In a groundbreaking move, the Association of Professional Women Engineers of Nigeria (APWEN) is rallying for widespread support to propel Mrs. Margret Oguntala into history as the first female president of the Nigerian Society of Engineers (NSE) in its illustrious 65-year history. Dr. Elizabeth Eterigho, President of APWEN, issued a statement emphasizing the significance of this milestone and the need for the engineering community to unite in backing Oguntala’s candidacy. Mrs. Oguntala secured her position as deputy president of the NSE in 2021, a noteworthy achievement that was duly ratified during the society’s annual general meeting later that year. The…
Author: Temitope Nlewemchi
In a significant move aimed at alleviating the persistent cash scarcity issues plaguing different regions of Nigeria, the Central Bank of Nigeria (CBN) announced on Monday the immediate suspension of the processing fees previously levied on cash deposits exceeding N500,000 for individuals and N3 million for corporates. This development, disclosed in a letter signed by Dr. Adetona Adedeji, the acting Director of Banking Supervision, underscores the CBN’s commitment to addressing the ongoing challenges in the country’s financial landscape. Cash shortages have been a cause for concern, particularly in the Federal Capital Territory, Abuja, where residents have been grappling with limited…
In a surprising turn of events on Monday, the Nigerian naira experienced a notable appreciation, marking a 27.16% gain to close at N864.29/$ on the official Investors and Exporter window. The substantial increase was accompanied by a significant uptick in the daily turnover of the dollar, soaring by 86.83% to reach $132.46 million at the close of trading, up from $70.90 million the previous Friday. This positive movement indicates a noteworthy N234.76 gain from the alarming all-time low of N1099.05/$ recorded in the preceding week, as revealed by data from the FMDQ Securities Exchange. The day’s trading activity began at…
In November 2023, Nigeria experienced a significant decline in crude oil production, dropping to 1.4 million barrels per day, according to data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), as reported by Infostride News. The detailed breakdown of the data indicates that the total production for the highlighted month, including condensate production, amounted to 1,466,185 barrels per day. However, when condensates are excluded, the breakdown is as follows: – Crude oil: 1,250,299 barrels per day – Blended condensate: 49,457 barrels per day – Unblended condensate: 166,429 barrels per day It’s noteworthy that in September and October, Nigeria achieved…
In a recent meeting with a joint committee of the Senate and House of Representatives Committee on Power, chaired by Senator Enyinnaya Abaribe, Nigeria’s Minister for Power, Adebayo Adelabu, delivered a promising update on the status of the Zungeru hydropower plant. Adelabu announced that the 700-megawatt (MW) Zungeru hydropower plant is 99.8% ready for operations, marking a significant milestone in the country’s efforts to enhance its power generation capacity. During the session, as reported by Punch, Minister Adelabu outlined the progress of the Zungeru project, emphasizing that it is on the verge of completion. He revealed plans to commence operations…
In a surprising turn of events, 27 Members of the Rivers State House of Assembly have formally announced their defection from the People’s Democratic Party (PDP) to the All-Progressives Congress (APC), marking a significant shift in the political landscape of the state. The lawmakers, including the factional Speaker, Rt. Hon. Matthew Amaewhule, made their announcement through a letter read on the Assembly floor on Monday. It is widely believed that these legislators are aligned with the former governor of the state and the current Minister of the Federal Capital Territory, Nyesom Wike. Confirming the mass defection, Enemi George, a member…
In recent developments surrounding the construction of the Port Harcourt-Aba Road in Abia State, Infostride News has come forward to challenge reports claiming that Governor Alex Otti detained several youths and elders who were invited for a peace dialogue regarding the ongoing project. The controversy stems from social media reports highlighting the actions of youth and elders from a specific clan in the state. According to these reports, the group barricaded a construction site in pursuit of a settlement related to the road construction. It was alleged that the governor had invited them for peace talks but instead arrested them,…
In a significant move, the Australian government has officially declared its intention to reduce the country’s migration intake by half over the next two years, according to information obtained by Infostride News. The decision aims to address perceived issues within the immigration system, with a target to limit the annual intake to 250,000 by June 2025—bringing it back in line with pre-pandemic levels. The newly introduced measures encompass a range of changes, including heightened minimum English-language proficiency requirements for international students and increased scrutiny for individuals seeking a second visa. As part of the reforms, applicants must now demonstrate that…
In a groundbreaking revelation, the Nigeria Customs Service (NCS) has unveiled its ambitious plan to generate a staggering N6 trillion as Internally Generated Revenue (IGR) for the Federal Government in the upcoming fiscal year. This revelation came to light during the 2024 budget defense session as the Comptroller-General of the Service, Adewale Adeniyi, appeared before the House of Representatives Committee on Appropriation in Abuja on Monday. Adeniyi, while presenting the Customs Service’s budget proposal, indicated that the targeted revenue of N6 trillion surpasses the initial projection of N5 trillion outlined in the budget. Expressing confidence in achieving this ambitious goal,…
In a groundbreaking initiative aimed at revolutionizing transportation and combating environmental challenges, President Bola Tinubu proudly unveiled a fleet of 50 four-seater electric taxis and 57 gas-powered mass transit vehicles in Borno State on Monday. The move, orchestrated by the Borno State Government, not only promises to enhance affordable transportation services within the state but also signals a concerted effort to reduce dependency on fossil fuels. During the inauguration ceremony, President Tinubu expressed his admiration for Governor Babagana Zulum’s forward-thinking leadership and commitment to people-centric policies and projects. He commended Governor Zulum, stating, “Your Excellency (Governor Zulum)… this is exactly…
