In a proactive stance aimed at safeguarding economic stability, the Alake of Egbaland has advocated for a policy of mineral equity to prevent nations from falling into the perilous grip of debt. The traditional ruler emphasized the importance of responsible resource management and equitable distribution of mineral wealth as a strategic measure to avoid the pitfalls associated with indebtedness. This call comes at a crucial time when many nations are grappling with economic challenges, and the judicious handling of mineral resources is seen as a key factor in ensuring long-term financial sustainability. **Navigating the Debt Trap Dilemma** The Alake’s call…
Author: Temitope N.
In a strategic move aimed at fostering economic growth and supporting small and medium-sized enterprises (SMEs), the United Bank for Africa (UBA) has entered into a collaborative partnership with the African Guarantee Fund (AGF). This groundbreaking collaboration brings forth a $100 million SME loan program, underscoring the commitment of both entities to empower and uplift businesses across the African continent. Empowering SMEs for Economic Growth The collaboration between UBA and AGF represents a significant milestone in the quest to empower SMEs, which are the backbone of Africa’s economy. The $100 million SME loan program is designed to provide much-needed financial…
In a significant move to support and uplift the trading community, the Federal Government has announced the unveiling of a Conditional Grant Scheme. This initiative aims to provide financial assistance to traders, fostering economic resilience and empowering small and medium-sized businesses across the country. The scheme is set to be a catalyst for sustainable growth, reinforcing the government’s commitment to bolstering the entrepreneurial spirit of the nation. **Addressing Economic Challenges** The introduction of the Conditional Grant Scheme comes at a critical time when traders and small businesses face various economic challenges. Recognizing the vital role these enterprises play in driving…
In celebration of International Women’s Day (IWD), Guinness has made a significant commitment to supporting and empowering its female workforce. The iconic beverage company has pledged ongoing efforts to create a more inclusive and gender-equitable workplace. This announcement reflects a dedication to fostering diversity, recognizing the contributions of women, and championing their professional development within the organization. **Acknowledging Women’s Contributions** As the world marks International Women’s Day, Guinness takes this opportunity to acknowledge the invaluable contributions of women to its success. From brewing to marketing, finance to innovation, women play integral roles in various facets of the company’s operations. Recognizing…
In response to the growing global challenges posed by terrorism, the United Nations (UN) has initiated an extensive security audit of Lagos and its international airports. This significant move is part of a broader effort to fortify security measures and ensure the safety of both local and international travelers. The UN’s proactive involvement highlights the collective commitment to addressing evolving security threats through a comprehensive and collaborative approach. Heightened Security Concerns The decision to conduct a comprehensive security audit in Lagos and its airports reflects the escalating global concerns surrounding terrorism. As major hubs for commerce, tourism, and international travel,…
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In a concerning incident, transmission towers in Gombe have been destroyed by vandals, resulting in a significant drop in power supply. The sabotage of critical infrastructure has immediate implications for residents, businesses, and the overall stability of the electricity grid. The Infosride delves into the details of the vandalism, the impact on power supply, and the broader consequences for the affected region. Details of the Vandalism Incident: 1. Targeted Destruction: The destruction of transmission towers indicates a deliberate act of sabotage, as vandals specifically targeted critical infrastructure essential for the transmission of electricity. The motive behind such actions may range from…
A Senior Advocate of Nigeria (SAN) has downplayed the significance of petitioners losing cases against sitting governors, stating that it is not an unusual occurrence. The statement comes amidst recent legal battles involving petitioners challenging the legitimacy of gubernatorial elections. The Infosride examines the perspective of the SAN, potential implications for electoral justice, and broader implications for Nigeria’s legal landscape. Context of the SAN’s Remark: 1. Common Legal Dynamics: – The SAN’s remark suggests that the outcome of petition cases against sitting governors is not uncommon within Nigeria’s legal framework. Such cases often involve complex legal considerations and burdens of…
The Federal Government of Nigeria is targeting an additional 1,268 megawatts (MW) of electricity generation capacity through the commissioning of eight new power plants. This strategic move aims to address the ongoing challenges in the power sector, enhance energy supply, and contribute to economic development. The Infosride explores the details of the plan, the potential impact on the power landscape, and the broader implications for various sectors. Overview of the Federal Government’s Plan: 1. Capacity Addition: – The plan involves the commissioning of eight new power plants with a combined capacity of 1,268MW. This addition to the power generation infrastructure…
Operators in various sectors are expressing growing concerns over falling revenue, shedding light on the economic challenges faced by businesses in Nigeria. The Infosride delves into the reasons behind the decline in revenue, the impact on different industries, and the broader implications for the country’s economic landscape. Reasons Behind Falling Revenue: 1. Economic Downturn: – The overall economic downturn, influenced by factors such as global economic conditions, fluctuating commodity prices, and internal economic challenges, is contributing to falling revenue for businesses. Reduced consumer spending and investment can lead to decreased sales and income for operators. 2. **Supply Chain Disruptions:** -…
