Author: Temitope N.

In a recent development, the Centre for the Promotion of Privat Enterprise (CPPE) has expressed deep concerns regarding the Central Bank’s decision to elevate the customs exchange rate from N783 to N952/$. CEO of CPPE, Dr. Muda Yusuf, emphasized that this move would exacerbate the already challenging production and operating costs for businesses in the country. Yusuf, in a press statement released by Infostride News, highlighted the detrimental effects of this decision on citizens, predicting a reduction in purchasing power, eroded profit margins, and increased risks to the survival of businesses. The frequent fluctuations in exchange rates, as noted by…

Infostride News Reports: British International Investment (BII), the United Kingdom’s development finance institution (DFI), has officially inked binding agreements to inject $15 million in equity into Valency International, a Singapore-based agricultural commodities trading house. The funds are earmarked for the expansion of processing and warehouse infrastructure in Nigeria, as disclosed in a press statement obtained by Infostride News. The transaction is contingent on regulatory approval and is anticipated to conclude in early 2024. In addition to the initial $15 million commitment, BII retains the option to invest an additional $35 million in equity into Valency within two years following the…

In an exclusive interview with Infostride News, Mr. Ajayi Kadiri, the Director-General of the Manufacturers Association of Nigeria (MAN), shared insights into the recent departure of Procter & Gamble (P&G) from Nigeria. Expressing his lack of surprise at P&G’s exit, Mr. Kadiri conveyed a foreboding outlook, suggesting that more manufacturing firms might follow suit unless the underlying issues are promptly addressed within the country. Speaking on Channels Television’s Sunrise daily program, Mr. Kadiri emphasized the critical need for addressing the challenges faced by the manufacturing sector in Nigeria. He underscored the importance of the government making strategic decisions to foster…

In a recent report from the Geneva-based United Nations Conference on Trade and Development (UNCTAD), global trade is anticipated to experience a significant downturn in 2023, with a projected decline of approximately 5% from the record-high figures of the previous year. Infostride News brings you insights into the factors contributing to this economic shift and the potential repercussions for international commerce. According to UNCTAD, the total value of goods and services traded globally is expected to drop to $30.7 trillion, down from $32.2 trillion in 2022. A substantial $2 trillion, constituting an 8% decline in merchandise trade, is identified as…

In a detailed quarter-by-quarter analysis of data obtained from the National Bureau of Statistics (NBS), Infostride News reveals that educational institutions in Nigeria experienced a significant increase of 42% in taxes paid by the third quarter of 2023. This upward trend in taxation comes at a time of growing apprehension regarding the escalating cost of education in the country, potentially exacerbating the issue of out-of-school children in Nigeria. The analysis conducted by Infostride News encompasses both Value Added Tax (VAT) and Company Income Tax (CIT). By the third quarter of 2023, educational institutions had contributed a total of N13.82 billion…

In a recent joint budget defense session held in Abuja, the Nigerian Senate, as reported by Infostride News, called upon the executive branch to allocate a minimum of 10% of the total annual budget revenue to agricultural production. The plea was made by Senator Salihu Mustapha, the Chairman of the Senate Committee on Agriculture Production, Services, and Rural Development, who expressed deep concern about the challenges facing the agricultural sector. Senator Mustapha underscored the sector’s significant contribution, exceeding 20% to the nation’s GDP from the non-oil sector despite the myriad obstacles it faces. He lamented the shortfall in budget allocation,…

In a noteworthy development during the 2024 Budget Defense at the Senate Committee on Finance in Abuja on Monday, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed that the upcoming 2023 Supplementary Budget is set to run concurrently with the 2024 budget. This revelation was made as part of the broader discussion on fiscal policy and tax reforms aimed at enhancing revenue generation and attracting both domestic and foreign investments, as outlined in a statement by the Director (Press & PR) of the Ministry, Stephen Kilebi. Edun underscored the critical need for a comprehensive review…

In a recent demographic statistics bulletin published by the National Bureau of Statistics (NBS), Infostride News sheds light on the evolving landscape of Nigeria’s population dynamics, remittances, and other noteworthy trends. According to the report, the average life expectancy for Nigerian men has experienced a notable increase, rising from 53.2 years in 2015 to 55.1 years in 2022. This positive trend of a 7-year gain is indicative of advancements in healthcare and overall well-being. Interestingly, while the life expectancy for men has seen a commendable rise, the figures for women were even more encouraging, reaching 57.2 years, up from 55.3…

In a recent revelation at the Renewed Hope Agenda Citizens Townhall Engagement on Strengthening Policing in Nigeria, the Minister of State for Police Affairs, Hon Imaan Sulaiman-Ibrahim, emphasized the urgent need for Nigeria to channel a minimum of N3.4 trillion annually over the next five years to address the policing gap within the country. The event, themed “Community Policing: Building a Safer Nigeria Together,” unfolded at Victoria Island, Lagos, on Monday, where Sulaiman-Ibrahim shed light on the ongoing efforts of President Bola Tinubu’s administration to reform the Nigeria Police Force. Expressing the administration’s vision, the minister stated, “We want a…

In a recent report obtained exclusively by Infostride News from the Pension Fund Operators Association of Nigeria, Pension Fund Administrators (PFAs) have showcased a remarkable N7.98 trillion in profits generated from strategically investing workers’ contributions in their Retirement Savings Accounts (RSAs) under the Contributory Pension Scheme (CPS). As of the end of the second quarter of 2023, the total funds managed under the CPS reached an impressive N17.37 trillion. This surge was fueled by worker contributions from both private and public sectors, amounting to N9.37 trillion during the period under review. The report, aptly titled ‘At the Dawn of 20…

