Politics
Nigerian Senate urges CBN to Relax Forex Policy
He gave this charge during a meeting with the Managing Director of the International Monetary Fund, IMF, Christine Lagarde, disclosing that small businesses were being made to suffer unnecessarily as a result of the policy.
He called on the apex bank to introduce a more flexible foreign exchange regime and reduce the present restrictions on the autonomous market, which does not allow business men bring in foreign exchange or utilise what they have in their accounts.
The Senate President had equally canvassed a similar view at a private meeting with CBN Governor, Mr. Godwin Emefiele, during which he implored him to consider the effects of the present forex regime on small businesses which were dying, following dwindling crude oil revenue.
Saraki also told Lagarde that “The IMF should support our CBN to bring in low interest loans to SMEs. We need to encourage entrepreneurs and make most of our new graduates job creators rather than job seekers. This is an area where we need the financial support and technical assistance of the IMF.”
He explained that his office had received numerous complaints from small business owners, complaining that their businesses were being threatened by the huge bottlenecks now involved in doing business.
“As legislators, we play an important role in making our people understand IMF’s advice, policy trade-offs, consultations and other engagements, so that ownership, transparency and accountability are brought to bear on economic policy choices.
“The Nigerian legislature strongly believes that having a collaborative working relationship with the Executive Branch of government brings development closer to the people.
“Since the advent of the new administration, we have worked closely to stabilize the economy and steady the fiscal environment. This, we have indeed demonstrated by the speedy passage of the Medium Term Expenditure Frame Work (MTEF) and recently in the postponement of our recess in order to receive President Muhammadu Buhari to present the 2016 Appropriation Bill.
“The purpose of our Legislative Agenda is to enable us focus our lawmaking in areas that will help create jobs, expand our infrastructure base and make our economy work for the benefit and happiness of the majority of our people.
“Pivotal to the attainment of this objective is the state of the Nigerian business environment. In collaboration with major stakeholders, the 8th Senate is presently signing a memorandum of understanding on Enhancing Nigerian Advocacy for Better Business Environment Project, a National Assembly business and investment roundtable initiative, with developmental organizations”, the Senate President said.
The Senate President used the occasion to call on the Central Bank of Nigeria (CBN) to ensure that in reacting to recent developments in the economy, it does not devalue the Naira for the mere sake of devaluation.
Politics
FG Inaugurates NIMBEX Committee to Attract Maritime Investment

The Federal Government has inaugurated a committee to organise the Nigeria Marine and Blue Economy Expo (NIMBEX), an initiative aimed at attracting investment, creating jobs and unlocking the economic potential of Nigeria’s maritime sector.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced the inauguration, describing the expo as a platform to position Nigeria as a major destination for maritime investment, innovation and trade in Africa.
Oyetola, who was represented by the ministry’s Permanent Secretary, Fatima Mahmood, said the event would bring together policymakers, international investors, industry leaders and technology innovators to explore opportunities in the country’s marine and blue economy.
According to the minister, NIMBEX is expected to help convert Nigeria’s maritime resources into investment opportunities, promote economic diversification and generate employment through partnerships and the mobilisation of capital and expertise.
Nigeria has an estimated 853-kilometre coastline and more than 10,000 kilometres of navigable inland waterways across 28 states. These resources offer opportunities to expand domestic and international maritime trade, improve logistics and support economic growth.
The organising committee is chaired by Husseini Shettima, Director of Marine Conservation, Innovation and Technology in the ministry. Kalthum Ibrahim, Director of Planning, Research and Statistics, and Professor Busayo Fakinlede, Senior Special Assistant to President Bola Tinubu on Marine and Blue Economy, will serve as co-chairpersons.
The minister’s Special Adviser, Bolaji Akinola, is also a member of the committee and will serve as the expo’s Chief Operating Officer.
Other members include representatives of key maritime institutions and agencies, including the Nigerian Ports Authority, Nigerian Maritime Administration and Safety Agency, Nigerian Ports Economic Regulatory Agency, National Inland Waterways Authority and the Council for the Regulation of Freight Forwarding in Nigeria.
Representatives of maritime training and research institutions, coastal states, terminal operators, shipowners, freight forwarders, barge operators and other industry stakeholders are also part of the committee.
The expo will showcase investment opportunities across several areas, including port development, shipping, inland waterways, logistics, offshore energy, maritime finance, fisheries, marine biotechnology, deep-sea mining, maritime security and environmental sustainability.
Emerging areas such as marine renewable energy, green shipbuilding, artificial intelligence-driven logistics, subsea robotics and coastal tourism are also expected to feature.
The Federal Government hopes the initiative will strengthen cooperation between public institutions, private businesses, financial organisations and technology providers while encouraging sustainable development of Nigeria’s marine resources.
Politics
Tinubu Appoints Ex-DSS Boss Yusuf Bichi as NISS Governing Board Chairman

