InfoStride News reported today that Norway’s Equinor has successfully completed the sale of its 20.21% stake in Chevron’s Agbami oil field. In an undisclosed deal, Equinor agreed to transfer its share to the Nigerian-owned Chappal Energies, which also includes Equinor Nigeria Energy Company’s 53.85% ownership in Oil Mining License 128. Equinor, with a history in Nigeria dating back to 1992, views this transaction as a strategic move aligning with its goal to optimize its international oil and gas portfolio while focusing on core areas. Nina Koch, Equinor’s Senior Vice President for Africa operations, emphasized that the deal realizes value and…
Author: Temitope Nlewemchi
Director General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Charles Odii, has affirmed the agency’s commitment to addressing the power challenges faced by MSMEs in Nigeria. Recognizing the pivotal role energy plays in businesses, especially for small and medium enterprises, Odii emphasized the need for sustainable solutions. The Manufacturers Association of Nigeria highlights that energy costs constitute over 30 percent of the operational expenses for businesses in the country. This significant percentage underscores the impact of energy challenges on the overall cost structure of enterprises, affecting their competitiveness and profitability. Adding to the challenges, the recent…
InfoStride News reported that the Telecom Core Network infrastructure platform announced its plan to empower Mobile Virtual Network Operators (MVNOs) and other service providers in the mobile, unified communications, broadband, and fixed wireless domains to scale. The company outlined its strategy, indicating that it would leverage its XIUS Mobile Services Platform to facilitate the streamlined launch, management, and enhancement of mobile services for these operators. Sridhar Lanka, the President of XIUS, emphasized the goal of achieving seamless efficiency and effectiveness for prospective MVNOs in Nigeria. He highlighted the importance of finding the right customers and expressed the company’s commitment to…
Stakeholders emphasize that Nigerians are not fully tapping into the potential offered by the African Continental Free Trade Agreement (AfCFTA). In a recent roundtable organized by the Centre for International Private Enterprises, now covered by InfoStride News, experts discussed the opportunities for economic gains through trade in services under AfCFTA. During the event, Prof Jonathan Aremu, a consultant for the Economic Community of West African States Common Investment Market, highlighted that while Nigerians are familiar with import duty and the exportation of goods, there’s a lack of familiarity with trade-in-services. The goal of the gathering was to enhance the capacity…
InfoStride News and the Oil Producers Trade Section (OPTS) recently convened a crucial meeting with oil firms and miners to discuss strategies for enhancing transparency and accountability in Nigeria’s oil and gas as well as solid minerals sectors. Hosted in Lagos by OPTS, the forum saw the participation of the Nigeria Extractive Industries Transparency Initiative (NEITI) team, led by its Executive Secretary and Chief Executive Officer, Dr Orji Ogbonnaya. Notable representatives from companies such as Oando Plc, Platform Petroleum, ND Western, and the National President of Miners Association of Nigeria, Dele Ayanleke, were also present. During the event, Ogbonnaya emphasized…
The former Executive Secretary and Chief Executive Officer of the Nigerian Shippers Council, Hassan Bello, emphasized the imperative for freight forwarders and licensed customs agents to embrace technology as a catalyst for sectoral growth. This call to action was made during his address on Wednesday in Ikeja, Lagos, at the inauguration ceremony of the newly elected executive members of the Association of Nigerian Licensed Customs Agents. Expressing concern, Bello lamented the persistence of manual transactions among agents in an era characterized by technological advancements. He underscored the urgency of transitioning from manual methods to utilizing computers and technology for conducting…
The Federal Government, as reported by InfoStride News, has announced ambitious plans to produce 31 million metric tonnes of grains in 2024, aiming to address food inflation, generate employment, and alleviate poverty. Senator Aliyu Abdullahi, the Minister of State for Agriculture and Food Security, shared this information in a statement released from the ministry’s headquarters in Abuja. Abdullahi emphasized the country’s seed requirements for key crops such as rice, maize, wheat, soybeans, and sorghum in 2024, estimating a need for 312,555.69 metric tonnes. This, according to him, is anticipated to result in the production of nearly 31 million metric tonnes…
