In a strategic move to address Nigeria’s housing deficit, the Ministry of Housing and Urban Development has embarked on a groundbreaking initiative by signing a Memorandum of Understanding (MoU) with a consortium of private sector entities. This collaborative effort aims to construct a total of 100,000 affordable housing units across the nation, marking a significant step toward alleviating the housing challenges faced by the country. The momentous signing ceremony took place on December 21, 2023, at the Ministry of Housing headquarters in Abuja. This pivotal event, detailed in an official statement available on the ministry’s website, underscores the commitment of…
Author: Temitope Nlewemchi
The Federal Minister of Information and National Orientation, Mohammed Idris, recently announced groundbreaking achievements resulting from President Bola Tinubu’s international engagements. Speaking at a World Press Conference held at the National Press Centre, Radio House, Abuja, on Thursday, Idris unveiled the substantial impact of Tinubu’s diplomatic efforts, revealing that these endeavors have garnered pledges amounting to over $15 billion in Foreign Direct Investment (FDI) across diverse sectors of the Nigerian economy. This exclusive information, reported by Infostride News and conveyed through a press release by Suleiman Haruna, the Deputy Director of Press for the Federal Ministry of Information and National…
Dr. Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, recently unveiled a bold governmental strategy aimed at lifting 50 million people out of poverty within the next 42 months. This ambitious plan was disclosed during an interview with Channels TV, where Edu highlighted the collaborative efforts involving her ministry and other key government entities to drive economic growth in Nigeria. In her statement, Minister Edu emphasized the deliberate commitment of President Bola Tinubu to various poverty alleviation programs designed to support vulnerable populations across the nation. She outlined the multifaceted approach to achieving this significant poverty reduction goal,…
In a recent revelation by Glovo, Nigeria has solidified its position as the front-runner in local food consumption trends across Africa in 2023. The survey conducted by the on-demand delivery service highlights a remarkable surge of 25 times in local food orders throughout the year, firmly establishing Nigeria at the forefront of this burgeoning consumption trend. The General Manager of Glovo Nigeria, Mrs. Lamide Akinola, unveiled these findings in the company’s annual report, which was released on a Friday in Lagos, as reported by Infostride News. The report not only positions Nigeria as the leader in the African market but…
As the festive season looms on the horizon, the culinary landscape in Nigeria finds itself navigating turbulent waters, marked by the relentless surge in food prices propelled by an ominous 28.20% inflation rate, a figure revealed by the November 2023 data from the National Bureau of Statistics (NBS). This surge has cast a shadow over the joyful anticipation of families gearing up for Christmas celebrations, as the cost of essential ingredients skyrockets, impacting budgets and culinary choices. This inflationary upheaval finds its roots in the intricate web of economic dynamics, notably the escalating transportation costs incurred by farmers and food…
The festive season, a time of joy, festivity, and celebration, is marked by two essential activities that define the spirit of the holidays: the art of culinary creation and the journeying of individuals over significant distances to be with their loved ones. Traditionally, kitchens come alive with the preparation of various local and international dishes, creating a delightful culinary experience that is shared among family and friends. The aromatic blend of spices, the sizzle of pans, and the warmth of shared meals contribute to the festive ambiance that defines the yuletide season. In parallel, this period witnesses extensive travel as…
The Zamfara State Government has officially disclosed its allocation of N7.2 billion for the completion of the ambitious 10-storey Gusau Investment House project. Abdurrahman Tumbido, the Commissioner for Commerce, Industry, and Tourism, shared this information with the press following the defense of the ministry’s 2024 appropriation at the State House of Assembly in Gusau on a Saturday. Commissioner Tumbido elucidated that the completion of the Gusau Investment House stands out as a key project outlined in the Ministry of Commerce, Industry, and Tourism’s proposed budget for the upcoming fiscal year. Governor Dauda Lawal had earlier presented the N423.5 billion Appropriation…
The expense associated with preparing a Christmas meal has surged to approximately 73% of the minimum wage, posing a significant financial burden for the average Nigerian household grappling with the impact of escalating inflation. In a recent analysis conducted by Infostride News, the projected cost of assembling a festive meal, inclusive of fried rice, grilled chicken, and a side dish of vegetable salad for a middle-class family of four, is estimated at around N21,800. This figure becomes notably daunting when juxtaposed against the current minimum wage of N30,000, implying that a staggering 73% of the minimum wage may need to…
The tenure of the Bola Tinubu-led administration, which kicked off energetically post-inauguration on May 29, 2023, has been marked by a series of assertive economic policies. President Tinubu has demonstrated unwavering determination throughout the year, signaling a departure from conventional economic decision-making. This article delves into some of the economic policies enacted by the administration in 2023 and their implications for the holiday season, as explored by Infostride News. **1. 50% Discount on Road Travel and Free Train Rides:** Despite the challenges posed by a soaring inflation rate and the removal of fuel subsidies, President Bola Tinubu took a noteworthy…
Nigerian financial institutions are embarking on a groundbreaking initiative, collaborating closely to pioneer the development and management of a cutting-edge stablecoin known as cNGN. This innovative digital currency is poised to revolutionize the landscape by offering unprecedented benefits to both token holders and the broader Nigerian economy. This exclusive revelation comes from sources deeply entrenched in the matter. The cNGN is set to emerge as a fully-backed stablecoin, maintaining a steadfast 1:1 ratio with the Naira. The official unveiling is slated for 2024, signifying a transformative milestone in the realm of digital currencies. Drawing parallels with established stablecoins like USDT…