In a recent announcement at the 5th Lateef Jakande Housing Lecture Series organized by the Real Estate Developers Association, Governor Babajide Sanwo-Olu of Lagos State revealed plans to review the Property Law of Lagos State 2010 and the Rental Law of Lagos State 2011. The governor emphasized that this strategic move aims to safeguard the interests of both investors and end-users within the state. Highlighting the commitment to digital transformation, Governor Sanwo-Olu expressed the government’s dedication to enhancing efficiency and customer satisfaction by digitizing various departmental processes. He commended the progress made in providing homes for all and urged stakeholders…

As the year draws to a close, the financial markets are witnessing remarkable surges, with gold hitting record highs and Bitcoin reaching $41,500 in the early hours of Monday, a level not seen since May 2022. Ethereum also joined the rally, rising above $2,200 in what seems to be a broad but measured upswing in the cryptocurrency market. Gold, considered a traditional safe-haven asset, experienced a historic high, with spot prices reaching $2,100 during the first trading session of the week. Analysts predict that the global rush for bullion is poised to continue, fueled by escalating demand for safe-haven assets…

In a surprising turn of events on Wednesday morning, the price of Bitcoin briefly surpassed $44,000, defying the strengthening U.S. dollar. The U.S. Dollar Index continued its upward trajectory, reaching a two-week peak at around 104 index points. This surge was fueled by positive economic indicators; however, it did not deter institutional interest in Bitcoin. The overall market capitalization of the cryptocurrency market soared beyond $1.6 trillion, driven by impressive weekly gains of approximately 15% for Bitcoin. According to Coinglass data, open interest in CME’s Bitcoin futures also witnessed a significant increase over the past month, rising from $3.66 billion…

In a groundbreaking update on the extensive rehabilitation project at the Port Harcourt refinery, Infostride News has learned that Substation 1 has been successfully energized, marking a pivotal step towards the refinery’s revitalization. The information comes from the second part of an audio-visual report meticulously compiled by the Nigerian National Petroleum Company Limited (NNPCL), shedding light on the remarkable progress achieved in the refinery’s ambitious overhaul. The report emphasizes the strategic importance of Substation 1, as it is poised to power 14 other substations integral to the refinery’s operations. With an eye on achieving full operational capacity, the Port Harcourt…

In a decisive move aimed at addressing the persistent power shortages that have long plagued Nigeria, the federal government is contemplating a significant shift in the ownership structure of 11 power distribution companies (DISCOs), considering the possibility of transferring ownership to state governments. This revelation comes via a tweet from the Minister of Power, Adebayo Adelabu, published on Friday. Presently, the federal government maintains a 40% stake in these DISCOs, which were privatized approximately a decade ago. Operating across multiple states, each of these companies plays a pivotal role in the nation’s power distribution infrastructure. In a strategic move intended…

In a recent development reported by Infostride News, the Nigerian Navy has successfully thwarted a significant oil theft operation off the shores of Awoye in Ondo state. Rear Admiral Mustapha Hassan, the Flag Officer Commanding Western Naval Command in Apapa, revealed in an exclusive interview with Arise News that on December 6, the Navy received credible intelligence regarding illicit activities involving a 15,000 metric ton (MT) vessel attempting to steal 95,000 barrels of crude oil, valued at approximately N6 billion according to current market rates. Rear Admiral Hassan shared details of the operation, stating that upon receiving the intelligence, his…

In a pivotal development at the ongoing COP28, the Organization of Petroleum Exporting Countries (OPEC) is urging its member nations to resist the calls for a phase-out of fossil fuels. In a letter addressed to OPEC members, Haitham Al-Ghais, the Secretary General of OPEC, emphasized the need to prioritize emission reduction strategies over singling out fossil fuels, highlighting the importance of a just and fair transition for all. Expressing concerns about potentially detrimental politically-driven campaigns, Al-Ghais appealed to OPEC member countries and non-OPEC nations to proactively reject any proposed texts or formulas during discussions that specifically target energy sources like…

Infostride News Reports: Aliko Dangote’s $20 Billion Refinery Paves the Way for Nigeria’s Economic Transformation and Net-Zero Emissions Goal by 2060 In a noteworthy revelation, Nigerian billionaire investor Femi Otedola recently took to social media platform X (formerly Twitter) to celebrate Aliko Dangote’s monumental $20 billion refinery, hailing it as a key driver for Nigeria’s economic metamorphosis and a vital component in achieving the country’s ambitious net-zero emissions target by 2060. Extending warm congratulations to his “bestie” Aliko Dangote, Otedola described him as the “8th wonder of the world” in a Sunday tweet. Emphasizing the refinery’s significance, Otedola referred to…

In a groundbreaking development exclusive to Infostride News, the Dangote refinery, poised to become a global energy giant with a staggering capacity of 650,000 barrels per day (bpd), is anticipated to generate a colossal annual revenue of $27 billion at its full operational capacity. This ambitious endeavor is set to revolutionize Nigeria’s economic landscape and potentially redefine its role in the global energy market. The refinery’s revenue forecast is based on its comprehensive production portfolio, which encompasses a diverse range of products, including petrol, diesel, aviation fuel, kerosene, urea, and polypropylene. The initial phase will focus on refining 350,000 barrels…

In a recent revelation by Dr. Thomas Inugonum, the head of the Transmission Company of Nigeria (TCN) in Port Harcourt, the vulnerability of transmission lines in Cross River and Rivers states has become a pressing issue, persisting for over two months. Expressing deep concern over the recurring vandalism, Dr. Inugonum emphasized the critical role of the transmission aspect in the power system, stressing the necessity of ensuring the safety of electricity-moving lines. During a press briefing after inspecting the TCN’s facilities, Dr. Inugonum shed light on the repeated instances of transmission line damage in locations such as Calabar in Cross…