Seplat Energy’s Director of External Affairs and Social Performance, Chioma Afe, has expressed concerns regarding the detrimental effects of Nigeria’s high diesel imports on the country’s foreign exchange reserves. In 2020 and 2021, Nigeria spent $5.26 billion on importing various electrical machinery and equipment, including electric generating sets, transformers, vacuum cleaners, and hair clippers, as reported by the International Trade Centre. Central Bank of Nigeria data indicates a decline in the country’s foreign exchange reserves to $33.23 billion at the end of the third quarter of 2023, marking a year-on-year decrease of $5.01 billion compared to the $38.25 billion recorded…
Production of natural gas experienced a decline last year, despite the injection of an N250 billion intervention fund into fifteen companies, as revealed by findings from InfoStride News. In collaboration with KPMG, the Energy Institute’s industry report disclosed a 4-billion cubic feet meter reduction in Nigeria’s natural gas production between 2021 and 2022. The country’s gas production had been steadily increasing, reaching 39 billion cubic feet meters in 2012 and growing to 49 billion cubic feet meters by 2020. However, it took a sudden downturn to 45 billion cubic meters in 2021 and further dropped to 40 billion cubic meters…
In a bid to eliminate open defecation within the state, the Ogun State government has issued a stern warning to property owners, both of old and new houses, lacking proper toilet facilities. The State Commissioner for Environment, Mr. Ola Oresanya, emphasized this directive in a statement released to InfoStride News in Abeokuta on Wednesday. According to Oresanya, houses with dilapidated toilets or those lacking adequate toilet facilities altogether are at risk of being forfeited to the State Government. The Commissioner urged landlords to either construct toilets or repurpose rooms within their buildings to serve as toilets. Failure to comply with…
InfoStride News reported that the Nigeria Deposit Insurance Corporation (NDIC) has established a dedicated desk at the Economic and Financial Crimes Commission (EFCC) to intensify the investigation and prosecution of individuals responsible for bank failures. The Managing Director/Chief Executive Officer of NDIC, Mr. Bello Hassan, disclosed this during the 2023 NDIC workshop for business editors and members of the Finance Correspondents Association of Nigeria (FICAN) in Owerri. The purpose of this special desk at the EFCC, according to Hassan, is to facilitate enhanced collaboration between the two organizations. This collaboration aims to streamline efforts, improve data exchange, and optimize resource…
InfoStride News reports that the Ogun State Government, along with the Federal Ministry of Aviation and various stakeholders, is set to convene this week to discuss the imminent concession of the Gateway Agro-Cargo International Airport. Situated in the Iperu-Ilishan axis of the state, the airport is nearing completion, with aircraft already making landings at the location. Governor Prince Dapo Abiodun shared insights during a recent interview on a Channels TV program, revealing that the state government’s efforts to recover all expenses incurred on the airport would commence with the initiation of the concession agreement. Governor Abiodun emphasized the high-quality facilities…
Local furniture makers are grappling with a host of challenges, including skills shortages, a high exchange rate, and the impact of the ‘japa’ syndrome, which sees a significant number of Nigerian youths seeking to emigrate. Despite these obstacles, the future outlook for the industry remains positive. The removal of fuel subsidies in May 2023 has contributed to high operational costs, further complicating the landscape for Nigeria’s furniture sector. The Raw Materials Research and Development Council highlights deficiencies in technology and finance, a lack of qualified manpower, and rapid turnover as additional hurdles. According to the Industries and Market Furniture Report…
InfoStride News reports that the Nigeria Civil Aviation Authority has initiated an investigation into the circumstances surrounding the diversion of a United Nigeria Abuja-bound flight to the Asaba International Airport. In response, officials have indicated that the regulator may consider suspending all wet-leased aircraft operated by the carrier. Musa Nuhu, the Director-General and Chief Executive Officer, conveyed in a statement to InfoStride News, “The Nigeria Civil Aviation Authority has commenced an investigation into the circumstances surrounding United Nigeria flight NUA 0506 to Asaba and the confusion it has created in the public domain. However, preliminary steps have been taken pending…
