NESG Report Links Slow Business Growth to High Taxes and Fuel Costs

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February 4, 2026

Reporting by Vanguard indicates that the Nigerian Economic Summit Group (NESG) has identified rising tax burdens and fuel price adjustments as the primary drivers behind a slowdown in business growth during January 2026. According to the latest Business Confidence Monitor (BCM) report, business optimism has hit a six-month low as enterprises struggle with the rising cost of operations.

The report emphasizes that while the government’s reform agenda is necessary for long-term stability, the immediate impact on small and medium enterprises (SMEs) has been severe. The NESG warns that without targeted interventions to cushion the effects of these fiscal policies, the pace of industrial productivity may continue to decline in the first quarter of the year.

Validation from Channels TV and The Nation underscores these concerns. Channels TV reports that “the manufacturing sector is feeling the pinch of energy costs,” with a spokesperson for the Manufacturers Association of Nigeria (MAN) stating, “We are operating at the edge of viability due to the triple threat of fuel, power, and taxes.” The Nation also cites the report, quoting an economist who notes, “The government must balance its revenue drive with the survival of the private sector to avoid a stagflation scenario.”

Echotitbits take: The NESG report is a wake-up call for the fiscal authorities. While tax reforms are essential for reducing the budget deficit, the timing and execution are hitting the productive sector hard. Watch for a potential review of tax incentives or a push for more “pro-growth” adjustments in the coming mid-year budget review.

Source: BusinessDay – https://businessday.ng/business-economy/article/cost-of-doing-business-rises-to-90-5-in-january-on-tax-reforms-fuel-price-adjustments/?utm_source=auto-read-also&utm_medium=web&amp, February 4, 2026

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Naira Maintains Resilience in Official Market as Exchange Rate Stabilizes

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Bob Echols’s

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February 4, 2026

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Figures cited by Vanguard show that the Nigerian Naira held its ground against the US Dollar on February 4, 2026, opening the session at approximately N1,387.42 in the official window. This continued stability is being attributed to the sustained impact of the Central Bank of Nigeria’s (CBN) Electronic Foreign Exchange Matching System (EFEMS), which has drastically reduced speculative activities and improved market transparency.

Market analysts observe that the naira’s performance is bolstered by healthy external reserves and the clearing of historic FX backlogs. While the parallel market continues to trade at a premium—ranging between N1,460 and N1,475—the spread has narrowed significantly compared to the volatility experienced in late 2025. The absence of “aggressive speculative activity” is seen as a major win for the current monetary policy direction.

This stability is corroborated by reports from Punch and ThisDay. Punch highlights that the convergence of rates is helping corporate planning, stating that “businesses are finally seeing a predictable window for import financing.” Meanwhile, ThisDay reports that the central bank’s recent liquidity injections have successfully met retail demand, with an analyst quoted as saying, “The current exchange rate reflects a genuine market equilibrium rather than artificial suppression.”

Echotitbits take: The Naira’s stability is a breather for an economy that has faced years of currency trauma. The success of the EFEMS suggests that structural reforms in the FX market are finally taking root. For the average Nigerian, this could lead to a gradual reduction in the cost of imported goods, provided the CBN maintains its current level of transparency and supply.

Source: The Punch – https://punchng.com/naira-hits-1418-26-at-official-market/, February 4, 2026

Photo credit: The Punch

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US AFRICOM Confirms Deployment of Elite Military Team to Nigeria

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February 4, 2026

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According to Daily Post reporting on February 4, 2026, the United States Africa Command (AFRICOM) has officially acknowledged the arrival of a specialized military unit in Nigeria following high-level bilateral agreements. This deployment follows a series of recent airstrikes authorized by the US administration aimed at neutralising insurgent threats within the West African region. General Dagvin R.M. Anderson of AFRICOM noted that the team brings “unique capabilities” to support Nigeria’s counter-terrorism efforts, though specific mission details remain classified.

The move marks a significant deepening of security cooperation between Abuja and Washington as the country continues to grapple with banditry and regional instability. Military insiders suggest that the US team will focus primarily on intelligence, surveillance, and reconnaissance (ISR) to assist Nigerian ground troops in locating high-value targets. This development comes amid a broader debate regarding foreign military footprints on Nigerian soil.

