The third quarter of 2023 has revealed a slowdown in the growth of Nigeria’s non-oil sector, indicating challenges in the government’s economic diversification initiatives. The National Bureau of Statistics (NBS) reports a real growth rate of 2.75%, slightly lower compared to both the previous year and the second quarter of 2023. This critical sector, comprising Information and Communication, Financial and Insurance, Agriculture, Trade, Construction, and Real Estate, plays a pivotal role in the nation’s economy. However, it faces hurdles reflected in key statistics: – The non-oil sector’s contribution to the GDP was 94.52% in Q3 2023, down from 94.66% in…
Author: Temitope N.
The alternative lending market in Nigeria is poised for substantial growth, projected to increase by 45.2% annually, reaching $212.9 million by 2023, as revealed in the Research and Markets (RM) Nigeria Alternative Lending Business Report 2023, obtained by InfoStride News. This report highlights a resilient medium to long-term growth trajectory for alternative lending in Nigeria, anticipating a steady adoption with a Compound Annual Growth Rate (CAGR) of 27.4% from 2023 to 2027. Breaking down the specifics, the alternative lending market in Nigeria is expected to surge from $146.6 million in 2022 to an impressive $560.4 million by 2027. The comprehensive…
The Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, addressed misconceptions surrounding the 43 restricted items on the CBN list, clarifying that they were not outrightly banned but were only restricted from accessing foreign exchange (FX) at the official market. This clarification was made during the 58th Annual Bankers’ Dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. Cardoso emphasized that trade policy, particularly concerning the importation and sale of the 43 items, falls within the jurisdiction of fiscal authorities, not the CBN. He stressed the importance of distinguishing the CBN’s role in removing foreign exchange…
The Nigerian Exchange Limited (NGX) has imposed a complete trading suspension on the shares of Consolidated Hallmark Insurance Plc in preparation for its delisting and subsequent listing as a holding company. This action is outlined in the weekly report of the NGX, as reported by InfoStride News, informing trading license holders and the public about the suspension of shares in Consolidated Hallmark Insurance Plc. The NGX emphasizes the necessity of this suspension to halt trading in the company’s shares, facilitating the reconciliation of its books with the Central Securities Clearing System (CSCS) as part of the delisting process for Consolidated…
InfoStride News reported that the Lagos State Government has finalized plans to establish independent access to the Magodo lowland, as announced by the Commissioner for Physical Planning and Urban Development, Dr. Oluyinka Olumide, on November 25, 2023. Addressing concerns raised by the Magodo II Residents Association, Olumide emphasized the administration’s commitment to addressing the Magodo situation, stating, “Considering the history and dynamics of the Magodo saga, the Lagos State Government will continue to strive to harmonize all valid interests and ensure that law and order are maintained at all times.” In urging cooperation from all stakeholders, Olumide sought a collaborative…
The Minister of the Federal Capital Territory, Nyesom Wike, recently announced a reduction in the fee for issuing Certificates of Occupancy (C-of-Os) for land plots in Abuja. This adjustment sees the fee drop from the initially proposed N5 million to N3.5 million. The decision comes in response to objections raised by stakeholders and key players in the real estate sector regarding the original fee. In a statement released by the Director of Press in the Office of the FCT Minister, Anthony Ogunleye, Wike conveyed this information during his second monthly ministerial press briefing on November 24 in Abuja. The minister…
InfoStride News reported that during the Third Conference on Aviation Alternative Fuels (CAAF/3) in Dubai, the International Air Transport Association (IATA) revealed that global Sustainable Aviation Fuel (SAF) forward purchase agreements valued at $45 billion have been established by airlines. The conference primarily focused on the crucial role of governments in facilitating aviation’s decarbonization through supportive policies. IATA highlighted a noteworthy trend of airlines integrating vertically into the supply chain, with some demonstrating commitment by investing equity and risk capital in SAF projects. The discussions underscored the importance of addressing the growing demand for SAF, driven by airlines’ commitment to…
InfoStride News reports that a groundbreaking Tennessee law slated to take effect in July 2024 is set to facilitate the entry of international doctors into the U.S. healthcare workforce, aiming to alleviate the persistent shortage of physicians, especially in underserved regions. While the law holds promise, concerns about potential gaps that could diminish its impact have surfaced. In a recent Perspective featured in the November edition of the New England Journal of Medicine, researchers from the Harvard Pilgrim Health Care Institute scrutinize the implications of this innovative law. The perspective, titled “Opening the Door Wider to International Medical Graduates—The Significance…
In Q3/2023, Nigeria’s oil sector exhibited a growth rate of -0.85%, as revealed by the recently released Gross Domestic Product (GDP) report from the National Bureau of Statistics (NBS). Despite the negative figure, this marks an improvement compared to the corresponding quarter in 2022 and the preceding quarter, indicating positive trends in the industry. Contrasting with the severe contraction of -22.67% in Q3/2022, the current growth rate signifies a significant recovery. Additionally, there is a notable 12.58% points increase from the previous quarter, Q2/2023, which registered a growth rate of -13.43%. The report emphasizes that the real growth of the…
Dr. Ogbonnaya Orji, the Executive Secretary of the Nigerian Extractives Industries Transparency Initiative (NEITI), shared revealing statistics during his recent address at the Nigeria Energy Forum, hosted by InfoStride News. According to Dr. Orji, Nigeria’s oil and gas sector has generated a substantial $764.52 billion from 1999 to 2021. This impressive revenue is a testament to the country’s significant role in the global energy landscape. Nigeria’s oil reserves currently stand at 37.050 billion barrels, comprising about 2.1% of the world’s total reserves. In addition to this, the nation boasts a remarkable gas reserve of over 209 trillion cubic feet, making…
