InfoStride News reports that a groundbreaking development has taken place in the realm of Small and Medium Enterprises (SMEs) in Africa, particularly in sectors such as transport and logistics, agro-processing, automotive, and pharmaceuticals. The United Bank of Africa (UBA) and the African Continental Free Trade Area Secretariat (AfCFTA) have inked a significant $6 billion Memorandum of Understanding (MoU), signaling a commitment to provide funding support to SMEs operating within these sectors. The revelation was made by Babatunde Ajayi, the Head of SME Banking at UBA, during a panel session at the Nigerian Canadian Business Association Business 2023 Roundtable held in…
Author: Temitope N.
On the Sunday Politics Show on Channels TV, Jideofor Adibe, a Professor of Political Science, criticized the Presidency for the excessive number of delegates, which he deemed “bloated,” attending the COP28 Climate Summit in Dubai, UAE. Adibe expressed concern over the 1411 Nigerian delegates accompanying President Tinubu, raising doubts about the government’s commitment to reducing the cost of governance and showing compassion for the struggling masses. Adibe highlighted the contradiction between the President’s promises to trim governance expenses and the extravagant representation at the summit. He remarked, “Amid the binge on loans and borrowings, and the increasing hardship and increasing…
InfoStride News reported that the Federal Government has successfully negotiated an agreement with the United Arab Emirates (UAE) to establish humanitarian response stations across Nigeria. The announcement was made by Dr. Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, during discussions with officials of the Emirati Government at the ongoing COP28, United Nations Climate Change Conference in Dubai. Dr. Edu emphasized that the collaboration with the UAE aims to address humanitarian crises resulting from insurgency, particularly in the northeast region, and combat endemic poverty in other parts of the country. In her statement, she highlighted the extensive discussions…
Construction giant Julius Berger, the contractor responsible for the Second Niger Bridge, has officially handed over the completed bridge to the Federal Government. Stretching over 1.6 kilometers, the bridge connects Anambra and Delta states and came with an estimated cost of ₦336 billion. Initiated on May 23, 2023, during the final days of former President Muhammad Buhari’s tenure, the project required additional work on ancillary roads and other construction activities post-inauguration. In a brief ceremony at the bridge’s toll area, Minister of Works Dave Umahi expressed satisfaction with the project. He confirmed that the contractor successfully repaired vandalized sections of…
A research study conducted by the Department for Education in the U.K., as reported by InfoStride News, has identified certain occupations that are more susceptible to influence from artificial intelligence (AI) and chatbots. In contrast, jobs such as construction workers are deemed less likely to be impacted by AI. InfoStride News reports that the analysis covered 365 job categories and their associated skill sets. Each skill was then compared against the top 10 applications of AI to assess compatibility. The study revealed that professions requiring higher levels of formal education face a higher likelihood of being replaced by AI, with…
The latest addition to the Marvel Cinematic Universe (MCU), ‘The Marvels,’ is facing a significant setback, officially claiming the title of the lowest-grossing installment. After four weeks in theaters, the film has only amassed a mere $197 million globally, falling far short of expectations considering its budget exceeded $220 million. As it continues its theatrical run until New Year’s, industry experts anticipate that ‘The Marvels’ will conclude its box office journey with lackluster revenues in December, putting it at a financial loss. Acknowledging the diminishing box office performance, Disney has decided to cease weekend reporting for ‘The Marvels,’ indicating the…
Prof. Benedict Oramah, the President of the African Export-Import Bank (Afreximbank), has been named the FORBES AFRICA Person of the Year for 2023, as announced during an award ceremony held in Cairo, Egypt. The prestigious recognition was part of the unveiling of FORBES AFRICA’s December 2023/January 2024 edition, featuring Prof. Oramah on the cover. The Founder and Publisher of FORBES AFRICA, Dr. Rakesh Wahi, and the Managing Director, Roberta Naicker, emphasized that the award celebrates exceptional Africans dedicated to the continent’s development. Managing Editor Renuka Methil praised Prof. Oramah as a true pan-Africanist, commending his three-decade career at Afreximbank. In…