Infostride News reports a stern warning from the World Health Organisation (WHO) regarding the alarming surge in global dengue infections throughout 2023, posing a potentially severe public health threat. The UN health agency revealed that the worldwide tally for dengue infections in 2023 surpassed five million, with a grim death toll of 5,000. Dr. Diana Rojas Alvarez, the WHO Team Lead on Arboviruses, stressed the critical need for heightened attention to this emerging threat during a briefing at the UN headquarters in Geneva. She underscored the necessity of a comprehensive response from all levels of the UN health agency to…
Infostride News reports that the United Nations Children’s Fund (UNICEF) is urgently seeking nearly $2 billion to provide essential assistance to more than 24 million boys and girls in West and Central Africa throughout the year 2024. The appeal is rooted in the anticipation that a staggering 46.7 million children in the region will grapple with yet another year of humanitarian crises, primarily attributed to ongoing conflicts in Central Sahel, the Democratic Republic of Congo, and the displacements into Chad sparked by the war in Sudan. Felicité Tchibindat, the Regional Director of UNICEF, stressed the gravity of the situation, pointing…
The National President of the Nigeria Association of LPG Marketers, Oladapo Olatunbosun, has raised concerns and criticized the Nigeria Customs Service for its apparent reluctance to enforce the presidential directive on zero import duties for gas items, including imported Liquefied Petroleum Gas (LPG). In a conversation with reporters, Olatunbosun expressed dissatisfaction with the Customs Service’s failure to fully embrace the implementation of the directive, despite a circular from the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, instructing relevant agencies to comply. Olatunbosun emphasized that many of their members with imported items currently held at the…
As the festive season draws near, individuals embarking on journeys to the Southeastern part of Nigeria find themselves contending with a notable surge in the prevalence of roadblocks, leading to mounting frustration and considerable delays. Numerous travelers who have recently ventured to the Southeast have taken to various social media platforms to voice their discontent regarding an unprecedented increase in roadblocks established by security authorities. Upon further investigation by Infostride News, these claims have been substantiated. Emmanuel Kal, a merchant based in Abuja who frequently travels to the Southeast for business purposes, shared his recent experience, highlighting a significant uptick…
Infostride News has reported that OpenAI, the innovative company behind ChatGPT, is currently engaged in early discussions to secure a fresh round of funding that could potentially value the company at or above an impressive $100 billion. If successful, this funding round would solidify OpenAI’s position as one of the most valuable startups globally, as per information obtained from sources familiar with the matter. Investors who might be involved in this funding round have entered into preliminary talks, although specifics such as the terms, valuation, and timing of the fundraising are yet to be finalized and could undergo changes, as…
The former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has regained his freedom from Kuje Prison after successfully meeting the bail conditions set at N300 million. The release follows his arrest and subsequent prosecution for an alleged N1.2 billion procurement fraud, as reported by Infostride News. According to a report by Infostride News, Emefiele’s spokesperson at the Kuje Correctional Centre, FCT, Adamu Duza, confirmed the development to The Punch on a Saturday. “I can confirm to you that he (Emefiele) has met his bail conditions; hence, he has no reason to remain in our facility. He met…
In the third quarter of 2023, the African smartphone market demonstrated remarkable resilience, boasting a robust 12% year-on-year growth in smartphone shipments despite prevailing challenges in the economy. These challenges encompassed macroeconomic hurdles, import restrictions, and volatile currencies in key markets across the continent. The latest report from the global research firm Canalys shed light on the dynamics of this growth, revealing that a total of 17.9 million smartphone units were shipped to Africa during this period. Contrary to the global trend, where the smartphone market experienced a 1% decline during the same period, the African market showcased its buoyancy…
A leaked document, purportedly the result of a Special Investigation on the Central Bank of Nigeria (CBN) and related entities, has surfaced, raising serious concerns about financial and legal irregularities within the CBN during the tenure of Godwin Emefiele. Titled “REPORT OF THE SPECIAL INVESTIGATOR ON CENTRAL BANK OF NIGERIA (CBN) AND RELATED ENTITIES (Chargeable offences),” this report is currently circulating online. It is crucial to note that the authenticity of this document, which has been dubbed a draft, cannot be independently verified by Infostride News at this time. The allegations outlined in the leaked report are substantial, accusing various…
Infostride News, a prominent source of information, has recently reported on a significant legal development involving the Socio-Economic Rights and Accountability Project (SERAP) and the Nigerian National Petroleum Company Limited (NNPCL). This legal action stems from the alleged failure of the NNPCL to disclose crucial details about Nigeria’s daily oil production, exportation, and the total revenues generated from oil since the removal of the subsidy on petrol in May 2023. SERAP has taken the initiative to address this perceived lack of transparency by filing a lawsuit against the NNPCL. The lawsuit, officially designated as FHC/ABJ/CS/1719/2023, was submitted on Friday at…
Telecommunications operators in Nigeria, including MTN, Airtel, Globacom, 9mobile, and various internet service providers, are gearing up for a surge in revenue during this Christmas season. Despite economic challenges and high inflation affecting budgetary allocations for traditional festive activities like travel and clothing, telecom services, particularly data usage, remain a priority for many Nigerians. In a scenario where travel becomes cost-prohibitive, video calls serve as a vital means for individuals to connect with loved ones. Historical financial data from leading telcos, MTN and Airtel, consistently reflect increased subscriber spending during December, positively impacting their Q4 revenues over the years. Beyond…