Infostride News, a prominent source of information, reports that the National Agency for Food and Drug Administration and Control (NAFDAC) has embarked on a pivotal initiative to ensure the safety of pharmaceuticals in Nigeria. This initiative involves the unveiling of a comprehensive database, aptly named the ‘NAFDAC Green Book,’ which contains detailed information on 6,432 registered pharmaceutical products. The primary objective of this database is to empower the public with easy online access, enabling them to verify the authenticity of drugs. Prof. Mojisola Adeyeye, the Director General of NAFDAC, officially launched the ‘NAFDAC Green Book’ during a media parley, underscoring…
Author: Temitope Nlewemchi
Infostride News: The Presidential Council on Industrial Revitalization has taken a significant step forward by establishing a Technical Working Group comprising members from key entities such as the Central Bank of Nigeria (CBN), the National Identity Management Commission (NIMC), and the Federal Competition and Consumer Commission (FCCPC). The move aims to formulate a comprehensive framework that enhances consumer credit in Nigeria, addressing various challenges hindering access to credit across the nation. Alongside representatives from the National Insurance Commission (NAICOM), the National Institute of Credit Administration (NICA), the Bank of Industry (BOI), and the Federal Inland Revenue Service (FIRS), the Technical…
In a significant move towards prioritizing the well-being of senior citizens, Governor Godwin Obaseki of Edo State has given his approval for the implementation of a groundbreaking initiative – free health insurance for pensioners. With an earmarked budget of N1 billion, this initiative is poised to revolutionize healthcare accessibility for retirees in the state, embodying the government’s unwavering commitment to delivering high-quality and affordable healthcare services. Dr. Rock Amegor, the Director-General of the Edo State Health Insurance Commission, officially unveiled this transformative program during an announcement made in Benin on Tuesday. The primary objective of the initiative is to address…
Infostride News reported on Tuesday the successful conclusion of a transcontinental police operation led by INTERPOL, targeting online financial crime and resulting in almost 3,500 arrests. The operation, known as HAECHI IV, spanned six months from July to December 2023, with a focus on combating seven types of cyber-enabled scams: voice phishing, romance scams, online sextortion, investment fraud, money laundering associated with illegal online gambling, business email compromise fraud, and e-commerce fraud. Authorities from 34 countries participated in Operation HAECHI IV, including Argentina, Australia, Brunei, Cambodia, Cayman Islands, Ghana, Hong Kong (China), India, Indonesia, Ireland, Japan, Kyrgyzstan, Laos, Liechtenstein, Malaysia,…
Infostride News reports that the Federal Government has disclosed the names of 45 startups chosen to participate in the Nigeria Artificial Intelligence Research (NAIR) scheme. This initiative, designed to promote the development of artificial intelligence (AI) projects, will provide each selected startup with a grant of N5 million from the government. The Minister of Communications, Innovation, and Digital Economy highlighted that the chosen startups span various sectors, including healthcare, agriculture, finance, and education, showcasing their potential to elevate Nigeria’s technological landscape on the global stage. The primary objective of the NAIR scheme is to cultivate a thriving and sustainable AI…
In the latest edition of the Nigeria Development Update (NDU) presented by the World Bank’s Lead Economist for Nigeria, Alex Sienaert, a stark reality emerged regarding the Federal Government’s Conditional Cash Transfer Program. Launched on October 17, 2023, by President Bola Tinubu, the initiative aimed to provide N25,000 per month for three months to 15 million poor, near-poor, and vulnerable households in Nigeria, supported by an $800 million loan from the World Bank. However, the disbursement data reveals a significant gap between intentions and execution. As of now, only 1.5 million households, a mere 0.1% of the targeted 15 million,…
Infostride News has reported that the Ambassador of Cote d’Ivoire to Nigeria, Kalilou Traore, has revealed that the official trade volume between his country and Nigeria has now reached approximately $1.5 billion. In an interview with the News Agency of Nigeria (NAN) on Sunday, Traore discussed the current state of trade relations and emphasized the potential for further growth, particularly in the manufacturing sector. According to Traore, the $1.5 billion official trade volume includes crude oil, as the Cote d’Ivoire refinery is supplied by Nigeria. He highlighted the diverse range of manufacturing products being traded between the two countries, including…
Infostride News recently published the monthly Consumer Price Index (CPI) report for Nigeria, as released by the National Bureau of Statistics (NBS) last week Friday. The report unveiled a concerning headline inflation rate of 28.2% for November 2023. Notably, this marks the eleventh consecutive month of increase throughout the year, reaching the highest level since July 2005, spanning over 18 years. Year-to-date, the inflation rate in Nigeria has surged by 7.21 percentage points, signaling the swiftest pace of increase recorded since the economic recession in 2016. A deeper dive into the report indicates that the surge is predominantly attributed to…
Infostride News reports on the unveiling of the 2024 budget, revealing that the Federal Government of Nigeria aims for a fiscal allocation of N27 billion, with the lion’s share, approximately N7.94 billion, anticipated to be generated from the export sales of crude oil. This represents a substantial 247% surge compared to the figures from the preceding fiscal year, 2023. Delving into the intricacies of the budget, one crucial facet under scrutiny is the assumption regarding oil output. The success of this projection plays a pivotal role in determining the foreign currency (forex) revenues accruing to the federation. Notably, forex revenues…
Infostride News: Patience Oniha, the Director-General of the Debt Management Office (DMO), recently highlighted Nigeria’s success in raising its domestic borrowing to the tune of N7.043 trillion for the year 2023. In an interview with CNBC Africa on the sidelines of discussions for the African Debt Managers Initiative Network, organized by the African Development Institute of the African Development Bank in Abuja, Oniha emphasized the robust demand for federal government securities. Speaking about the positive market dynamics, Oniha pointed to the depth of the market and the increasing influx of funds into systems and institutions engaging with federal government securities.…