The head of Dubai Chamber, Mohammad Lootah, revealed that the non-oil bilateral trade between Nigeria and Dubai hit $2.1 billion in 2022 during the New Horizons Trade Mission in Nigeria. This event, titled “Doing Business with Nigeria,” took place in Lagos in collaboration with the Lagos Chamber of Commerce. Lootah emphasized that establishing a presence in Nigeria marked a significant achievement for Dubai International Chamber. Highlighting the strategic importance of this move, Lootah described it as a crucial platform for fostering cross-border partnerships in one of Africa’s leading economies. He highlighted the existing strong economic ties between Dubai and Nigeria,…
In a recent development reported by InfoStride News, the Manufacturers Association of Nigeria (MAN) has highlighted the detrimental impact of the harsh business climate on Nigeria’s industrialization prospects. The association’s President, Francis Meshioye, conveyed these concerns at the 2023 Annual Nigeria Manufacturing and Equipment Expo, organized in collaboration with the Nigerian Raw Materials Exposition. The expo, titled “Future Manufacturing: Building a Sustainable Roadmap to the Industrialization of Nigeria,” spanned three days and aimed to provide a platform for stakeholders in the raw materials supply chain to collaborate, showcase, and trade available resources and raw materials. Meshioye emphasized the need for…
The Labour Party’s Presidential candidate, Peter Obi, expressed concern about the ongoing demolitions of properties by state governments, asserting that such actions are exacerbating the plight of poor Nigerians. Writing on his X (formerly Twitter) handle, he emphasized the need for empathy from the government, especially considering the challenging economic conditions facing Nigerians. Obi argued that, instead of adding to people’s hardships, the government should implement measures aimed at alleviating poverty. Expressing dismay, Obi urged a more compassionate approach, suggesting that the current economic challenges demand a focus on policies lifting people out of poverty. He emphasized that even if…
The complete condemnation of the practice of blocking inner roads and streets for social events by some Lagos residents has been voiced by the Lagos State Government through the Lagos State Taskforce. The Chairman of the agency, CSP Shola Jejeloye, characterized this behavior as selfish and inconsiderate, emphasizing the discomfort it causes to law-abiding individuals. Jejeloye cited a recent incident in Yaba where the agency had to intervene during a birthday celebration that occupied 95% of the road, causing traffic congestion and inconveniencing those going about their daily activities. He expressed strong disapproval, particularly highlighting areas like Lagos Island, Oworonshoki,…
The CFA Institute’s Global President, Marg Franklin, has issued a call to African nations, urging them to equip their youth with essential skills in preparation for an anticipated surge of 400 million new workers by 2035. This directive was emphasized during her presentation at the CFA Institute Africa Investment Conference held in Lagos, which centered on the theme “The Emergence of Africa: A Rethink or A Restrategizing?” Highlighting a World Bank forecast that predicts Africa will witness a workforce expansion exceeding 400 million individuals by 2035, Franklin stressed the imperative for the continent to address existing skill gaps among its…
InfoStride News reported that Aliko Dangote, the President/Chief Executive Officer of the Dangote Group, announced plans for the $20 billion Dangote refinery in Lekki, Lagos. According to Dangote, the refinery is set to commence operations with the refining of 350,000 barrels per day of crude oil. In an interview with the Financial Times, he revealed that the refinery is expected to receive approximately six million barrels of crude in December 2023. “We’re starting with 350,000 barrels a day,” Dangote stated, mentioning that a deal had already been secured for the “first cargo of about 6mn barrels” scheduled for delivery next…