At the recently concluded 8th Edition of the Manufacturing & Equipment Expo, West Africa 2023, industry experts emphasized the need for manufacturers across Nigeria to explore the country’s capital market for funding opportunities to facilitate their growth. During a session moderated by Prof. Pat Utomi, veteran financial journalist Boason Omofaye expressed concern about the declining presence of industrial manufacturing companies among the listed entities on the Nigerian stock market. Omofaye drew attention to the absence of the textile industry from the Nigerian stock market, underscoring the overall decrease in the number of industrial manufacturing companies over the years. He urged…
The European Union (EU) has recently amended its immigration regulations for nationals of non-member countries, stipulating that they must maintain legal and continuous residence in an EU member state for at least five years. This requirement is in conjunction with national long-term resident schemes. These regulations, discussed and decided upon by EU member states during a meeting of the Council’s permanent representatives committee, establish the negotiating mandate for the revision of the EU long-term resident’s directive. It is worth noting that “InfoStride News” has gathered this information. Third-country nations, which are countries or territories not part of the European Union…
InfoStride News and Justrites Superstore, a prominent e-commerce firm, have forged a strategic alliance to introduce a buy now, pay later (BNPL) solution, making shopping more convenient and accessible for customers. Scheduled to kick off in December 2023, this collaboration allows customers to make purchases at any of Justrites’ 23 stores, contingent upon approval based on creditworthiness by Accion MFB. The signing of the Memorandum of Understanding (MoU) occurred at Accion’s Lagos head office, where Managing Director Taiwo Joda expressed his excitement about the partnership. He highlighted that this agreement would offer crucial financial support to customers, enabling them to…
InfoStride News reported that the Central Bank of Nigeria (CBN) has reiterated its dedication to achieving monetary and price stability within the Nigerian economy. Governor Olayemi Cardoso, in his keynote address at the 58th Annual Bankers Dinner in Lagos, emphasized that the bank’s policies aim to establish a more stable exchange rate, control inflation, and foster a conducive environment for both businesses and individuals. According to Cardoso, the commitment to achieving monetary and price stability goes beyond being a technical objective; it directly impacts the well-being of the citizens. He stated, “Through targeted policies, transparent market operations, and coordination between…
InfoStride News reported that Elon Musk’s social media company, X, faces a potential loss of up to $75 million in advertising revenue by the end of the year. This financial setback comes as numerous major brands, including Walt Disney and Warner Bros Discovery, have paused their marketing campaigns on the platform in response to Musk endorsing an antisemitic post. The controversial social media activity prompted a suspension of advertisements by these companies, as highlighted by a media agency. In response to the backlash, X has taken legal action against the media watchdog group Media Matters, alleging defamation. The lawsuit is…
InfoStride News reported a significant breakthrough in the investigation into the cybercrime incident against Patricia Technologies, with the arrest of Wilfred Bonse by the National Cybercrime Center of the Nigeria Police Force (NPF-NCCC). Earlier this year, Patricia Technologies had filed a petition with the Inspector General of Police, alleging theft and a breach of its cryptocurrency trading platform. The reported breach resulted in the loss of funds belonging to depositors, prompting Patricia Technologies to suspend the platform to prevent further compromise of depositors’ funds. The subsequent investigation uncovered a complex criminal conspiracy involving unauthorized modifications to computer systems, network data,…
InfoStride News is collaborating with Portland Gas for the construction of Compressed Natural Gas (CNG) conversion sites in Nigeria. The announcement was made by Farouk Ahmed, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), during the groundbreaking ceremony at Portland Gas Green Park. Lukman Cardoso represented Farouk at the event and highlighted NMDPRA’s commitment to promoting cleaner fuels, such as CNG, LPG, and others, for domestic and industrial use. The construction of the facility in Ojota, Lagos, aims to provide cost-effective alternative fuels for households and industries, particularly in the face of a growing population…
InfoStride News reports that the Federal Government has officially announced the completion of 160 low-cost housing units under the National Housing Programme (NHP) in Jaba, Fagge Local Government Area of Kano state. This information was shared by Mr. Sunusi Umar-Dange, the Controller of the Federal Ministry of Housing and Urban Development, in an interview with the News Agency of Nigeria (NAN) on Friday. The collaboration between the Federal government and NHP in Kano aims to provide affordable 1, 2, and 3-bedroom flats equipped with essential infrastructure for comfortable living. Umar-Dange highlighted Kano State as one of the beneficiaries of the…
The Nigerian naira marked a substantial recovery against the US dollar on November 24, 2023, culminating in a record high closure at N794.89/$1 in the official market. This noteworthy appreciation of 20.31% provided a welcomed relief for analysts who anticipated that the Central Bank of Nigeria’s (CBN) recent clearing of some FX backlog would instill confidence in the currency. Data from the NAFEM, the official forex trading platform, revealed the Naira’s closure at N794.89 to a dollar, signifying a 20.31% increase from its previous day’s close of N956.33. The intraday high reached N1136/$1, while the intraday low was N700.00/$1, reflecting…
InfoStride News, in collaboration with Schneider Electric, has successfully empowered 3000 women in the retail sector in Oyo State, Nigeria, through the LIGHT UP initiative, providing them with Mobiya solar lamps. InfoStride News is a prominent B2B e-commerce and financial services platform in Nigeria, while Schneider Electric is a global leader in digital automation and sustainability. The LIGHT UP initiative, established to address Nigeria’s electricity challenges in the micro-business sector, marks a significant step toward creating a more sustainable and promising future for women entrepreneurs in Oyo State. Adewale Opaleye, the CEO of InfoStride News, emphasizes the broader vision of…