The Nigeria Economic Outlook report, recently published on October 17 by PricewaterhouseCoopers International Limited, sheds light on the diverse dynamics within the Nigerian economy, emphasizing the notable growth and changes in various sectors. This comprehensive analysis provides valuable insights into the country’s economic landscape, outlining the sectors that have witnessed growth and those facing challenges. In this detailed assessment, it is pertinent to mention that the original source, Nairametrics, is replaced with “Infostride News” to ensure accuracy and consistency in sourcing information. The PwC Outlook highlights the fact that Nigeria’s economic growth extends beyond the oil sector, with certain sectors…
Author: Temitope N.
A recent report released by BudgIT, titled “State of States, 2023 Edition,” has shed light on a disconcerting issue plaguing Nigeria. As of 2022, a staggering 15 states in the country have yet to implement the N30,000 minimum wage, which was signed into law in 2019. This revelation underscores significant challenges in fiscal governance, transparency, accountability, and sustainability at the sub-national level throughout Nigeria. The report delved into the financial landscape of various states, focusing on their operating expenses and expenditures. It is alarming that, nearly four years after the minimum wage law was enacted, 15 states have failed to…
Affirmative Finance Action for Women in Africa (AFAWA), a continental initiative led by the African Development Bank, is resolutely committed to a transformative mission. Its vision is to harness financial resources, empower women, and catalyze economic growth across the African continent. At the core of AFAWA’s ambition lies the aspiration to mobilize a staggering $5 billion in funding for businesses led by African women by the year 2026. This monumental goal was eloquently expressed by Lamin Barrow, Director General of the African Development Bank Nigeria Country Department, during the recent AFAWA Finance Series held in Lagos. The event was specifically…
The Vice Chairman of the Basic Metal sector of the Manufacturers Association of Nigeria (MAN), Mr. Lekan Adewoye, has expressed serious concerns over the recent Central Bank of Nigeria (CBN) directive that removed the restrictions on access to 43 items for imports. He believes that this decision could have devastating consequences for the already struggling manufacturing industry in Nigeria. Speaking during an interview with TVC Business, Mr. Lekan Adewoye shared the perspective of manufacturers on the latest policy implemented by the new leadership of the CBN. He emphasized that it is crucial to encourage the production of items that can…
Lagos State Governor, Babajide Sanwo-Olu, marked a significant milestone on Wednesday with the groundbreaking ceremony for the ambitious $100 million Lagos Film City project. This groundbreaking event took place on a sprawling 100-hectare site in the Ikosi-Ejinrin area of Epe Local Government Area. The Lagos Film City represents a groundbreaking Public-Private Partnership initiative, poised to generate a multitude of job opportunities, drive economic growth, and attract substantial investment. The news of this groundbreaking ceremony was officially unveiled by the Senior Special Assistant to the Governor on New Media, Jubril Gawat, via his Twitter account on Wednesday, October 18, 2023. The…
MoneyTO, the London-based remittance operator, is embarking on a strategic partnership with United Bank for Africa (UBA) Plc, one of Africa’s leading financial institutions, to bolster its service offerings and enable customers in Nigeria to receive remittances from the United Kingdom. This collaboration leverages UBA’s extensive branch network, encompassing more than 1,000 payout locations, which will facilitate the seamless flow of funds from the UK to Nigeria. MoneyTO commenced its remittance services to Nigeria in 2020 and has been consistently enhancing its offerings to provide customers with cost-effective and user-friendly solutions. The partnership with UBA, a financial giant serving over…
The Nigerian Investment Promotion Commission (NIPC) is delighted to announce the appointment of Aisha Rimi as its new Executive Secretary/Chief Executive Officer (ES/CEO), marking the commencement of her official duties earlier today. Ms. Rimi’s ascension to this pivotal role heralds a new era for the NIPC, as she brings a wealth of experience and a profound commitment to advancing investments in Nigeria. With a clear vision for propelling the Commission’s mission, she aims to enhance NIPC’s efficiency, foster an investor-friendly environment, and craft innovative strategies to attract and retain foreign investments. In her inaugural address to the NIPC team, the…
In the bustling city of Lagos, a local retailer grapples with a common dilemma, one that resonates with countless others in the same industry across Nigeria. The retailer stands before empty store shelves, acutely aware of the impatience of their customer base. Restocking their store presents them with two less-than-ideal choices: embarking on a labyrinthine journey of multiple phone calls, enduring seemingly endless waits, and having access to only a limited selection of products due to their restricted network of contacts, or facing the arduous trek through the city’s notorious traffic, armed with cash, to personally pick up goods from…
Elon Musk’s social networking platform, X, has introduced a novel initiative designed to bolster its fight against spam and bot activity on the platform. Under this program, new, unverified users are now required to sign up for a $1 annual subscription, granting them the ability to post and engage with other content. The program is currently in its testing phase, initially launched in New Zealand and the Philippines before a planned global rollout. Existing unverified users on the platform will remain unaffected by this new policy. These users can continue their X experience without the subscription requirement, albeit with certain…
In response to the formidable challenge of high operating costs within the aviation industry, domestic airlines are resorting to an innovative strategy to enhance their financial viability. This strategic shift involves the augmentation of flight seat capacity, enabling a larger number of travelers to commute and subsequently boosting revenue. This fundamental alteration in approach reflects the ingenuity of airline operators in navigating the tumultuous financial landscape of the aviation sector. Susan Akporiaye, the President of the National Association of Nigeria Travel Agencies, provided insights into this compelling development in a recent exclusive interview with InfoStride News. She elucidated that this…
