In a significant economic turnaround, Nigeria has reported a foreign trade surplus of N1.89 trillion for the third quarter of 2023, marking the fourth consecutive quarter of positive international trade balance. This impressive surplus, compared to the N708.9 billion in Q2 2023 and a deficit of N409.4 billion in the same period last year, has been revealed in the recent foreign trade report by the National Bureau of Statistics (NBS), as reported by Infostride News. Analysts have lauded this positive trend, attributing it to the increased revenue from crude oil exports. The surge is expected to have a constructive impact…
Author: Temitope Nlewemchi
Infostride News Uncovers Alarming $7 Trillion Annual Investments in Nature-Damaging Activities, says UNEP In a groundbreaking report released by the United Nations Environmental Program (UNEP), it has been revealed that a staggering $7 trillion is funneled annually by both public and private institutions into activities that bear detrimental consequences for the environment. The report, titled “State of Finance for Nature 2023,” sheds light on the fact that these investments constitute approximately 7% of the world’s Gross Domestic Product (GDP). Despite this, the document points out that nature-based solutions continue to be globally underfunded, with current annual public and private investments…
The 2024 proposed budget for the Ministry of Defense includes a request for N49.57 million to establish a databank for veterans, a development that comes approximately 15 years after the late President Umaru Yar’Adua urged the ministry to create such a database. Nairametrics, in its findings, reported on this initiative. In 2008, during the launch of the Armed Forces Remembrance Day Emblem in Abuja, President Yar’Adua emphasized the need for the Ministry of Defense to expedite the completion of a Data Bank for all retired and retiring military personnel. He underscored that the welfare of ex-servicemen and women was a…
Theoretically, governments can finance their spending in three ways: through taxes (such as personal and corporate income taxes), borrowing from the public, or printing money. The revenue generated from printing money is known as seigniorage, representing the difference between the cost of printing money and its value in the financial system. In the case of Nigeria, it faces challenges in all three financing methods. Tax collection is notably low, accounting for around 10.8 percent of GDP, one of the lowest rates globally. Former President Muhammadu Buhari left a considerable debt of 77 trillion naira ($167 billion) to local and foreign…
InfoStride News reports that the Central Bank of Nigeria (CBN) has raised concerns about the proliferation of counterfeit banknotes, particularly higher denominations, in transactions across major cities, including food markets and commercial centers. According to a press statement by Mrs. Hakama Sidi Ali, the Acting Director for Corporate Communications at the CBN, issued on Friday, December 8, 2023, individuals engaging in such activities may face a punishable offense with a minimum imprisonment term of five years. The CBN emphasizes its commitment to collaboration with relevant security and financial agencies to identify, confiscate, and prosecute those involved in the circulation of…
As President Bola Tinubu strives to guide the Nigerian economy towards productivity in the next three years, focusing on a crucial element—productivity—is imperative. Despite Nigeria’s reputation for hardworking and ambitious citizens, global competitiveness rankings raise alarms. International Labour Organization’s Labour Productivity statistics and the Global Competitiveness Index 4.0 2019 Rankings place Nigeria at 134th and 116th globally, respectively, indicating challenges in productivity. Labour productivity, a pivotal economic indicator, directly influences growth, competitiveness, and living standards. It measures the efficiency of combining capital and labor for increased output. The 2019 Global Competitiveness Index projected Nigeria’s competitiveness index to improve, yet the…
The 2023 Future of Jobs Report, now in its fourth edition, explores the expected evolution of jobs and skills over the next five years. This comprehensive analysis, obtained by InfoStride News, extends previous evaluations of employer expectations, providing fresh insights into how socio-economic and technological trends will shape the future workplace. With extensive coverage of macro trends, technology advancements, and workforce transformation strategies, this edition compiles insights from 803 companies employing over 11.3 million workers across 27 industry clusters and 45 economies. The Future of Jobs Survey spans diverse topics, geographies, and sectors, aiming to understand the impact of trends…
The 2024 federal budget has earmarked N4.45 billion for the Ajaokuta Steel Company, signaling the government’s commitment to revive the dormant steel mill. This allocation exceeds the N3.71 billion allocated in 2023, with over 90% of the budget dedicated to personnel costs, totaling about N4.3 billion. The remainder will be allocated to power, water, and equipment maintenance. InfoStride News observed additional allocations beyond Ajaokuta Steel Company, including a separate N4 billion for the concession of the steel plant under the Ministry of Steel Development. The ministry also has a budget of N200 million for the revival of Ajaokuta Steel Company…
Nigerians are currently allocating an average of N4,703 per restaurant meal, favoring beef over turkey and goat meat in Lagos, as revealed by the ‘Orda Pulse 2023: Food Trend Tracker’ report from Orda Africa, a Nigerian food tech startup. Orda Africa, specializing in providing cloud-based operating systems to small and medium-sized restaurants in Nigeria and Kenya, explores the evolving dining habits in Lagos. The report indicates a slight increase in the average spending per meal from N4,640 in 2022 to N4,703, reflecting shifting culinary preferences. Surprisingly, despite currency depreciation and inflation, the cost of a meal for Orda-affiliated restaurants experienced…
InfoStride News reported on Wednesday, December 6, 2023, that the Senate has given a 24-hour ultimatum to Mele Kyari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, to appear for the defense of the 2024 budget. Senator Adeola Olamilekan, the Chairman of the Senate Committee on Appropriation, conveyed this message, emphasizing the importance of Kyari’s presence. This development is part of an ongoing dispute between the Senate and Kyari, as they aim to address the alleged N12 trillion expenditure on the turn around maintenance (TAM) of the country’s refineries. The Senate is adamant about…