InfoStride News has launched an educational initiative aimed at delivering financial training to students in 30 secondary and primary schools across Nigeria, marking the commencement of its ambitious plan to educate over 5,000 students by the close of 2024. The Pension Fund Administrator, in its commitment to fostering a foundational understanding of essential financial concepts such as savings, investments, and overall financial literacy, expressed the intention to empower youth with the necessary tools to make informed financial decisions as they progress through life. According to Oluchi Maduwuba, the Corporate Social Responsibility Lead at InfoStride News, financial literacy plays a pivotal…
InfoStride News reported that Ayobo-Ipaja LCDA in Alimosho Local Government has collaborated with Timiemma Solar Academy to conduct a youth empowerment program centered on renewable energy and solar power systems. As detailed in a press release, the organizer of the empowerment initiative, Bolatito Sobowale, sponsored the program with the aim of enhancing youths’ access to renewable energy, creating job opportunities, and fostering wealth generation. The primary objective of the empowerment program, according to the statement, is to equip participants with the skills necessary to become aspiring entrepreneurs in the renewable energy sector. This involves providing training in installations and marketing,…
InfoStride News reported that the Lagos Area Committee of the Nigerian Council of Registered Insurance Brokers is joining forces with the Insurfeel Initiative to advance insurance education by providing free policies labeled ‘School Care Cover’ to students. This collaborative effort aims to offer deserving students complimentary insurance coverage for personal accidents while at school, during vacations, and anywhere within Nigeria. Additionally, it includes provisions for the payment of school fees to the named beneficiaries of the insured parent or guardian in specific situations, such as permanent disability resulting from an accident and death, whether accidental or natural. Demola Olutusin, the…
InfoStride News reports that the Chartered Institute of Loan & Risk Management of Nigeria is urging its members to adopt Artificial Intelligence (AI) as a crucial tool for addressing uncertainties in organizational and individual pursuits of objectives. Dr. Harriet Akubuiro, the President and Chairman of the institute, emphasized the need for Nigerians to recognize risks in all their endeavors and stressed that effective risk management strategies are essential to counter poor implementation. The institute’s annual conference, themed “Risk Management Compliance, Corporate Governance, and National Value Creation,” covered a wide range of risk management issues across public and private sectors. Akubuiro…
Zenith Bank kicked off the festive season by illuminating Ajose Adeogun Street and Roundabout in Victoria Island, Lagos. The Group Managing Director, Ebenezer Onyeagwu, performed the light-up ceremony on Saturday as part of the bank’s 17th annual Light Up Ceremony, a Corporate Social Responsibility initiative. During the event, Onyeagwu emphasized the importance of embracing the Christmas spirit, centered around peace, love, forgiveness, and respect for humanity. He extended prayers for peace in homes, businesses, and countries, urging everyone to absorb the message of Christmas. In his words, “Today, as we turn on the Christmas light with the wife of our…
InfoStride News reports that Lasaco Assurance Plc underscores its commitment to educational capacity building, driven by the imperative of equipping students with essential skills for life’s challenges. As part of its corporate social responsibility initiatives, the company has long been involved in supporting educational development in Nigeria. A recent manifestation of this commitment is Lasaco Assurance Plc’s support for the publication of ‘The Compass,’ a magazine by Airforce Secondary School, Shasha, Lagos. This magazine aims to showcase remarkable achievements and inspiring stories within the school community. Razzaq Abiodun, the Managing Director of Lasaco Assurance Plc, emphasized the necessity for corporate…
As InfoStride News reports, the Central Bank of Nigeria’s proposal for a new banking sector consolidation has raised concerns among industry operators. Currently, major banks with foreign subsidiaries control a capital base of N9.6 trillion, with five key banks having capital above N1 trillion each. An analysis of the capital base data of leading commercial banks in Nigeria indicates that the proposed consolidation could impact national, regional, and merchant banks. Some of these banks have not seen significant growth in their capital base compared to counterparts with foreign subsidiaries. CBN Governor Olayemi Cardoso emphasized the need to increase the bank’s…