Point of Sale (PoS) service providers across the nation are implementing substantial increases in fees for cash deposits and withdrawals, citing a scarcity of naira in banks. In certain areas like Lagos and Abuja, Nairametrics has observed a surge in transaction charges as POS operators grapple with challenges in accessing sufficient naira from their banks or ATMs. In Abuja’s Karu locality, a POS operator informed a Nairametrics analyst that the charges for a transaction of N10,000 have risen from N200 to N250, reflecting a 25% increase in fees. Meanwhile, at Aya junction in the same city, Ms. Felicity, another POS…
Infostride News reports that in November 2023, the Federation Account witnessed a substantial increase in Exchange Difference revenue, accumulating an impressive N364.87 billion. This marked a noteworthy surge of N101.98 billion compared to the N262.89 billion recorded in October of the same year. The surge signals a positive impact of the country’s unified exchange rates on government revenue amid the ongoing challenges of naira devaluation. Before the revenue is distributed among the three tiers of government, statutory deductions, including the 13% derivation and other charges, are applied. Following these deductions, the Federal Government claims 52.68%, the State Government receives 26.72%,…
The imminent enforcement of the European Union Deforestation Regulation (EUDR) in late 2024 is already exerting a profound influence on the global coffee import landscape. This legislative initiative, designed to combat deforestation, will impact products such as coffee, cocoa, soy, and others, mandating that they must not originate from deforested areas. Importers are grappling with the complexities of compliance, and the consequences are particularly pronounced in the realm of coffee, affecting small-scale African farmers, especially in coffee-rich countries like Ethiopia. As reported by Infostride News, the EU’s importers are preemptively adjusting their sourcing strategies in response to the forthcoming EUDR.…
Infostride News reports that the Nigerian Port Authority (NPA) has made a significant revelation regarding the activities of a fraudulent e-CallUp syndicate that has been undermining the effectiveness of NPA’s electronic truck traffic management system, commonly known as “to.” This revelation came to light through an official statement released by the NPA on its verified X (formerly Twitter) handle on Monday. The statement outlined that NPA officials, in collaboration with security agents, conducted a thorough spot check of the MPS Pregate, leading to the discovery of 249 counterfeit vehicle plate numbers and 149 units of Minimum Safety Standard (MSS) stickers.…
Infostride News, in partnership with the Bank of Industry (BOI), has finalized arrangements to commence the disbursement of a substantial sum of N75 billion to Micro, Small, and Medium Enterprises (MSMEs) across Nigeria, starting from January 2024. This significant initiative, aimed at fostering economic growth, was unveiled in a statement issued by Temitola Adekunle-Johnson, the Senior Special Assistant to the President on MSMEs and Job Creation, on Tuesday, December 19, 2023, in Abuja. The key feature of this financial support is the provision of loans at an attractive single-digit interest rate of 9%, underscoring the commitment to affordability for the…
A consignment comprising 25,000 tons of Ukrainian grain is currently undergoing preparations for transportation from the Turkish port of Samsun to Nigeria as part of the Grain from Ukraine program, as revealed by the Ukrainian Ambassador to Turkey, Vasyl Bodnar. This substantial quantity of grain is presently stored in Turkey under the auspices of the UN World Food Program, a pivotal step in addressing global food security challenges. Ambassador Bodnar, in a detailed statement to Infostride News, underscored the significance of cooperation with the World Food Program to facilitate the supply of essential grains to countries like Nigeria. He further…
Infostride News has received confirmation from the Economic and Financial Crimes Commission (EFCC) that Olu Agunloye, the former Minister of State for Power, is currently in its custody. This revelation follows the recent declaration by the anti-graft agency, designating the former minister as wanted on charges of forgery and corruption. As reported exclusively by Channels, a reliable source within the EFCC disclosed that Agunloye has been in their custody since December 13, 2023. The source emphasized that this information had not been made public until now. “He has been with the EFCC since December 13th,” the source stated, shedding light…
Infostride News has reported that the United Nations (UN), through the Commission on the Limits of the Continental Shelf (CLCS), has made a significant decision to extend Nigeria’s seaward continental boundaries by 20 nautical miles, effectively expanding it from 200 to 220 nautical miles. The announcement was made through a post on Infostride News by the Nigerian Maritime Administration and Safety Agency (NIMASA) and was signed by its Assistant Director of Public Relations. This extension of Nigeria’s maritime borders holds significant implications, as it grants the country the authority to redraw the territorial map of its sovereignty in the Gulf…
AP Møller-Maersk has declared a rerouting strategy for vessels navigating the Red Sea, opting for a detour around Africa via the Cape of Good Hope due to mounting threats from Yemeni rebels. This decision, announced by the world’s second-largest container shipping fleet on Tuesday, is a response to the “highly escalated security situation” in the region, particularly the Bab-el-Mandeb strait. The company took a precautionary measure last Friday by temporarily halting all vessels scheduled to pass through the strait, citing alarming attacks on commercial vessels and emphasizing the need to ensure the safety and security of seafarers, crews, vessels, and…
In a noteworthy financial stride, the Nigerian Exchange Limited (NGX) witnessed its fifth consecutive day of positive trading on Thursday, translating to a substantial N86 billion gain for investors. Infostride News has been closely monitoring the market trends, revealing that the NGX has maintained its positive momentum since last Friday and has carried this bullish sentiment through the fourth trading session of the week, despite encountering bearish undertones in certain sectors. The All-Share Index (ASI) and market capitalization both experienced a commendable uptick, registering a 0.21% increase to close at 72,455.83 and N39.649 trillion, respectively. This consistent upward trajectory brings…