President Bola Tinubu has appointed former Director-General of the Department of State Services (DSS), Yusuf Magaji Bichi, as Chairman of the Governing Board of the National Institute for Security Studies (NISS), Abuja.
The appointment was announced on Thursday, October 22, 2026, by the institute’s Director of Coordination and Liaison, Lilian Omo-Odigwe.
According to the announcement, Tinubu approved the appointment following a recommendation by the incumbent DSS Director-General, Oluwatosin Adeola Ajayi.
Bichi’s appointment takes effect from October 22, 2026, for an initial four-year term in accordance with Section 4 of the National Institute for Security Studies (Establishment) Act, 2019.
He succeeds former DSS chief A.A. Gadzama as chairman of the institute’s governing board.
The NISS said Bichi’s experience in intelligence, security administration, operational leadership and institutional training would contribute to the institute’s strategic direction and governance.
The institute is responsible for strategic security training, research and capacity development for personnel within Nigeria’s security sector and allied institutions.
Bichi previously served as Director-General of the DSS from September 2018 until August 2024, when he left the position and was succeeded by Adeola Ajayi.
During his career, he held several positions within the intelligence agency, including State Director of Security in Jigawa, Niger, Sokoto and Abia states. He also served in different directorates at the DSS national headquarters and headed the State Services Academy in Lagos.
Before joining the DSS, Bichi began his career in the Security Division of the Kano State Cabinet Office and transferred his service in 1984. He later received specialised training in intelligence processing, analysis and security administration.
His appointment comes as the Federal Government continues efforts to strengthen Nigeria’s security institutions amid persistent challenges, including kidnapping, banditry and other forms of violent crime.
As chairman of the NISS Governing Board, Bichi is expected to provide oversight on the institute’s strategic direction and contribute to strengthening professional training and institutional capacity within the country’s security sector.
Politics
2027: SDP Candidate Femi Olaniyi-Ferrari Vows to Challenge APC in Lagos

The Social Democratic Party (SDP) governorship candidate in Lagos State, Femi Olaniyi-Ferrari, has declared his intention to defeat the ruling All Progressives Congress (APC) in the 2027 governorship election.
Olaniyi-Ferrari made the declaration during an interview in Lagos on Monday, October 19, 2026, saying his party was prepared to offer residents an alternative leadership focused on public welfare, accountability and socioeconomic development.
According to the News Agency of Nigeria, the candidate argued that Lagos residents deserved a government that listens to their concerns and responds to their needs.
He also questioned the prolonged dominance of one political party in the state, maintaining that a change in leadership should be considered by voters.
Olaniyi-Ferrari said the SDP intended to reshape the state’s political landscape through policies and programmes designed to improve residents’ living standards.
SDP Promises People-Centred Governance
The governorship candidate said his party would prioritise transparency, economic opportunities, social welfare and sustainable development if given the mandate to govern Lagos.
He explained that the SDP would intensify grassroots mobilisation and engagement across the state to communicate its policy proposals and attract support ahead of the election.
Olaniyi-Ferrari also urged eligible voters to examine the manifestoes and policy commitments of political parties before deciding whom to support in 2027.
He emphasised that elections provide citizens with an opportunity to influence the direction of governance through their votes.
According to him, the SDP’s proposed approach would focus on responsible management of public resources, broader access to opportunities and government policies that reflect residents’ aspirations.
The candidate expressed confidence in his party’s ability to mobilise supporters across Lagos and compete for the governorship seat.
He further called on residents to participate actively in the electoral process, stressing the importance of credible elections and informed choices in strengthening democracy.
The SDP’s declaration comes as political parties and their candidates intensify preparations for the 2027 elections, with the APC facing challenges from opposition parties seeking to secure the support of Lagos voters.
However, the outcome of the contest will ultimately depend on the candidates’ campaigns, policy proposals and decisions made by voters at the polls.
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