Validating reports from The Guardian and Vanguard confirm the arrival of the foreign specialists. The Guardian reports that the deployment is a direct response to a surge in asymmetric threats, noting that “the presence of these specialists is intended to bridge the technology gap in jungle warfare.” Furthermore, Vanguard indicates that Nigerian security chiefs have welcomed the move, quoting a source who stated, “This partnership is a necessary evolution in our strategy to finally end the cycle of banditry in the North.”

Echotitbits take: The arrival of US troops signifies a pivot toward more aggressive, technology-driven counter-insurgency operations. While this offers a boost to Nigeria’s intelligence capacity, the government must manage public perception regarding sovereignty and the potential for civilian casualties in air-to-ground operations. Watch for increased surgical strikes in the coming weeks as the “unique capabilities” mentioned by AFRICOM are deployed in the field.

Source: Tell.ng – https://tell.ng/us-military-deployment-nigeria-counterterrorism/, February 4, 2026

Photo credit: Tell.ng

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Afro Nation 2026 Announces Wizkid, Burna Boy, and Asake as Headliners

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February 3, 2026

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According to Vanguard Nigeria, the organizers of the Afro Nation festival have unveiled their powerhouse lineup for the 2026 edition in Portugal. Afrobeats giants Wizkid, Burna Boy, and Asake have been confirmed as the primary headliners for the event, which is scheduled to take place at Praia da Rocha Beach from July 3 to July 5.

The festival is set to be a massive celebration of African music, with Burna Boy opening the first day alongside South African star Tyla. Asake will take the stage on the second day, while Wizkid is slated for the grand finale. The lineup also includes international guests such as Kehlani and Gunna, signaling the festival’s continued global expansion.

Early access tickets are expected to go on sale this week, and the inclusion of these three “titans” of the genre ensures that the 2026 edition will likely be a sold-out event. The announcement comes just after the Grammy weekend, keeping the momentum of Afrobeats high on the international stage.

* Gazette Nigeria: “Organizers have announced a powerful lineup that blends established legacies with exciting new voices on the global music scene.”

* Daily Post Nigeria: “Wizkid, Burna Boy, and Asake are set to headline… bringing cross-genre flair to the music fiesta in Portugal.”

Echotitbits take:

Afro Nation continues to be the “World Cup” of Afrobeats. By securing the “Big Three” (substituting Davido with Asake for this specific roster), the organizers are ensuring maximum tourist draw to Portugal. This lineup also reflects the current dominance of “Street Pop” via Asake’s inclusion as a headliner.

Source: Vanguard — https://www.vanguardngr.com/2026/01/wizkid-burna-boy-asake-set-to-headline-afro-nation-2026-in-portugal/ January 30, 2026

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Kendrick Lamar Makes History as Most Awarded Rapper at 2026 Grammys

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February 3, 2026

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In a post shared by Nigerian Entertainment Today (NET), Kendrick Lamar has officially become the most awarded rapper in Grammy history following the 68th Annual ceremony. Lamar, who entered the night with nine nominations, secured key wins that pushed his career total past previous record-holders like Jay-Z and Kanye West.

The rapper’s dominance at this year’s awards was fueled by his critically acclaimed projects and the cultural impact of his recent lyrical battles, which resonated deeply with both fans and the Recording Academy. His win for “Best Rap Album” was cited as a career-defining moment that cements his legacy as the “G.O.A.T.” of his generation.

Despite his victory, the night was not without controversy, as several Nigerian stars like Burna Boy and Davido missed out on the newly established African categories. Lamar’s win, however, remains a focal point for US Hip-Hop culture, highlighting a return to lyrical depth in mainstream awards.

* The Guardian: “Kendrick Lamar leads the 2026 Grammys with nine nods, confirming his place among the greatest artists of all time.”

* The Root: “Kendrick’s night was a coronation, though the red carpet was filled with what some called ‘fashion trainwrecks’.”

Echotitbits take:

Kendrick Lamar is currently untouchable. His “clean sweep” narrative at the Grammys serves as a validation of his recent career moves and his ability to maintain artistic integrity while achieving commercial and institutional success. This record will likely stand for a long time.