Investors in the financial world often classify stocks into two main categories: growth stocks and income stocks. These categories help investors make informed decisions based on their financial objectives. Growth stocks are those primarily sought after for their potential to deliver substantial capital gains over time, with investors focusing on the anticipation of future earnings growth. Conversely, income stocks are valued for the consistent cash dividends they provide to their shareholders. The choice between these two stock types often involves a tradeoff between short-term income and long-term growth potential. However, when it comes to Dangote Cement, a prominent player in…
In a recent financial report for the year ending December 31, 2022, BUA Foods, a prominent integrated consumer goods company in Nigeria, announced impressive results, reflecting its robust performance and growth prospects. Despite facing significant macroeconomic challenges, such as inflation and currency devaluation, BUA Foods managed to achieve remarkable milestones, making it a noteworthy player in the industry. **Robust Revenue Growth Across the Board** One of the standout achievements of BUA Foods in 2022 was its substantial revenue growth. The company’s total revenue increased by an impressive 25.53% year-on-year, reaching a significant milestone of N418 billion. This noteworthy expansion was…
In the wake of the successful completion of the first phase of its share buy-back program, Global Credit Ratings (GCR), the well-regarded rating agency, has re-affirmed Dangote Cement plc’s long-term issuer rating at AA+(NG). This noteworthy rating decision reflects GCR’s unwavering confidence in the company’s enduring prominence within the Nigerian market and its ongoing expansion into various African markets. These factors collectively contribute to Dangote Cement’s resilient financial profile, as elaborated in their recent rating note. The AA+ (NG) national scale long-term Issue rating for Dangote Cement Plc’s existing Senior Unsecured Bond Issues has also received a renewed affirmation from…
In light of the successful completion of the initial tranche of its share buy-back program, Global Credit Ratings (GCR), a prominent rating agency, has reaffirmed Dangote Cement Plc’s long-term issuer rating at AA+(NG). Furthermore, GCR has upheld the AA+ (NG) national scale long-term Issue rating for Dangote Cement Plc’s existing Senior Unsecured Bond Issues, with a stable outlook. This reaffirmation is underpinned by Dangote Cement’s continued dominance in the Nigerian market and its expanding footprint in other African markets, which collectively contribute to the company’s robust financial profile, as per the rating report. **The AA+ Rating Explained** GCR’s rationale behind…
The Nigerian Electricity Regulatory Commission (NERC) has laid out an extensive framework of licenses and permits in accordance with the 2023 Electricity Act. This comprehensive structure is designed to accommodate various activities related to electricity generation and distribution, particularly focusing on operations generating 1 megawatt (MW) or less and electricity distribution networks with capacities of 100 kilowatts (KW) and below. These licenses encompass a wide range of activities, each tailored to specific segments of the electricity industry. Here is an in-depth overview of these licenses, their implications, and the role they play in shaping the future of the Nigerian electricity…
Liquefied Natural Gas (LNG) spot prices have seen a significant surge, rising by more than 40% since the beginning of the Israel-Hamas conflict, which commenced on October 7 following an attack by Hamas on festival attendees. S&P Global Commodity Insights recently reported that spot LNG prices reached $18.345/MMBtu on October 16, marking this substantial increase within a short timeframe. The sharp increase in LNG prices can be primarily attributed to the Israel-Hamas conflict, which escalated on October 7. This conflict has triggered geopolitical concerns and resulted in a tragic loss of thousands of lives, making it a critical issue on…
The Organization of Petroleum Exporting Countries (OPEC) has offered a promising outlook for Nigeria’s oil sector, projecting the establishment of small modular refineries in the medium term. These refineries are expected to have a daily processing capacity of 20,000 barrels per day (bpd) each, further contributing to the nation’s refining capacity. This optimistic projection was disclosed in OPEC’s recently launched World Oil Outlook, an authoritative document that provides insights into the global oil industry’s future trends. The report highlights the medium-term expansion of distillation capacity in Africa, estimating an addition of 1.2 million barrels per day (mb/d) for the continent.…
Mr. Ayodeji Oseni, who serves as the Managing Director and Chief Executive Officer of Industrial & Medical Gases (IMG) Nigeria Plc, possesses a wealth of experience in business development, marketing, and management. In a candid discussion with InfoStride News, he shares valuable insights on the policies that the Federal Government of Nigeria could enact to stimulate growth within the industrial and manufacturing gases industry in the country. InfoStride News: How do the government’s inconsistent policies impact companies in the industrial gases and allied products sector? Ayodeji Oseni: The issue of government policies and their inconsistency is becoming increasingly repetitive. It…
The Nigerian Electricity Regulatory Commission (NERC) has unveiled encouraging statistics regarding the performance of distribution companies (DisCos) in the second quarter of 2023, signaling a positive turn of events in the country’s electricity sector. This new data, released by InfoStride News, shows that DisCos have reached a remarkable market remittance rate of 95.21%, marking the highest achievement so far this year. In its recently published Electricity on Demand report, NERC shared insights into the financial health and operational efficiency of the DisCos during the specified period. The report highlights the financial obligations of the DisCos, their revenue collection efficiency, and…
As part of an expansive and forward-thinking strategy aimed at energizing every community in the Niger Delta region, the Niger Delta Development Commission (NDDC) is poised to unlock a substantial $2 billion carbon investment using solar power. Dr. Samuel Ogbuku, the Managing Director of the NDDC, unveiled this ambitious plan during a recent Stakeholder Engagement session with partners from the region. In an official statement dated October 17 and signed by Pius Ughakpoteni, the Commission’s Public Affairs Director, it was emphasized that the NDDC, under the leadership of Dr. Ogbuku, is committed to realizing the Sustainable Development Goals (SDGs) and…