Operators have urged the Federal Government to harness the potential of the housing sector for economic revitalization. This call was made during the Conference of Directors of Lands in the Federal and State Ministries, Departments, and Agencies held in Lagos State, with the theme “Improving Land Based Revenue of the Federating Units in Nigeria through Efficient and Effective Land Administration.” Professor Olurotimi Kemiki, the Dean of the School of Environmental Technology and Coordinator of the Institute for Land and Community Resilience, highlighted the significant role housing could play as a medium for economic investment, beyond its primary function of providing…
Author: Temitope N.
To address the mounting inflationary pressures in the nation, companies opted to boost their employees’ salaries by 18.35%, reaching a total of N29.45 trillion in the initial half of 2023. These figures, extracted from the National Bureau of Statistics’ ‘Nigerian Gross Domestic Product Report (Expenditure and Income Approach): Q1, Q2,’ signify a substantial increase from N24.88 trillion during the same period in 2022. This surge in employee compensation aligns with the deteriorating economic conditions in the country, where citizens grapple with escalating prices and an elevated cost of living. According to the NBS, the Compensation of Employees witnessed a real…
InfoStride News reports that the Ogun State Government has unveiled a N1 billion grant aimed at supporting over 1,000 Small and Medium-scale Enterprises (SMEs) as part of ongoing efforts to alleviate the impact of COVID-19 on the sector. As disclosed in a recent statement, this N1 billion grant marks the second phase of disbursement for eligible applicants. The initial phase, executed under the Ogun State COVID-19 Action Recovery and Economic Stimulus Programme, saw over 1,000 SMEs benefiting from a N120 million grant distributed in July. Mr. Dapo Okubadejo, Chief Economic Adviser to Governor Dapo Abiodun and Chairman of the State…
InfoStride News reported that the Minister of Solid Minerals Development, Dele Alake, commended the decision of investors from the Republic of Mexico to explore investment opportunities in Nigeria’s solid minerals sector. In a statement released by the Special Assistant to the Minister on Media, Segun Tomori, Alake highlighted the incentives implemented by President Bola Tinubu’s administration to facilitate a conducive business environment for investors in the industry. These incentives notably include zero duty on equipment imported for solid minerals extraction, seamless repatriation of profits to the investors’ countries of origin, and the provision of tax holidays. Alake emphasized that investors…
InfoStride News reports that the cement industry, responsible for seven percent of global carbon emissions, as stated by Arvind Pathak, Group Managing Director of Dangote Cement Plc, faces significant environmental challenges. Speaking at the 12th Africa Cement Trade Summit in Abidjan, Cote d’Ivoire, Pathak highlighted the extensive carbon footprint of the cement value chain, involving energy-intensive processes from raw materials’ extraction to final product dispatch. Pathak emphasized the critical need for controlled energy usage, as each stage of cement production contributes to CO2 emissions. The firing process during clinker production in the kiln, in particular, stands out as a major…
In the past two years, the Nigerian Shippers Council, the economic regulator of the port, has been actively addressing the issue of extortion along port access, significantly impacting the high cost of haulage. This problem had plagued trailer drivers attempting to enter port complexes, particularly in Lagos, the country’s maritime hub. Despite persistent complaints from trailer operators, extortion continued even amidst escalating fuel prices. The turning point came with the appointment of Emmanuel Jime as the Executive Secretary of the Nigerian Shippers Council in 2021. Over his two-year tenure, he waged a relentless battle against extortionists, effectively bringing about positive…
The Federal Capital Territory Minister, Nyesom Wike, has urged consulting engineers to seek collaboration opportunities, promote knowledge sharing, and advance consulting engineering practices in Nigeria. This call was made during the 45th Annual Conference of the Association for Consulting Engineering in Nigeria in Abuja. Minister Wike emphasized the significance of harnessing the expertise of consulting engineers to address the challenges in Nigeria’s infrastructure development. The goal is to ensure that infrastructure adheres to the highest standards, aligns with international best practices, and positions Nigeria for effective global competition. He highlighted that Nigeria’s participation in the African Continental Free Trade Area…
