Former Vice President Atiku Abubakar has criticized the foreign exchange (FX) policy proposed by Bola Tinubu, describing it as “hurriedly put together” and lacking proper consultations. Atiku’s remarks introduce a critical perspective on the development and implementation of economic policies, emphasizing the importance of comprehensive planning and stakeholder engagement. The FX policy proposed by Bola Tinubu, a prominent political figure, has generated discussions on its potential impact on Nigeria’s economy. Atiku’s criticism suggests a concern that policies introduced without thorough consultations may lack the necessary depth and understanding of the complexities of the financial markets. The call for proper consultations…
Author: Temitope N.
The Socio-Economic Rights and Accountability Project (SERAP) has issued a 7-day ultimatum to the Nigerian National Petroleum Corporation (NNPC), demanding a full and transparent account of the missing $2.04 billion and N164 billion oil revenues. This move by SERAP reflects ongoing efforts to promote transparency, accountability, and responsible financial management in Nigeria’s oil and gas sector. The demand for accountability centers on the need for the NNPC to provide a detailed explanation of the circumstances surrounding the missing funds, as well as steps taken to recover and remedy the situation. SERAP’s ultimatum underscores the importance of upholding good governance principles…
In a commendable move, the BUA Group, a prominent Nigerian conglomerate, has announced a 50% salary increase for its workers. This decision reflects the company’s commitment to prioritizing the well-being of its workforce during a period of economic challenges and rising living costs. The salary increase is a proactive measure taken by the BUA Group to mitigate the impact of economic hardship on its employees. It demonstrates the company’s responsiveness to the evolving economic landscape and its recognition of the importance of supporting its workforce during challenging times. This announcement is likely to be well-received by BUA Group employees and…
In a statement that adds a political dimension to the discourse on Nigeria’s economic challenges, Godswill Akpabio has asserted that the current hardship in the country is a result of the policies and actions implemented by Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN). This perspective introduces a critical examination of the economic decisions and strategies that have shaped the nation’s financial landscape. Godswill Akpabio, a prominent political figure, has linked the perceived hardships faced by Nigerians to the policies implemented by the CBN under Godwin Emefiele’s leadership. This viewpoint implies a connection between the central bank’s…
The Minister in charge of the gas sector has called for more investments in the industry, emphasizing the need to attract additional funding to drive growth and development. This advocacy aligns with broader efforts to harness the potential of the gas sector in Nigeria, promoting sustainable energy practices, and positioning the country as a key player in the global gas market. The call for increased investments suggests a recognition of the critical role the gas sector plays in Nigeria’s energy mix and economic diversification. Investments in the gas industry can contribute to infrastructure development, job creation, and the expansion of…
In a strategic move to bolster its fintech capabilities, Carbon, a leading Nigerian digital financial services company, has announced the acquisition of Vella Finance, a fintech platform. This acquisition signals Carbon’s commitment to expanding its product offerings, enhancing its technological infrastructure, and solidifying its position in the evolving financial technology landscape. Vella Finance, a player in the fintech space, is expected to bring unique expertise, technology, and innovation to Carbon’s portfolio. The acquisition aligns with Carbon’s broader vision of providing a comprehensive suite of financial services to its customers, spanning lending, payments, and other digital financial solutions. As the fintech…
The National Inland Waterways Authority (NIWA) has announced plans to undertake dredging activities along 2,000 kilometers of inland waterways in Nigeria. This initiative is part of NIWA’s commitment to enhancing navigability, promoting efficient water transportation, and fostering economic activities along the country’s water channels. Dredging, the process of removing sediments and debris from the bottom of water bodies, is a crucial activity for maintaining and improving the depth of waterways. By dredging 2,000 kilometers of inland waterways, NIWA aims to create a conducive environment for navigation, reduce the risk of accidents, and stimulate economic activities in areas served by these…
The management of Lekki Port has provided assurances to users and stakeholders of improved operations as part of ongoing efforts to optimize the efficiency and functionality of the port. This commitment reflects the port’s dedication to meeting the needs of its users and enhancing its position as a key player in Nigeria’s maritime industry. Lekki Port, situated in Lagos, is a crucial component of the nation’s port infrastructure, contributing to trade facilitation and economic development. The assurances from the port’s management come amid a focus on addressing challenges, improving processes, and delivering enhanced services to users and stakeholders. The commitment…
BUA Foods, a leading Nigerian conglomerate, has announced a substantial investment of over $200 million in a new sugar estate. This significant financial commitment underscores BUA Foods’ dedication to expanding its operations in the agriculture sector and contributing to the development of the sugar industry in Nigeria. The investment in the sugar estate is expected to cover various aspects of the value chain, including cultivation, processing, and refining. BUA Foods aims to enhance its capacity for sugar production, strengthen food security, and contribute to Nigeria’s self-sufficiency in sugar production. The move aligns with broader efforts to promote local production, reduce…
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has made a statement asserting that fuel can be sold below the rate set by the Nigerian National Petroleum Corporation (NNPC). This declaration opens discussions on pricing dynamics within the petroleum sector and the flexibility of marketers to determine fuel prices. IPMAN’s stance suggests a belief in the ability of marketers to exercise discretion in setting fuel prices, potentially allowing for variations below the official rates set by the NNPC. This position may be influenced by market forces, competition, and other factors that impact the pricing dynamics in the downstream oil and…