Source: FORBES — https://www.forbes.com/sites/hughmcintyre/2026/02/02/kendrick-lamar-follows-u2-with-a-historic-grammy-win/ February 2, 2026

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Khaby Lame Finalizes $975 Million Business Deal for AI Expansion

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February 3, 2026

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A TikTok video summary by BellaNaija highlights that Senegalese-Italian creator Khaby Lame has officially moved from viral skits to corporate dominance. Lame has finalized an all-stock deal valued at $975 million with Rich Sparkle Holdings to acquire his company, Step Distinctive Limited, making him a major shareholder in the US-listed firm.

The deal is centered around the creation of “AI digital twins,” which will allow Lame to scale his silent comedy brand across global e-commerce markets without needing to be physically present for every shoot. This move represents one of the largest financial exits for a social media creator in history.

The acquisition marks a pivot for the world’s most-followed TikToker, transitioning from content creation into industrial-scale commerce. Industry experts suggest this sets a new precedent for how “creator economy” stars can institutionalize their brands through advanced technology.

* Vogue Business: “Khaby Lame’s $975 million deal signals a new era for creators, moving away from ad-revenue models toward tech-equity.”

* Rich Sparkle Holdings Official Filing: “The acquisition of Step Distinctive Limited positions Lame as a controlling shareholder to scale his brand globally.”

Echotitbits take:

Khaby Lame has just rewritten the playbook for influencers. By leveraging AI to “duplicate” his persona, he’s solved the scalability problem that plagues creators. This is a massive win for African-born talent on the global stage and a signal that the next “unicorns” will be built on personality plus AI.

Source: BellaNaija — https://www.bellanaija.com/2026/01/khaby-lame-billion-dollar-business-deal/ January 27, 2026

Photo Credit: BellaNaija

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Tragic Death of ‘The Voice Nigeria’ Star Sparks Medical Negligence Debate

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February 3, 2026

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According to Legit.ng, the Nigerian entertainment community is in mourning following the death of Ifunanya Nwangene, a rising singer and former contestant on The Voice Nigeria. Reports indicate she passed away in Abuja after a fatal cobra bite, leading to a heated public debate regarding the availability of anti-venom in Nigerian hospitals.

Family members and friends have alleged medical negligence at the Federal Medical Centre (FMC), claiming that a lack of immediate treatment contributed to the tragedy. However, hospital representatives have reportedly denied these claims, stating that all possible protocols were followed given the severity of the bite.

The news has sparked outpourings of grief from fellow musicians and fans who followed her journey on the talent show. Many are calling for a systemic overhaul of emergency medical responses in the capital, using Ifunanya’s case as a rallying cry for better healthcare infrastructure.

* Punch Newspapers: “Abuja singer Ifunanya Nwangene dies from a cobra bite, sparking debate over antivenom availability and alleged medical negligence.”

* Daily Post Nigeria: “Atiku’s aide, Paul Ibe, blames the death of fast-rising musician Ifunanya Nwangene on poor healthcare facilities.”

Echotitbits take:

This is a heartbreaking story that transcends entertainment news. It highlights a recurring issue in the Nigerian health sector where high-profile deaths expose deep-seated systemic failures. The outcry is significant and could force a legislative review of emergency care protocols in the FCT.

Source: Legit.ng — https://www.legit.ng/nigeria/1695152-doctor-shares-observation-mentions-what-fg-snake-bite-killed-popular-singer/ February 2, 2026

Photo Credit: Legit.ng

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Arsenal Host Chelsea in High-Stakes Carabao Cup Semi-Final

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February 3, 2026

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As reported by The Express, Arsenal is set to welcome Chelsea to the Emirates Stadium tonight for the second leg of their Carabao Cup semi-final. The Gunners currently hold a narrow 3-2 aggregate lead, but the London rivalry remains on a knife-edge as the “away goals” rule is not in effect for this competition, meaning any one-goal win for Chelsea would force extra time.

Mikel Arteta’s side is looking to reach their first Carabao Cup final in eight years, while Chelsea manager Liam Rosenior is aiming to overturn the first-leg deficit to continue his impressive start at Stamford Bridge. The match is expected to be a tactical battle, with both teams likely to field strong lineups given the proximity to a Wembley final.

Recent Premier League form suggests a tight contest; while Arsenal leads the table, Chelsea has shown resilience under Rosenior, recently coming back from 2-0 down to win in league play. The atmosphere at the Emirates will be electric as fans expect a “red-hot” London derby under the lights.

