In a recent report titled “African Regional Overview of Food Security and Nutrition 2023,” jointly published by the Food and Agriculture Organization of the United Nations (FAO), the African Union Commission (AUC), the UN Economic Commission for Africa (ECA), and the World Food Programme (WFP), the United Nations has highlighted a disconcerting reality: 78% of Africans, equivalent to over 1 billion people, are unable to afford a healthy diet in the aftermath of the COVID-19 pandemic. The report’s estimates underscore a stark truth – three out of every four individuals on the continent grapple with the challenge of accessing nutritious…
Author: Temitope N.
In an exclusive interview with Infostride News on Thursday, Dr. Oluwarotimi Fashola, the Special Adviser to the Governor of Lagos State on Agriculture, shed light on critical factors contributing to the escalating costs in local rice production. Fashola underscored the significant impact of erratic rainfall patterns and the recent surge in diesel prices as primary catalysts driving the surge in production expenses. Diving into the myriad challenges faced by the local rice production sector, Fashola highlighted a range of issues affecting farmers. These encompassed intermittent drought, escalating fertilizer costs, recurring flooding, heightened security concerns, diminished land cultivation, suboptimal irrigation systems,…
In a recent exclusive interview with Infostride News, Olu Falae, a distinguished economist and former Minister of Finance, Budget, and National Planning, articulated a compelling solution to Nigeria’s longstanding energy challenges. Falae urged the government to take decisive action by repairing and subsequently selling its underperforming refineries to private enterprises capable of efficient management. During the interview on Thursday with Infostride News on Channels TV, Falae expressed skepticism about the government’s ability to run the refineries effectively. He emphasized the need to avoid political interference in the operation of these critical facilities. Falae suggested that offloading the refineries to private…
In a recent revelation by Akin Akinrinade, Chairman of the Independent Petroleum Marketers Association of Nigeria in the Satellite Depot branch, the cost of petrol trucks has surged from N7 million in May to an alarming N25 million. This exponential increase, as reported by Infostride News, is attributed to inflation induced by poorly managed foreign exchange rates, significantly impacting the downstream oil sector’s operational landscape. Akinrinade pointed out that the mismanagement of foreign exchange rates has adversely affected the landing cost of Premium Motor Spirit (PMS), commonly known as petrol, thereby influencing the pump price. The Chairman emphasized the unpredictability…
In a stern cautionary statement at the Sustainable Trade Africa Conference during Cop28 in Dubai, Akinwumi Adesina, the President of the African Development Bank (AfDB), highlighted the potential dire consequences of the European Union’s Carbon Border Adjustment Mechanism (CBAM), colloquially known as the EU’s carbon tax. In a notable deviation from the status quo, Adesina warned that this mechanism could impose an exorbitant additional cost of $25 billion on Africa’s value-added products, posing a significant threat to the continent’s trade and industrialization aspirations. In his address, Adesina underscored the risk of penalizing value-added exports, including steel, cement, iron, aluminum, and…
In a significant economic turnaround, Nigeria has reported a foreign trade surplus of N1.89 trillion for the third quarter of 2023, marking the fourth consecutive quarter of positive international trade balance. This impressive surplus, compared to the N708.9 billion in Q2 2023 and a deficit of N409.4 billion in the same period last year, has been revealed in the recent foreign trade report by the National Bureau of Statistics (NBS), as reported by Infostride News. Analysts have lauded this positive trend, attributing it to the increased revenue from crude oil exports. The surge is expected to have a constructive impact…
Infostride News Uncovers Alarming $7 Trillion Annual Investments in Nature-Damaging Activities, says UNEP In a groundbreaking report released by the United Nations Environmental Program (UNEP), it has been revealed that a staggering $7 trillion is funneled annually by both public and private institutions into activities that bear detrimental consequences for the environment. The report, titled “State of Finance for Nature 2023,” sheds light on the fact that these investments constitute approximately 7% of the world’s Gross Domestic Product (GDP). Despite this, the document points out that nature-based solutions continue to be globally underfunded, with current annual public and private investments…
The 2024 proposed budget for the Ministry of Defense includes a request for N49.57 million to establish a databank for veterans, a development that comes approximately 15 years after the late President Umaru Yar’Adua urged the ministry to create such a database. Nairametrics, in its findings, reported on this initiative. In 2008, during the launch of the Armed Forces Remembrance Day Emblem in Abuja, President Yar’Adua emphasized the need for the Ministry of Defense to expedite the completion of a Data Bank for all retired and retiring military personnel. He underscored that the welfare of ex-servicemen and women was a…
Theoretically, governments can finance their spending in three ways: through taxes (such as personal and corporate income taxes), borrowing from the public, or printing money. The revenue generated from printing money is known as seigniorage, representing the difference between the cost of printing money and its value in the financial system. In the case of Nigeria, it faces challenges in all three financing methods. Tax collection is notably low, accounting for around 10.8 percent of GDP, one of the lowest rates globally. Former President Muhammadu Buhari left a considerable debt of 77 trillion naira ($167 billion) to local and foreign…
InfoStride News reports that the Central Bank of Nigeria (CBN) has raised concerns about the proliferation of counterfeit banknotes, particularly higher denominations, in transactions across major cities, including food markets and commercial centers. According to a press statement by Mrs. Hakama Sidi Ali, the Acting Director for Corporate Communications at the CBN, issued on Friday, December 8, 2023, individuals engaging in such activities may face a punishable offense with a minimum imprisonment term of five years. The CBN emphasizes its commitment to collaboration with relevant security and financial agencies to identify, confiscate, and prosecute those involved in the circulation of…
