Abdul Samad Rabiu, the esteemed billionaire and chairman of BUA Group, marked a significant milestone on a Sunday by officially handing over the Abdul Samad Rabiu Africa International Centre for Innovation and Entrepreneurship to the University of Maiduguri. This remarkable initiative, built with a dedicated investment of N1 billion by the Abdul Samad Rabiu Africa foundation, was unveiled during the university’s 24th Combined Convocation. The ceremony not only celebrated the inauguration of this cutting-edge facility but also bestowed upon Rabiu an honorary degree, recognizing his exceptional contributions to national development, education, and entrepreneurship in Nigeria. During the convocation, which was…
Author: Temitope N.
In the span of the last three months, a remarkable financial narrative has unfolded across various states in Nigeria, as revealed by data extracted from the third-quarter budget implementation report spanning from July to September. This insightful information, now brought to light by Infostride News, unveils the significant foreign exchange revaluation profits amassed by no less than 13 state governments, collectively amounting to an impressive N71.59 billion. The genesis of this extraordinary financial windfall can be traced to foreign exchange revaluation gains, a direct consequence of the depreciation of the Nigerian Naira. At the time of reporting, the Naira stands…
Rice consumption in Nigeria has witnessed a consistent upward trajectory, surpassing local supply capacities and resulting in an annual supply deficit of approximately two million metric tonnes, according to a recent report by Infostride News. This escalating demand has led to a notable 37% surge in the commodity’s price within the first half of 2023, as highlighted in the ‘AFEX Wet Season Crop Production Report for 2023. The report elucidated, “Rice consumption in Nigeria has been steadily increasing, aligning with the consistent growth of the rice market, nearly matching the annual population growth projection of 2.6 per cent at two…
On May 29, 2023, the Nigerian economic landscape underwent a seismic shift initiated by President Bola Tinubu. The announcement of the removal of fuel subsidy and unification of foreign exchange rates set off a chain reaction, impacting businesses and consumers across the nation. What started as the end of a subsidy quickly escalated into a cost-of-living crisis, disproportionately affecting the poor and economically vulnerable. Fuel prices skyrocketed, reaching over N600 per litre by May 31, doubling the prices of goods and services nationwide. The World Bank warned of a dire situation, revealing that 7.1 million Nigerians were at risk of…
The Petroleum Tanker Drivers (PTD) wing of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) is on the verge of a significant organizational shakeup. In a bold move, the PTD has issued a threat to withdraw from NUPENG, citing dissatisfaction with the current leadership. The crux of the matter revolves around the demand for the resignation of NUPENG’s National President, Williams Akporeha, and its General Secretary, Olawale Afolabi. Expressing their discontent, the tanker drivers, represented by Gbenga Olawale and Adekunle Rufai of PTD’s Ibadan Depot, released a statement in Abuja detailing their grievances. Across the nation, these drivers…
Infostride News, in its latest report, highlighted the remarkable growth experienced by the Central Securities Clearing System (CSCS) Plc in the third quarter of 2023. According to the Managing Director and Chief Executive Officer of CSCS, Mr. Haruna Jalo-Waziri, the average daily clearing and settlement value witnessed a notable 23% increase, reaching approximately N10.7 billion during this period. Jalo-Waziri made this announcement during the Capital Market Committee (CMC) Meeting held in Lagos. Providing further insights, he revealed that on a year-on-year basis, the growth rate as of October 2023 stood at an impressive 60%. This surge was attributed to bullish…
The government of the United Arab Emirates (UAE) has granted approval to Air Peace Airline, Nigeria’s carrier, to operate direct flights to and from Dubai. Minister of Aviation and Aerospace Development, Festus Keyamo, made this announcement at the conclusion of the 2023 Dubai Airshow in the UAE. Keyamo, during his visit to the event, also explored the pavilions of leading aviation and aerospace industries, assessing technologies that could contribute to advancing his Five Point Agenda for the aviation sector in Nigeria. In addition to the approval for Air Peace, Keyamo disclosed that Emirates Airlines, which had ceased operations in Nigeria…
Iowa State University is thrilled to unveil its scholarship initiative, the Borel Global Fellows Program, designed to empower students from Sub-Saharan Africa pursuing graduate studies within the College of Agriculture and Life Science. In collaboration with the generous scholarship fund established by ISU alumni Jim and Marcia Borel in 2018, this program is poised to make a significant impact on addressing food and nutrition insecurity in the region. The primary objective of the Borel Global Fellows Program is to foster a cadre of educated scientists at Iowa State University who will serve as knowledge leaders dedicated to enhancing food security,…
In October 2023, Nigeria witnessed a surge in headline inflation, reaching 27.33%, marking a 0.61% increase from the previous month. This substantial year-on-year rise of 6.24% compared to October 2022 raised concerns about its impact on investments, particularly its erosion of the purchasing power of money over time. Understanding the implications of inflation on investments goes beyond focusing on nominal returns. While nominal returns represent the actual percentage gain or loss on an investment, real returns, which account for inflation, provide a more accurate reflection of the increase in purchasing power. In an inflationary environment, traditional asset classes like bonds…
Infostride News recently reported on Nigeria’s inflation landscape, revealing a surprising downturn in transport inflation for the first time in over two years, according to data released by the National Bureau of Statistics (NBS). In October 2023, Nigeria’s transport inflation decelerated to 27.04%, marking a notable drop from the two-year high of 27.18% recorded in the previous month. The last instance of transport inflation decline was observed in July 2019. This unexpected downturn occurred despite a surge in transportation costs nationwide, triggered by the removal of the petrol subsidy and a concurrent increase in crude oil prices. The removal of…