* Arsenal.com: “Mikel Arteta says: ‘Tomorrow we are going to have people who really need to create the atmosphere… that we are going to do it.'”

* The Guardian: “Liam Rosenior admits ‘Arsenal are favourites for the tie’ but remains confident in Chelsea’s resurgent form.”

Echotitbits take:

This is a defining moment for Liam Rosenior’s Chelsea project. If he can knock out the league leaders on their own turf, it signals that Chelsea is officially “back.” For Arsenal, failure to progress with a home advantage and a lead would be a massive psychological blow to their quadruple ambitions.

Source: The Express — https://www.express.co.uk/sport/football/2166067/arsenal-chelsea-carabao-cup-rules February 3, 2026

Photo Credit: The Express

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Davido Opens Up on Wife Chioma’s Support After Grammy Snub

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February 3, 2026

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In a post shared by Punch Newspapers, Afrobeat superstar Davido has recounted the touching words of encouragement he received from his wife, Chioma, following his recent Grammy loss. Despite the disappointment of not securing a win at the 68th Annual Grammy Awards, Davido revealed that Chioma’s resilience and perspective were what motivated him to attend the high-profile after-parties.

The singer noted that his wife reminded him of his global impact and the love of his fans, which far outweighs a single trophy. This public display of affection and mutual support has further solidified the couple’s status as a fan favorite in the Nigerian entertainment scene, especially after a taxing award season.

Davido’s vulnerability about the loss has sparked a wider conversation about the Grammys’ relationship with Afrobeats. While he remains optimistic, the singer is clearly leaning into his “30BG” family and personal support system to navigate the mixed emotions following the Los Angeles ceremony.

* Daily Post Nigeria: “Davido reveals his hit song ‘With You’ almost didn’t make his album, but Chioma’s words after the Grammy loss were what truly ‘made them attend the after-party.'”

* The Nation: “Fans react to Davido’s Grammy loss as the singer credits Chioma for keeping his spirits high during the LA trip.”

Echotitbits take:

Davido’s decision to share this intimate moment is a strategic PR move to control the “loser” narrative. By pivoting the focus to his marriage and internal strength, he maintains his “001” status and keeps the fans emotionally invested. Watch for a potential “revenge” single or a new album announcement as he channels this energy back into the studio.

Source: Vanguard — vanguardngr.com/2026/02/what-my-wife-told-me-after-i-lost-grammy-davido/ February 3, 2026

Photo Credit: Vanguard

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Veekee James Confirms First Pregnancy With Emotional Reveal

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February 3, 2026

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According to Daily Post Nigeria, celebrity fashion designer Veekee James has officially confirmed she is expecting her first child with husband Femi Atere. The fashion icon took to her social media to share the milestone, posting a serene video that prominently featured her baby bump, ending weeks of intense online speculation regarding her physical appearance.

The announcement marks a significant personal chapter for the entrepreneur, who married Atere in a series of high-profile ceremonies in early 2024. Fans and industry colleagues have flooded her comment sections with celebratory messages, noting that the “two shall become three” caption signifies her transition into motherhood.

Prior to this official confirmation, the designer had remained silent despite various gossip blogs circulating “bump watch” theories. The reveal was timed perfectly with her latest brand activities, blending her personal joy with her professional image as one of Africa’s most prominent bridal and red-carpet stylists.

* Vanguard Nigeria: “Veekee James and Femi Atere are set to welcome their first child, as the designer shared a heartwarming clip captioned ‘Indeed, this is what only God can do.'”

* Legit.ng: “The fashion world celebrates as Veekee James debuts her pregnancy glow in a new video, confirming rumors that had been trailing her for months.”

Echotitbits take: Veekee James has built a brand on transparency and “soft life” aesthetics, so a grand reveal was always expected. This move likely signals a shift toward maternity fashion content, which is a massive market. Expect her to dominate the “stylish mother-to-be” niche in Nollywood circles over the coming months.

Source: Daily Post Nigeria — https://dailypost.ng/2026/02/03/celebrity-designer-veekee-james-husband-announce-pregnancy-flaunt-baby-bump/ February 3, 2026

Photo Credit: Daily Post Nigeria

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