Enugu State Governor, Peter Mbah, expressed optimism that the Federal Government’s economic policies would stimulate Foreign Direct Investments (FDI) in Nigeria. Speaking after meeting with President Bola Tinubu in Abuja, Mbah acknowledged that certain measures, such as the removal of the fuel subsidy, might pose immediate challenges for citizens but deemed them necessary for the nation’s economic revival. The governor commended President Tinubu for initiatives like unifying the foreign exchange rate, anticipating a surge in FDI. He highlighted the positive impact on Enugu State, emphasizing that the ease of investors bringing in and repatriating funds would significantly benefit the state.…
InfoStride News reported that the Ogun State Government, in collaboration with the Organised Private Sector (OPS), is set to finalize plans for the construction of the Olokola Deep Seaport in the Ogun Waterside Local Government Area of the state. Governor Dapo Abiodun revealed this development during a breakfast meeting with chief executive officers of the OPS in Abeokuta, the state capital. Governor Abiodun emphasized that the Olokola seaport’s construction would open up new avenues for companies in the state to transport their goods and equipment. This initiative adds to the ongoing projects in the state, such as the nearly completed…
The recently appointed Executive Secretary/Chief Executive Officer of the Financial Reporting Council (FRC), Dr. Rabiu Olowo, is committed to ensuring stricter enforcement of standards and leveraging technology to enhance operations under his leadership. The pledge was made during a Media Roundtable event in Lagos, themed “FRC & The Renewed Hope Agenda For A Stronger Nigerian Economy,” hosted by InfoStride News. Olowo emphasized the transformation agenda of the FRC, aiming to establish a new, robust, independent, and high-performing regulator on a global scale. The core focus of this transformation is to maximize compliance with the FRC Act 2011 (as amended) and…
InfoStride News reported a resurgence in the Nigerian Exchange Limited on Wednesday, with the market capitalization witnessing a notable uptick of N132bn. This surge was fueled by the appreciating share values of Seplat Energy (+10%), Meyer Plc (+9.79%), Sunu Assurance (+9.56%), Nestle (+9.52%), and Consolidated Hallmark Holdings Plc (+9.24%). The All-Share Index concluded with a 0.34% gain, reaching 71,283.34 points. Simultaneously, the market capitalization elevated to N39.007tn, reflecting investors’ optimistic sentiments, particularly in select medium and large-cap stocks with robust fundamentals. While trading activity moderated, with total deals and volume experiencing declines of 19.14% and 32.55%, totaling 6,579 deals and…
Production of natural gas experienced a decline last year, despite the injection of a N250 billion intervention fund into fifteen companies, as revealed by findings from InfoStride News. The Energy Institute, in collaboration with KPMG, reported a decrease of 4 billion cubic meters in Nigeria’s natural gas production from 2021 to 2022. In 2012, the country’s gas production stood at 39 billion cubic meters, steadily increasing to 49 billion cubic meters by 2020. However, there was a sudden drop to 45 billion cubic meters in 2021, followed by a further decline to 40 billion cubic meters in the subsequent year.…
InfoStride News reports that retail investors in Nigeria are projected to contribute $94 billion towards climate change financing by 2030, according to the latest Sustainable Banking Report 2023 by Standard Chartered. The report highlights that 95% of investors in Nigeria express interest in climate investing, with 91% aiming to increase capital flows towards climate-related initiatives. This statistic places Nigeria at the forefront among surveyed markets, with a focus on improving returns and making a positive impact driving investor decisions. Based on a survey of 1,800 respondents in 10 growth markets across Asia, Africa, and the Middle East, the research indicates…