An environmental advocacy group has issued a warning against the potential blocking of the Ogunpa River channel, emphasizing the need for cautious consideration to avoid adverse ecological consequences. The Ogunpa River, a significant watercourse, plays a crucial role in the environmental balance of its surroundings. The Infosride explores the concerns raised by the environmental group, the importance of preserving natural water channels, and the broader implications for the local ecosystem. Environmental Group’s Concerns: 1. Ecological Impact: – The environmental group expresses concerns about the ecological impact of blocking the Ogunpa River channel. Altering the natural flow of the river can…
Real estate developers in Nigeria are calling for enhanced housing regulations to promote sustainable urban growth. This advocacy reflects a growing awareness of the need for a regulatory framework that supports the development of housing infrastructure while ensuring environmental sustainability and community well-being. The Infosride explores the developers’ push for improved regulations, the potential benefits for the real estate sector, and the broader implications for urban development. Developers’ Call for Improved Housing Regulations: 1. **Regulatory Clarity:** – Developers are seeking greater regulatory clarity to streamline the approval processes for housing projects. A clear and efficient regulatory framework can reduce bureaucratic…
The Ministry of Housing in Nigeria has initiated a partnership with surveyors to bolster data collection and analysis for more robust urban planning. This collaboration reflects a forward-thinking approach to address housing and urban development challenges by leveraging the expertise of surveyors. The Infosride explores the significance of this partnership, its potential impact on urban planning, and the broader implications for sustainable development. Significance of the Housing Ministry’s Partnership with Surveyors: 1. Data-Driven Urban Planning: – The collaboration emphasizes the importance of data-driven decision-making in urban planning. By partnering with surveyors, who specialize in collecting and analyzing spatial data, the…
The Nigerian equity market has experienced a significant setback, losing N2 trillion in value attributed to higher bond yields. Concurrently, Ava Global Assets is urging collaborative efforts for infrastructure funding. The Infosride examines the implications of the equity market decline, Ava Global Assets’ call for collaboration, and the broader impact on the investment landscape and infrastructure development. Equity Market Losses Due to Higher Bond Yields: 1. Market Volatility: – The N2 trillion loss in the equity market is indicative of increased volatility. Higher bond yields can contribute to market fluctuations as investors may reevaluate their portfolios in response to changing…
In a significant development, the Nigerian equity market has experienced a loss of N2 trillion, attributed to the impact of higher bond yields. The Infosride delves into the details of this market trend, exploring the reasons behind the loss, the implications for investors and the broader economy, and potential factors influencing the shift in bond yields. Higher Bond Yields and the Equity Market: 1. Market Reaction to Rising Bond Yields: – The decline in the equity market is a reaction to the rise in bond yields. Higher yields on government bonds often make fixed-income securities more attractive to investors compared…
The ongoing forex crisis in Nigeria is emerging as a significant threat to the operations of modular refineries, potentially impacting their ability to maintain a daily crude input valued at N25 billion. The Infosride delves into the details of the forex challenge faced by modular refineries, the potential consequences for daily crude processing, and the broader implications for the country’s energy sector and economy. Forex Crisis and Its Impact on Modular Refineries: 1. Dependency on Forex for Crude Purchase: – Modular refineries, like other players in the oil and gas sector, heavily depend on foreign exchange (forex) to purchase crude…
In a significant development, a prominent economic advisory panel formed by Bola Tinubu includes governors, business leaders such as Tony Elumelu and Aliko Dangote, and other influential figures. The panel is poised to play a crucial role in shaping economic strategies and policies. The Infosride delves into the composition of the panel, the potential impact of their recommendations, and the broader implications for economic governance and development. Key Members of Tinubu’s Economic Advisory Panel: 1. Governors: – The inclusion of governors in the economic advisory panel signifies a collaborative approach to economic decision-making. Governors, being key figures in state governance,…
In response to the prevailing economic hardship in the country, a prominent senator has urged Bola Tinubu to convene a National Stakeholders Forum. The call for such a forum comes amidst broader discussions on the role of economists in development, with Olaopa emphasizing their significance. Meanwhile, the National Institute of Chartered Analysts (NICA) forecasts an improved economy. The Infosride delves into these key developments, exploring the urgency for a stakeholders forum, the highlighted role of economists, and the optimistic economic forecast. Urgency for a National Stakeholders Forum: 1. Addressing Economic Hardship: – The call for a National Stakeholders Forum underscores…
Amidst growing economic hardship, a senator has called upon Bola Tinubu, a prominent political figure, to convene a National Stakeholders Forum. In a related development, Olaopa highlights the crucial role economists play in development. The Infosride explores the senator’s call for a forum, Olaopa’s insights on economists, and the broader implications for addressing economic challenges and fostering development in Nigeria. Senator’s Call for National Stakeholders Forum: 1. Addressing Economic Hardship: – The senator’s call for a National Stakeholders Forum reflects concerns about the economic challenges facing the country. Economic hardship, including inflation, unemployment, and other socio-economic issues, has prompted the…
Amidst prevailing economic hardship, a senator has called on Bola Tinubu, a prominent political figure, to convene a national stakeholders forum. The senator’s appeal underscores the need for collective dialogue and strategic engagement to address the challenges faced by the nation. The Infosride explores the details of the senator’s call, the potential objectives of a national stakeholders forum, and the broader implications for national discourse and governance. Key Points on the Senator’s Appeal: 1. Amid Economic Hardship: – The senator’s appeal comes against the backdrop of economic hardship faced by the country. Economic challenges, including inflation, rising costs, and unemployment,…