In a significant milestone for the renewable energy sector, a pioneering solar startup has successfully secured $8 million in funding. The infusion of capital is expected to propel the company’s efforts in advancing solar adoption, addressing energy challenges, and contributing to sustainable development. The Infosride explores the details of this funding announcement, the goals of the solar startup, and the potential impact on the broader renewable energy landscape. Funding Breakdown and Backers: The solar startup’s successful funding round has resulted in a substantial injection of $8 million. The funding comes from a combination of venture capital, impact investors, and potentially…
Author: Temitope N.
In a noteworthy development, MoneyMaster Public Savings Bank (PSB) has reported a significant expansion in its customer base. The financial institution’s growth in clientele signifies increased trust and engagement within the market. The Infosride delves into the details of MoneyMaster PSB’s recent success, explores factors contributing to its growing customer base, and examines the potential implications for the banking sector. MoneyMaster PSB’s Customer Base Growth: MoneyMaster PSB’s recent announcement highlights a notable increase in its customer base, indicating a positive trend in the bank’s market presence. The expansion in clientele suggests that the bank has successfully attracted new customers while…
In a significant statement, the President of the African Export-Import Bank (Afreximbank) has emphasized the importance of free movement of people to complement the African Continental Free Trade Area (AfCFTA). The synergy between these two elements is seen as crucial for the success of regional integration and economic development across the continent. The Infosride explores the remarks made by the Afreximbank President, the significance of free movement in conjunction with AfCFTA, and the potential impact on Africa’s economic landscape. **Background on AfCFTA:** The African Continental Free Trade Area (AfCFTA) is a landmark initiative aimed at creating a single market for…
In a landmark collaboration, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has partnered with the Economic and Financial Crimes Commission (EFCC) to strengthen the fight against oil theft. This joint effort reflects a commitment to preserving the integrity of the oil and gas industry, tackling economic crimes, and safeguarding national resources. The Infosride delves into the details of this strategic partnership, the objectives it aims to achieve, and the potential impact on curbing illicit activities within the sector. Background on Oil Theft Challenges: Oil theft has been a persistent challenge within the Nigerian oil and gas industry,…
In response to the escalating prices of cooking gas in the domestic market, the Federal Government is reportedly considering a ban on the export of cooking gas. The aim of this proposed measure is to address the current surge in prices and ensure the availability and affordability of cooking gas for Nigerian households. The Infosride delves into the details of the government’s plan, the potential impact on the cooking gas market, and the broader considerations surrounding such a policy. **Background on Cooking Gas Price Surge:** The surge in the prices of cooking gas has become a pressing concern for consumers…
In a significant development, the Nigerian Senate has issued a directive for the Nigerian National Petroleum Corporation (NNPC) to release a tax credit fund totaling N2.7 trillion. The Senate’s order reflects a focus on ensuring financial transparency, meeting tax obligations, and addressing fiscal matters critical to the nation’s economic stability. The Infosride provides an in-depth exploration of the Senate’s directive, the implications for the NNPC, and the broader economic considerations. Background on the Tax Credit Fund: The N2.7 trillion tax credit fund in question is a substantial amount that represents accumulated tax credits that the NNPC holds. Tax credits are…
In a concerning development for the Nigerian economy, recent reports indicate a notable slowdown, with adverse effects particularly impacting the manufacturing sector and other key industries. The Infosride news delves into the details of this economic deceleration, explores the challenges faced by the manufacturing sector, and examines the potential implications for overall economic recovery and growth. Economic Slowdown at a Glance: The reported economic slowdown reflects a deceleration in the pace of economic activities, resulting in lower growth rates and increased challenges for businesses across various sectors. Several factors may contribute to this downturn, including external shocks, policy uncertainties, and…
In a strategic move aimed at reshaping leadership within key financial institutions, Asiwaju Bola Ahmed Tinubu has announced the appointment of a new CEO for the Asset Management Corporation of Nigeria (AMCON) and the induction of 13 directors across various agencies. This leadership reshuffle reflects a commitment to driving organizational excellence and advancing the objectives of financial entities under the guidance of experienced and capable professionals. The Infosride news delves into the details of the new AMCON CEO’s appointment, introduces the newly appointed directors, and explores the potential implications for the financial landscape. New CEO for AMCON: As part of…
In a collaborative effort to advance sustainable energy practices and empower industry operators, the Rural Electrification Agency (REA) has joined forces with Ernst & Young (EY) to provide specialized training. This initiative underscores the commitment to fostering expertise, promoting environmentally friendly energy solutions, and supporting the growth of the renewable energy sector in Nigeria. The Infostride news explores the details of the partnership, the objectives of the training program, and the potential impact on sustainable energy development. Strategic Collaboration for Sustainable Energy: The partnership between REA and EY represents a strategic collaboration aimed at elevating the knowledge and capabilities of…
In a strategic move to drive its operations forward and navigate the complexities of the financial landscape, RMB Nigeria has announced the appointment of Mr. Ajayi as its new Chief Executive Officer (CEO). The selection of a new leader reflects the bank’s commitment to visionary leadership and effective management in an ever-evolving financial sector. The Infosride news explores the details of Mr. Ajayi’s appointment, potential strategic directions, and the broader implications for RMB Nigeria’s position in the banking industry. Leadership Transition at RMB Nigeria: The appointment of Mr. Ajayi as the new CEO marks a significant leadership transition for RMB…
