference period (base year) of 2024 and a weight reference period of 2023.

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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