Dr. Akinwunmi Adesina, the President of the African Development Bank (AfDB), revealed at the Adaptation Finance Summit for Africa, a side event of the COP28 summit in Dubai, that Africa is experiencing an annual loss of $7 to $15 billion due to climate change. Despite contributing only 3% to global emissions, the continent bears a disproportionate impact, with nine out of the 10 most climate-vulnerable countries worldwide located in Sub-Saharan Africa. Dr. Adesina expressed concern about the increasing financial toll, projecting the annual losses to surge to $50 billion by 2050. Africa currently receives a mere 4.5% of global climate…
Ben Akabueze, the Director-General of the Budget Office of the Federation, expressed his concern about the proposed N27.5 trillion budget for 2024, currently awaiting approval in the National Assembly, stating that it is considered “too small” to adequately address Nigeria’s economic needs. Despite this, he acknowledged the government’s commitment to fiscal responsibility by aligning expenses with available resources. In an interview on Channels TV on Wednesday, Akabueze emphasized that the budget allocation is rather conservative compared to the economic obligations faced by the government. He highlighted the need to tailor expenditures to the available public revenues, acknowledging the budget’s limitations…
InfoStride News reports that Net Zero Minister Graham Stuart has unveiled plans for a £140 million initiative aimed at aiding developing countries in achieving net zero goals while promoting economic growth. Minister Stuart is set to present the details during the COP28 negotiations in Dubai, solidifying the UK’s commitment to lead in supporting developing nations in adopting innovation and clean technology during this crucial decade for global climate action. The initiative also seeks to inspire other nations to emulate the UK’s leadership in clean energy. In line with this commitment, substantial financial support will be extended to countries seeking to…
The future of Amazon’s $117 billion logistic service revenue is now in jeopardy as pilots from Air Transport International (ATI), a vital air freight provider for Amazon, have voted to authorize a potential strike. The concerns voiced by the pilots primarily revolve around issues of low pay and a significant increase in turnover. If this strike were to materialize in the coming year, it could lead to disruptions in Amazon’s extensive delivery network, as reported by Wired. Over the years, Amazon has successfully built a robust third-party logistics (3PL) operation that not only supports its e-commerce network but also extends…
The ongoing COP28 Climate Summit in Dubai has opened avenues for potential foreign investment in two key waste conversion initiatives presented by the Lagos State Government. The projects, namely the Advanced Garbage Collection and Waste-to-Energy initiative and the construction of a new Sewage Treatment Plant, garnered significant interest from investors during the summit, marking a crucial step toward environmental sustainability. The disclosure of secured financing deals for these waste projects was made by Governor Babajide Sanwo-Olu during an event at the Nigeria Pavilion on Sunday. The official press release on the Lagos State Government’s website provided detailed insights into the…
The Senate Committee on Public Account, led by Senator Ahmed Wadada Aliyu, has directed the Nigeria Customs Service (NCS) to transfer a sum of N62.2 billion to the federation account. This decision emerged after a meeting held in Abuja, where committee members briefly addressed the press. Senator Wadada Aliyu stressed that the reports from the Auditor General of the Federation (AGF) should be viewed as constitutional obligations rather than punitive measures or witch-hunts. The goal is to enhance accountability and transparency in the operations of public agencies. Highlighting the committee’s concerns with the Nigerian Ports Authority (NPA), Aliyu stated, “The…
The Federal Government of Nigeria has introduced a dedicated application portal for the Presidential Conditional Grant for Nano Businesses as part of the broader Presidential Palliative Program. In collaboration with state governments, honorable ministers, the National Association of Small and Medium Enterprises (NASME), senators, and House of Representatives members, the government aims to provide a grant of N50,000.00 to one million nano businesses spread across the 774 local government areas. The selection process will involve specific criteria, with a focus on inclusivity. Seventy percent of the beneficiaries will be women and youth, 10% people with disabilities, and 5% senior citizens.…
Global shifts in geopolitics and economics have significantly influenced labor market dynamics and workplace trends in Nigeria, offering potential opportunities in the job market. These insights were shared by Ugodre Obi-Chukwu, founder of InfoStride News, during his keynote address at the Workplace Outlook event held on November 24th in Lagos, organized by Alan & Grant. The event focused on the theme “Balancing the Conversation: Aligning Employee and Employer Expectations.” Ugodre emphasized that navigating the evolving global landscape requires a nuanced understanding of geopolitical shifts, economic indicators, and proactive HR practices to foster a constructive dialogue between employees and employers. The…
The Economic and Financial Crimes Commission (EFCC) has brought charges against three individuals for an alleged $1.6 million cryptocurrency fraud. The accused include Benjamin Okenna Ikaa, operator of McHarvey Capital Limited, Chidera Jonas, and Ikaa Ejike Benjamin. The arraignment occurred on December 6, 2023, before Justice Emeka Nwite of the Federal High Court in Maitama, Abuja. The charges encompass four counts related to obtaining funds through false pretense and money laundering, specifically linked to a cryptocurrency investment fraud totaling $1,621,352. The defendants are accused of engaging in fraudulent activities on social media platforms, luring victims with promises of significant daily…
The recent proclamation by Procter and Gamble to halt its operations in Nigeria triggers a sense of déjà vu among consumers, instigating concerns over potential job losses and an upsurge in prices for essential items like diapers, sanitary pads, and other household goods. After the earlier departure of GSK, Nigeria experienced a staggering 1000% surge in the cost of pharmaceutical products, intensifying worries about the repercussions of another major consumer manufacturing company exiting due to macroeconomic challenges. **Public Reaction on Social Media** The online response from Nigerians reflects a profound sense of apprehension and economic anxiety. @StephAdamu expresses worry about…