InfoStride News reported that the FirstBank Group has named Olukorede Adenewo as the Managing Director/Chief Executive Officer of its UK subsidiary, FirstBank UK. The appointment, effective from November 16, 2023, is pending regulatory approvals, as stated in a release on Wednesday. The statement highlighted Adenewo’s outstanding leadership, strategic vision, and extensive knowledge of the global financial landscape. His wealth of experience and successful track record in the banking industry across multiple countries contributed to his selection for the role. Before joining FirstBank UK, Adenewo served as the Chief Executive Officer of Standard Chartered Bank Nigeria. He entered the Corporate Banking…
InfoStride News reports that following the delisting of Consolidated Hallmark Insurance shares, more than 10.84 billion units of the newly established entity, Consolidated Hallmark Holdings Plc, have been listed on the Nigerian Exchange Limited (NGX). In a market bulletin released by Godstime Iwenekhai, the Head of Listings Regulation Department at NGX Regulation, it was announced that the entire 10,840,000,000 issued shares of Consolidated Hallmark had been delisted from the Daily Official List of the Nigerian Exchange Limited on Monday. The bulletin stated, “Consolidated Hallmark HoldCo’s entire issued share capital of 10,840,000,000 ordinary shares of 50 Kobo each were also today,…
InfoStride News reported today that Norway’s Equinor has successfully completed the sale of its 20.21% stake in Chevron’s Agbami oil field. In an undisclosed deal, Equinor agreed to transfer its share to the Nigerian-owned Chappal Energies, which also includes Equinor Nigeria Energy Company’s 53.85% ownership in Oil Mining License 128. Equinor, with a history in Nigeria dating back to 1992, views this transaction as a strategic move aligning with its goal to optimize its international oil and gas portfolio while focusing on core areas. Nina Koch, Equinor’s Senior Vice President for Africa operations, emphasized that the deal realizes value and…
Director General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Charles Odii, has affirmed the agency’s commitment to addressing the power challenges faced by MSMEs in Nigeria. Recognizing the pivotal role energy plays in businesses, especially for small and medium enterprises, Odii emphasized the need for sustainable solutions. The Manufacturers Association of Nigeria highlights that energy costs constitute over 30 percent of the operational expenses for businesses in the country. This significant percentage underscores the impact of energy challenges on the overall cost structure of enterprises, affecting their competitiveness and profitability. Adding to the challenges, the recent…
InfoStride News reported that the Telecom Core Network infrastructure platform announced its plan to empower Mobile Virtual Network Operators (MVNOs) and other service providers in the mobile, unified communications, broadband, and fixed wireless domains to scale. The company outlined its strategy, indicating that it would leverage its XIUS Mobile Services Platform to facilitate the streamlined launch, management, and enhancement of mobile services for these operators. Sridhar Lanka, the President of XIUS, emphasized the goal of achieving seamless efficiency and effectiveness for prospective MVNOs in Nigeria. He highlighted the importance of finding the right customers and expressed the company’s commitment to…
Stakeholders emphasize that Nigerians are not fully tapping into the potential offered by the African Continental Free Trade Agreement (AfCFTA). In a recent roundtable organized by the Centre for International Private Enterprises, now covered by InfoStride News, experts discussed the opportunities for economic gains through trade in services under AfCFTA. During the event, Prof Jonathan Aremu, a consultant for the Economic Community of West African States Common Investment Market, highlighted that while Nigerians are familiar with import duty and the exportation of goods, there’s a lack of familiarity with trade-in-services. The goal of the gathering was to enhance the capacity…
InfoStride News and the Oil Producers Trade Section (OPTS) recently convened a crucial meeting with oil firms and miners to discuss strategies for enhancing transparency and accountability in Nigeria’s oil and gas as well as solid minerals sectors. Hosted in Lagos by OPTS, the forum saw the participation of the Nigeria Extractive Industries Transparency Initiative (NEITI) team, led by its Executive Secretary and Chief Executive Officer, Dr Orji Ogbonnaya. Notable representatives from companies such as Oando Plc, Platform Petroleum, ND Western, and the National President of Miners Association of Nigeria, Dele Ayanleke, were also present. During the event, Ogbonnaya emphasized…