As President Bola Tinubu strives to guide the Nigerian economy towards productivity in the next three years, focusing on a crucial element—productivity—is imperative. Despite Nigeria’s reputation for hardworking and ambitious citizens, global competitiveness rankings raise alarms. International Labour Organization’s Labour Productivity statistics and the Global Competitiveness Index 4.0 2019 Rankings place Nigeria at 134th and 116th globally, respectively, indicating challenges in productivity. Labour productivity, a pivotal economic indicator, directly influences growth, competitiveness, and living standards. It measures the efficiency of combining capital and labor for increased output. The 2019 Global Competitiveness Index projected Nigeria’s competitiveness index to improve, yet the…
The 2023 Future of Jobs Report, now in its fourth edition, explores the expected evolution of jobs and skills over the next five years. This comprehensive analysis, obtained by InfoStride News, extends previous evaluations of employer expectations, providing fresh insights into how socio-economic and technological trends will shape the future workplace. With extensive coverage of macro trends, technology advancements, and workforce transformation strategies, this edition compiles insights from 803 companies employing over 11.3 million workers across 27 industry clusters and 45 economies. The Future of Jobs Survey spans diverse topics, geographies, and sectors, aiming to understand the impact of trends…
The 2024 federal budget has earmarked N4.45 billion for the Ajaokuta Steel Company, signaling the government’s commitment to revive the dormant steel mill. This allocation exceeds the N3.71 billion allocated in 2023, with over 90% of the budget dedicated to personnel costs, totaling about N4.3 billion. The remainder will be allocated to power, water, and equipment maintenance. InfoStride News observed additional allocations beyond Ajaokuta Steel Company, including a separate N4 billion for the concession of the steel plant under the Ministry of Steel Development. The ministry also has a budget of N200 million for the revival of Ajaokuta Steel Company…
Nigerians are currently allocating an average of N4,703 per restaurant meal, favoring beef over turkey and goat meat in Lagos, as revealed by the ‘Orda Pulse 2023: Food Trend Tracker’ report from Orda Africa, a Nigerian food tech startup. Orda Africa, specializing in providing cloud-based operating systems to small and medium-sized restaurants in Nigeria and Kenya, explores the evolving dining habits in Lagos. The report indicates a slight increase in the average spending per meal from N4,640 in 2022 to N4,703, reflecting shifting culinary preferences. Surprisingly, despite currency depreciation and inflation, the cost of a meal for Orda-affiliated restaurants experienced…
InfoStride News reported on Wednesday, December 6, 2023, that the Senate has given a 24-hour ultimatum to Mele Kyari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, to appear for the defense of the 2024 budget. Senator Adeola Olamilekan, the Chairman of the Senate Committee on Appropriation, conveyed this message, emphasizing the importance of Kyari’s presence. This development is part of an ongoing dispute between the Senate and Kyari, as they aim to address the alleged N12 trillion expenditure on the turn around maintenance (TAM) of the country’s refineries. The Senate is adamant about…
Dr. Akinwunmi Adesina, the President of the African Development Bank (AfDB), revealed at the Adaptation Finance Summit for Africa, a side event of the COP28 summit in Dubai, that Africa is experiencing an annual loss of $7 to $15 billion due to climate change. Despite contributing only 3% to global emissions, the continent bears a disproportionate impact, with nine out of the 10 most climate-vulnerable countries worldwide located in Sub-Saharan Africa. Dr. Adesina expressed concern about the increasing financial toll, projecting the annual losses to surge to $50 billion by 2050. Africa currently receives a mere 4.5% of global climate…
Ben Akabueze, the Director-General of the Budget Office of the Federation, expressed his concern about the proposed N27.5 trillion budget for 2024, currently awaiting approval in the National Assembly, stating that it is considered “too small” to adequately address Nigeria’s economic needs. Despite this, he acknowledged the government’s commitment to fiscal responsibility by aligning expenses with available resources. In an interview on Channels TV on Wednesday, Akabueze emphasized that the budget allocation is rather conservative compared to the economic obligations faced by the government. He highlighted the need to tailor expenditures to the available public revenues, acknowledging the budget’s limitations…
InfoStride News reports that Net Zero Minister Graham Stuart has unveiled plans for a £140 million initiative aimed at aiding developing countries in achieving net zero goals while promoting economic growth. Minister Stuart is set to present the details during the COP28 negotiations in Dubai, solidifying the UK’s commitment to lead in supporting developing nations in adopting innovation and clean technology during this crucial decade for global climate action. The initiative also seeks to inspire other nations to emulate the UK’s leadership in clean energy. In line with this commitment, substantial financial support will be extended to countries seeking to…
The future of Amazon’s $117 billion logistic service revenue is now in jeopardy as pilots from Air Transport International (ATI), a vital air freight provider for Amazon, have voted to authorize a potential strike. The concerns voiced by the pilots primarily revolve around issues of low pay and a significant increase in turnover. If this strike were to materialize in the coming year, it could lead to disruptions in Amazon’s extensive delivery network, as reported by Wired. Over the years, Amazon has successfully built a robust third-party logistics (3PL) operation that not only supports its e-commerce network but also extends…
The ongoing COP28 Climate Summit in Dubai has opened avenues for potential foreign investment in two key waste conversion initiatives presented by the Lagos State Government. The projects, namely the Advanced Garbage Collection and Waste-to-Energy initiative and the construction of a new Sewage Treatment Plant, garnered significant interest from investors during the summit, marking a crucial step toward environmental sustainability. The disclosure of secured financing deals for these waste projects was made by Governor Babajide Sanwo-Olu during an event at the Nigeria Pavilion on Sunday. The official press release on the Lagos State Government’s website provided detailed insights into the…