In a move aimed at steering the institution towards strategic growth and innovation, an Alternative Bank has appointed a new Executive Director. The appointment signifies the bank’s commitment to navigating an evolving financial landscape and capitalizing on emerging opportunities. The Infostride news explores the details of the new executive appointment, the potential impact on the bank’s operations, and the broader implications for the alternative banking sector. Strategic Leadership for Growth: The appointment of a new Executive Director is a strategic decision by the Alternative Bank to reinforce its leadership team with individuals possessing the vision and expertise to drive growth.…
In a promising development for the Nigerian economy, the National Bureau of Statistics (NBS) has reported a substantial rise in Foreign Direct Investment (FDI) in the manufacturing sector. The infusion of an additional $644 million into manufacturing reflects growing investor confidence in the potential and prospects of Nigeria’s industrial landscape. The Infosride news explores the key findings of the NBS report, analyzes the factors contributing to the increased FDI, and examines the potential implications for the manufacturing sector and the broader economy. FDI Surge in Manufacturing: The latest data from the National Bureau of Statistics reveals a significant upswing in…
In a noteworthy development, a recent report has highlighted a substantial decrease of $9 billion in money laundering activities facilitated through cryptocurrency transactions. This decline, as indicated by the report, suggests a potential shift in the dynamics of illicit financial activities in the digital currency space. The Infosride news delves into the key findings of the report, explores potential factors contributing to the decrease, and examines the broader implications for cryptocurrency regulation and security. Cryptocurrency and Money Laundering Trends: Cryptocurrencies, known for their decentralized and pseudonymous nature, have been a target for illicit activities, including money laundering. The anonymity and…
In a significant development, the Nigerian Customs Service has announced the commencement of the distribution of seized food items. This initiative, aimed at addressing concerns related to food scarcity and ensuring the efficient utilization of confiscated goods, reflects the Customs Service’s commitment to public welfare. The Infosride news explores the details of this distribution effort, its objectives, and the potential impact on affected communities. Utilizing Seized Goods for Public Benefit: The distribution of seized food items by the Nigerian Customs Service is part of a broader strategy to put confiscated goods to productive use for the benefit of the public.…
In a significant development for the maritime sector, the Federal Government has announced that the Port Rehabilitation Fund is nearing completion. This long-awaited initiative holds the promise of revitalizing and modernizing the nation’s ports, addressing critical infrastructure needs, and enhancing the efficiency of maritime operations. The Infosride news explores the details of the progress made on the Port Rehabilitation Fund, the anticipated impact on the maritime industry, and the broader implications for trade and economic development. Advancing Maritime Infrastructure: The Port Rehabilitation Fund represents a strategic effort by the Federal Government to address the infrastructure challenges faced by the nation’s…
Rice millers in the country are sounding the alarm, highlighting a shortage of paddy, the raw material for rice production. In a plea to the federal government, millers are calling for urgent intervention to address the scarcity and ensure the continued viability of the rice production industry. The Infosride news delves into the concerns raised by rice millers, the potential consequences of a paddy shortage, and the implications for the broader agricultural and economic landscape. **Plea for Government Intervention:** Rice millers are urging the federal government to intervene in response to the shortage of paddy, a critical component in rice…
The closure of borders has been a contentious policy, and now, customs and trade agents are voicing their concerns about the hardships they’ve faced as a result. The decision to close borders, while often implemented for reasons related to security, trade balance, or public health, has significant repercussions on those directly involved in customs and trade activities. The Infosride news delves into the experiences and perspectives of customs and trade agents, shedding light on the challenges they have encountered and the broader implications of border closures. **Impact on Livelihoods:** One of the primary concerns raised by customs and trade agents…
In a strategic move to further empower Small and Medium Enterprises (SMEs), the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has made a commitment to introduce new support initiatives. This pledge underscores SMEDAN’s dedication to fostering the growth and sustainability of SMEs, recognizing their pivotal role in driving economic development, job creation, and innovation. The Infosride news delves into the details of SMEDAN’s new support initiatives, the anticipated impact on SMEs, and the broader implications for the Nigerian business landscape. SMEDAN’s Commitment to SME Development: SMEDAN has been a key player in championing the cause of SMEs in…
In a commendable commitment to fostering national cohesion, a terminal has pledged to play a significant role in promoting unity within the country. Recognizing the transformative power of connectivity and collaboration, the terminal aims to go beyond its conventional role and actively contribute to initiatives that bring people together, bridge divides, and strengthen the bonds of national unity. The Infosride news explores the details of this pledge, the strategies envisioned, and the potential impact on fostering a more united nation. **Terminal’s Vision for National Unity:** The terminal’s pledge to promote national unity aligns with a broader vision that transcends its…
In a united effort to sustain momentum and promote international trade, stakeholders are advocating for the extension of a crucial U.S. export initiative. Recognizing the positive impact of the initiative on trade relations and economic growth, various stakeholders are calling for its continuation to ensure continued support for businesses engaging in international commerce. The Infosride news delves into the reasons behind this push for extension and the potential benefits it holds for exporters and the broader economy. **The Vitality of U.S. Export Initiatives:** U.S. export initiatives play a pivotal role in fostering economic growth, job creation, and global market access…