Infostride News reported that the Central Bank of Nigeria (CBN) has once again delayed a scheduled meeting of its monetary policy committee (MPC), leaving investors and analysts eagerly anticipating the strategies new Governor Olayemi Cardoso may employ to address the escalating inflationary pressures. In a report published by Bloomberg on Monday, the CBN’s Director of Corporate Communications, Dr. Isa Abdulmumin, stated in a text message response that the MPC would not be convening this week, marking the second postponement since Olayemi Cardoso assumed the role of governor in September. Providing additional context, the CBN had initiated a series of interest…
The African Development Bank (AfDB) has recently highlighted concerns regarding the allocation of high capital spending in Lagos and its impact on the city’s poorest residents. This revelation is part of a comprehensive report titled ‘From Millions to Billions: Financing the Development of African Cities,’ obtained by Infostride News. In the 2023/24 fiscal year, Lagos State boasts an approved budget of $2.1 billion, with a significant portion of $1.3 billion (58% of the total budget) allocated to capital projects. Despite this substantial capital expenditure, the report expresses dissatisfaction, emphasizing that the funds often fail to translate into fundamental infrastructure and…
Infostride News, the Economic and Financial Crimes Commission (EFCC) is mandated with the investigation of financial crimes. However, the decision to declare Ibrahim Ibitade, the CEO of Leatherback, as wanted raises questions about the agency’s approach in ensuring adherence to its mission. Despite Leatherback’s collaboration in an ongoing fraud investigation, the EFCC took the unusual step of declaring Ibitade wanted through an Instagram post on Thursday afternoon. The post alleged that the 31-year-old CEO is wanted in connection with conspiracy and obtaining money under false pretenses. Ibitade responded to the wanted notice by denying claims that he is in hiding…
The Federal Government of Nigeria has recently initiated discussions with Starlink, Elon Musk’s internet company, exploring the potential for job creation in the country through local maintenance and production of Starlink’s hardware. Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, revealed this development during the International Telecommunication Union-World Radio Communication (ITU-WRC) Conference in Dubai. The minister engaged with Ryan Goodnight, Senior Director of Global Licensing and Activation at SpaceX, Starlink’s parent company, to explore avenues for collaboration. The primary focus of the discussions was on establishing a program within Nigeria that certifies local installers and maintenance personnel…
Panelists contributing to the FocusEconomics Consensus Forecast report for December 2023 are foreseeing a potential upswing in Nigeria’s crude oil production, projecting an average of 1.36 million barrels per day in 2024. This optimistic outlook is pivotal for the country, given the intricate interplay between oil production, economic growth, and various challenges on the horizon. It’s crucial to note that this projection exclusively pertains to oil production and excludes condensate production. The report emphasizes that this anticipated increase in oil output would mark the second consecutive year of growth, attributing it to improved security conditions in the Niger Delta, a…
President of the Association of Bureau De Change of Nigeria, Aminu Gwadabe, discusses the recent foreign exchange reforms by the Central Bank of Nigeria and various related issues in an interview with InfoStride News. Gwadabe begins by addressing the volatility of the naira, emphasizing its negative impact on economic growth. He stresses the importance of currency stability for effective planning and highlights the challenges caused by illegal behaviors, speculation, hoarding, and currency substitution. The interview delves into the government’s measures to address these issues, including efforts to improve the global perception of the economy and attract foreign investment. Gwadabe explains…
InfoStride News reports that the Managing Director of the Federal Housing Authority (FHA), Gbenga Ashafa, has stated that the authority needs a minimum of N500 billion to effectively address the housing deficit in the country. This announcement was made during a press briefing held in Abuja ahead of the 50th anniversary of the housing authority. FHA, established by decree No. 40 of 1973 and later revised as CAP 136 Laws of the Federation 1990, has played a crucial role in executing housing programs on behalf of the government. Over the course of its 50-year existence, FHA has successfully built approximately…
InfoStride News Reports ICPC Concerns About Integrity Deficit in Procurement Contracts. On the 19th of November 2023, Shintema Binga, Head of Procurement at the Independent Corrupt Practices and Other Related Offences Commission (ICPC), expressed concerns about the integrity deficit among contractors involved in procurement processes. The ICPC has initiated a collaboration with the Abuja Chamber of Commerce and Industry (ACCI) to address these issues and enhance transparency in procurement. Speaking at the inauguration of the ACCI-ICPC procurement integrity and transparency training partnership, Binga highlighted the importance of ensuring integrity in procurement processes. The partnership aims to bring contractors up to…
InfoStride News reports that MTN Nigeria is currently engaged in the renegotiation of periodic reviews of its tower contracts. According to the telecom company, these renegotiations play a crucial role in mitigating the impact of forex liberalization and rising energy costs. This information comes in the wake of MTN’s recent award of tower contracts to ATC, with the imminent renewal of an additional 1,500 site contracts on the horizon. The Chief Executive Officer of MTN Nigeria, Karl Toriola, shared insights into the importance of efficient tower contracts during the recent MTN Nigeria’s Capital Markets Day. Toriola emphasized, “Efficient tower contracts…
The Director-General of the Securities and Exchange Commission, Lamido Yuguda, expressed the commission’s focus on infrastructure financing through the capital market in the upcoming year. Yuguda made this announcement during the third quarter post-Capital Market Committee press briefing held in Lagos, as reported by InfoStride News. In outlining the Commission’s goals for 2024, Yuguda emphasized the intention to channel capital market funds towards infrastructure development. He referred to the President’s recent mention of a $1 trillion economy by 2026 and a $3 trillion economy by the end of the decade, expressing his belief in the achievability of these targets for…