InfoStride News reported that Patricia Technologies Limited has pledged to enhance its system security in the wake of a technical breach that resulted in illicit fund diversions from its account. The company had previously filed a petition with the Inspector General of Police, reporting a breach of its cryptocurrency trading platform, Patricia, in 2022. This incident led to the loss of funds from depositors and prompted Patricia Technologies to suspend the platform to prevent further compromise of depositors’ funds. According to the Force Public Relations Officer, Olumuyiwa Adejobi, the Nigeria Police revealed a criminal conspiracy involving the unauthorized modification of…
The Ultimate Destiny Uplifters Foundation Africa, a non-governmental organization, has successfully empowered 20 entrepreneurs aged 18 to 45 with essential resources such as seed capital, mentoring, and logistical support for their business growth. Notably, Chiamaka Amubi-Onusonye, Amarachi Okpala-Onwuamaegbu, and Ebenebe Bethel Christian received grants of N1 million each following weeks of participation in a mentoring summit in Onitsha, Anambra State. During the grand finale of the event in Onitsha on Tuesday, Mr. Smart Ezuma, the founding president of the foundation, emphasized the organization’s commitment to addressing leadership disparities in Africa. The summit’s theme, “Creating a sustainable Africa through active leadership,”…
A recent report by Nanyang Technology University’s Centre for African Studies, presented by Director Amit Jain, underscores poor governance as the central issue plaguing Nigeria’s troubled economy. The 150-page document titled “Back to Growth: Priority Agenda for the Economic Revival of Nigeria” delves into the nation’s economic crisis, attributing it to a range of challenges, including fiscal recklessness. Jain emphasized the urgency of addressing Nigeria’s economic woes, citing factors such as bad governance, dependence on oil and gas, a high debt profile, infrastructure deficits, and a lack of fiscal prudence contributing to multidimensional poverty. The report, initiated in June the…
The Vice President, Kashim Shettima, has expressed confidence in the current administration’s economic policies, emphasizing their potential to revive economic activities in the manufacturing and engineering sectors. At the opening ceremony of the 2023 National Engineering Conference, Exhibition, and Annual General Meeting in Abuja, Shettima pledged a commitment to unlocking the country’s full economic potential through policies targeting job creation, capital accessibility for businesses, inclusiveness, and upholding the rule of law. The conference, themed “Re-engineering the Manufacturing Sector for Competitiveness and Enhanced Economic Growth,” addressed the decline in the manufacturing sector’s contribution to the nation’s Gross Domestic Product (GDP). Acknowledging…
InfoStride News reported that the Nigerian government’s inclination towards purchasing imported vehicles is attributed to the perceived inadequacies of local manufacturers in providing after-sale services. Dr. Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, clarified this position during a stakeholders’ engagement forum organized by the National Automotive Design and Development Council in Lagos. The gathering brought together industry participants to deliberate on the effective implementation of the Nigerian Automotive Industry Development Plan. Minister Uzoka-Anite emphasized that the government’s emphasis on after-sale service aligns with its dedication to operational efficiency, reliability, and fiscal responsibility in managing its vehicle fleet. During…
Stakeholders within the automotive industry are intensifying their efforts to facilitate the swift passage of the National Automotive Industry Development Plan (NAIDP) into law. This revelation comes from Joseph Osanipin, the Director General of the National Automotive Design and Development Council (NADDC), during a recent stakeholders’ engagement focused on ensuring the effective implementation of the NAIDP. Emphasizing the significance of providing legal backing to the plan, Osanipin highlighted the crucial role of the automobile policy in driving the growth of Nigeria’s automotive sector. He stated, “The auto policy is key to the growth and development of the automotive industry. We…