In a bold move, the Corporate Affairs Commission (CAC) is gearing up to remove a staggering 91,843 companies from its register due to their failure to submit annual returns. This significant development comes on the heels of the commission’s recent publication of a list containing the names of the targeted companies on its official website. Notably, this revised figure is 2,738 less than the initially identified 94,581 companies published in August. This initiative is part of the CAC’s proactive approach to enforce compliance, a stark contrast to its earlier announcement of intending to remove 100,000 companies. The reduction in the…
A groundbreaking revelation has emerged from the latest report by the United Nations Environmental Program (UNEP), shedding light on the staggering annual expenditure of approximately $7 trillion by both public and private entities on activities with adverse effects on the environment. This astonishing figure represents around 7% of the global Gross Domestic Product (GDP), signifying a substantial financial commitment to practices that negatively impact nature. Entitled “State of Finance for Nature 2023,” the report underscores the persistent underfunding of nature-based initiatives on a global scale. Despite the growing recognition of the importance of such solutions, the document reveals that current…
In a recent development, the Centre for the Promotion of Privat Enterprise (CPPE) has expressed deep concerns regarding the Central Bank’s decision to elevate the customs exchange rate from N783 to N952/$. CEO of CPPE, Dr. Muda Yusuf, emphasized that this move would exacerbate the already challenging production and operating costs for businesses in the country. Yusuf, in a press statement released by Infostride News, highlighted the detrimental effects of this decision on citizens, predicting a reduction in purchasing power, eroded profit margins, and increased risks to the survival of businesses. The frequent fluctuations in exchange rates, as noted by…
Infostride News Reports: British International Investment (BII), the United Kingdom’s development finance institution (DFI), has officially inked binding agreements to inject $15 million in equity into Valency International, a Singapore-based agricultural commodities trading house. The funds are earmarked for the expansion of processing and warehouse infrastructure in Nigeria, as disclosed in a press statement obtained by Infostride News. The transaction is contingent on regulatory approval and is anticipated to conclude in early 2024. In addition to the initial $15 million commitment, BII retains the option to invest an additional $35 million in equity into Valency within two years following the…
In an exclusive interview with Infostride News, Mr. Ajayi Kadiri, the Director-General of the Manufacturers Association of Nigeria (MAN), shared insights into the recent departure of Procter & Gamble (P&G) from Nigeria. Expressing his lack of surprise at P&G’s exit, Mr. Kadiri conveyed a foreboding outlook, suggesting that more manufacturing firms might follow suit unless the underlying issues are promptly addressed within the country. Speaking on Channels Television’s Sunrise daily program, Mr. Kadiri emphasized the critical need for addressing the challenges faced by the manufacturing sector in Nigeria. He underscored the importance of the government making strategic decisions to foster…
In a recent report from the Geneva-based United Nations Conference on Trade and Development (UNCTAD), global trade is anticipated to experience a significant downturn in 2023, with a projected decline of approximately 5% from the record-high figures of the previous year. Infostride News brings you insights into the factors contributing to this economic shift and the potential repercussions for international commerce. According to UNCTAD, the total value of goods and services traded globally is expected to drop to $30.7 trillion, down from $32.2 trillion in 2022. A substantial $2 trillion, constituting an 8% decline in merchandise trade, is identified as…
In a detailed quarter-by-quarter analysis of data obtained from the National Bureau of Statistics (NBS), Infostride News reveals that educational institutions in Nigeria experienced a significant increase of 42% in taxes paid by the third quarter of 2023. This upward trend in taxation comes at a time of growing apprehension regarding the escalating cost of education in the country, potentially exacerbating the issue of out-of-school children in Nigeria. The analysis conducted by Infostride News encompasses both Value Added Tax (VAT) and Company Income Tax (CIT). By the third quarter of 2023, educational institutions had contributed a total of N13.82 billion…
In a recent joint budget defense session held in Abuja, the Nigerian Senate, as reported by Infostride News, called upon the executive branch to allocate a minimum of 10% of the total annual budget revenue to agricultural production. The plea was made by Senator Salihu Mustapha, the Chairman of the Senate Committee on Agriculture Production, Services, and Rural Development, who expressed deep concern about the challenges facing the agricultural sector. Senator Mustapha underscored the sector’s significant contribution, exceeding 20% to the nation’s GDP from the non-oil sector despite the myriad obstacles it faces. He lamented the shortfall in budget allocation,…
In a noteworthy development during the 2024 Budget Defense at the Senate Committee on Finance in Abuja on Monday, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed that the upcoming 2023 Supplementary Budget is set to run concurrently with the 2024 budget. This revelation was made as part of the broader discussion on fiscal policy and tax reforms aimed at enhancing revenue generation and attracting both domestic and foreign investments, as outlined in a statement by the Director (Press & PR) of the Ministry, Stephen Kilebi. Edun underscored the critical need for a comprehensive review…
In a recent demographic statistics bulletin published by the National Bureau of Statistics (NBS), Infostride News sheds light on the evolving landscape of Nigeria’s population dynamics, remittances, and other noteworthy trends. According to the report, the average life expectancy for Nigerian men has experienced a notable increase, rising from 53.2 years in 2015 to 55.1 years in 2022. This positive trend of a 7-year gain is indicative of advancements in healthcare and overall well-being. Interestingly, while the life expectancy for men has seen a commendable rise, the figures for women were even more encouraging, reaching 57.2 years, up from 55.3…