The Nigerian Customs Service has defended the introduction of a new cargo evaluation system, asserting that the updated mechanism is designed to enhance efficiency, transparency, and compliance in the clearance process. This move represents an effort by the Customs Service to modernize its operations and streamline cargo evaluation for improved trade facilitation. The new cargo evaluation system is expected to leverage technology to automate and optimize the process of assessing duties and taxes on imported goods. Customs officials argue that the updated system will reduce manual interventions, minimize delays, and provide a more accurate and transparent framework for evaluating cargo…
Telecommunications giant Glo has introduced a new promotional campaign that offers its customers the opportunity to win exciting prizes, including N100 million in cash and mobile phones. The initiative aims to reward and engage Glo subscribers while creating excitement and enhancing customer satisfaction. As part of the promotion, Glo customers will have the chance to win significant cash prizes, with the N100 million grand prize being a highlight of the campaign. Additionally, mobile phones will be among the prizes up for grabs, further enhancing the appeal of the promotion for subscribers. Promotional campaigns like these are common strategies employed by…
In a crucial call to address critical infrastructure needs, members of the House of Representatives have emphasized the urgent necessity for the reconstruction of ports in Nigeria. This appeal underscores the importance of modernizing port facilities to enhance efficiency, accommodate growing trade volumes, and position the country as a maritime hub. Members of the House of Representatives have drawn attention to the current state of Nigeria’s ports, highlighting infrastructure challenges that impact the smooth flow of maritime activities. The call for urgent reconstruction aligns with broader efforts to revitalize the transportation and logistics sector, which plays a pivotal role in…
In a noteworthy development, the former Chief Executive Officer (CEO) of Wema Bank, Ademola Adebise, has launched a memoir, offering insights into his professional journey and experiences in the banking industry. The memoir is expected to provide readers with a unique perspective on the challenges and triumphs of leading a prominent financial institution. Ademola Adebise, a seasoned banker with a wealth of experience, served as the CEO of Wema Bank, contributing to the strategic direction and growth of the institution during his tenure. The launch of his memoir is an opportunity for readers to gain valuable insights into the dynamics…
In a significant development for Nigeria’s energy sector, the Dangote Refinery is reportedly gearing up to export two fuel cargoes. This move signals a notable milestone for the refinery, which is poised to become one of the largest and most advanced in Africa, contributing to the country’s energy self-sufficiency and potentially serving as a key player in the international market. The Dangote Refinery, situated in Lagos, is a flagship project by the Dangote Group, led by Africa’s richest man, Aliko Dangote. With a refining capacity of 650,000 barrels per day, the refinery is expected to play a transformative role in…
Stakeholders in the gas-powered vehicle sector have raised concerns about the challenges posed by inadequate Compressed Natural Gas (CNG) stations, hindering the full implementation of the Federal Government’s initiative to promote the use of gas as a cleaner and more sustainable fuel for vehicles. The Federal Government has been championing the adoption of gas-powered vehicles as part of efforts to reduce carbon emissions, promote environmental sustainability, and harness the country’s abundant natural gas resources. However, stakeholders in the sector are now highlighting the critical role that an insufficient number of CNG stations is playing in impeding the widespread adoption of…
The Delta State Chamber of Commerce, Industry, Mines and Agriculture (DACCIMA) has expressed optimism that the upcoming Delta Trade Fair will significantly contribute to economic growth in the region. This positive outlook reflects the chamber’s belief in the potential of trade fairs as catalysts for business development, investment, and overall economic advancement. Trade fairs serve as crucial platforms for businesses to showcase their products and services, network with industry peers, and explore potential collaborations. The Delta Trade Fair, organized by DACCIMA, is anticipated to bring together a diverse range of businesses, entrepreneurs, and stakeholders, creating opportunities for economic synergy and…
In a positive development for the Nigerian startup ecosystem, five innovative ventures have successfully secured a combined funding of N196 million. This injection of capital highlights the growing interest and support for emerging businesses in Nigeria, demonstrating the potential for continued growth and innovation within the startup sector. The funding secured by these startups underscores the confidence investors have in the entrepreneurial landscape of Nigeria. As the country seeks to diversify its economy and foster a culture of innovation, these investments play a crucial role in providing startups with the necessary resources to scale and make a significant impact in…
In a significant development for the agricultural sector, Norsworthy Farms has announced the unveiling of its state-of-the-art palm oil mill facility. This milestone marks a notable advancement in palm oil processing technology and underscores the company’s commitment to enhancing productivity and efficiency in the industry. As Infostride News closely monitors these developments, extensive coverage will be provided, offering insights into the features and capabilities of the newly unveiled palm oil mill, its potential impact on local palm oil production, and the broader implications for the agricultural sector. The introduction of Norsworthy Farms’ modern palm oil mill facility signals a step…
In a collaborative effort, ECOWAS (Economic Community of West African States) and other regional partners are gearing up to promote a diverse array of African products at an upcoming trade fair. This initiative aims to spotlight the richness and variety of goods produced across the continent, fostering intra-African trade and economic collaboration. As Infostride News closely monitors these developments, comprehensive coverage will be provided. This will include insights into the specific products to be showcased, the participating countries, and the potential impact on regional trade dynamics. The collaborative approach by ECOWAS and its partners underscores the commitment to enhancing economic…