InfoStride News reports that Nigeria’s power sector challenges are not rooted in engineering but rather in leadership, as stated by Adebayo Adelabu, the Minister for Power. This revelation came during the 3rd Roundtable on the Enforcement of Technical Standards and Regulations in the Multi-tier Nigerian Electricity Supply Industry (NESI), organized by the Nigerian Electricity Management Services Agency (NEMSA). Addressing the issues plaguing the power sector, Adelabu emphasized the critical role of leadership, focus, and commitment in overcoming obstacles. While acknowledging the use of imported technology that has proven effective elsewhere, he underscored the need for political will, a factor he…
Author: Temitope Nlewemchi
Diesel prices in Nigeria have surged to N978 per litre as of November 28, as reported by HydroCarbon Information Services (HydroCIS) Limited. This marks a slight increase from the N974 per litre recorded on November 23 and a notable decline from the N993 per litre reported on November 20. The fluctuation in diesel prices is influenced by various factors, including global market dynamics. Notably, Russia’s decision on September 21 to halt diesel exports to most countries contributed to a global shortage, prompting a spike in prices. However, by September 25, Russia partially eased restrictions, allowing the export of bunkering fuel…
InfoStride News reports that Nigerian Breweries has entered into an agreement with Daystar Power for the establishment of a 4.3-megawatt peak solar plant at its Lagos brewery, as disclosed in a statement on November 28 by Daystar. Under the terms of the agreement, Daystar Power will be responsible for the installation and management of a solar plant with a 4.2-megawatt peak (MWp) capacity, coupled with a 2-megawatt-hour (MWh) battery storage system. This venture represents a notable milestone as one of the largest solar and battery storage projects specifically designed for an industrial manufacturer within Nigeria. The hybrid solar system is…
Analysts have indicated that Nigeria is aware of the ongoing challenges it faces in addressing crude oil theft. In a report dated November 29 by S&P Global Commodity Insights, Clementine Wallop, a senior adviser to the political risk consultancy Horizon Engage, expressed the view that Nigeria’s oil sector is grappling with difficulties, emphasizing that there is substantial work still ahead for the Tinubu administration. Wallop pointed to the persistent gap between the National Union of Petroleum and Natural Gas Workers (NUPRC) production numbers and the OPEC quota as evidence of the struggles in the Nigerian oil sector. Despite an increase…
Equinor has recently announced the sale of its Nigerian oil business to Chappal Energies, as revealed in a statement released on Wednesday, November 29. The company has entered into an agreement to divest Equinor Nigeria Energy Company (ENEC), which possesses a 54% stake in the oil and gas lease OML 128, inclusive of a share in the Agbami oil field operated by Chevron. Operating in Nigeria since 1992, Equinor has played a significant role in the development of the Agbami field, Nigeria’s largest deep-water oil field. The Agbami field, in production since 2008, has yielded over 1 billion barrels of…
InfoStride News reported that signs indicating the commencement of the take-profit period in the Nigerian Exchange Group (NGX) were evident as the market’s All-Share Index declined by 0.44%, closing at 71,041.05 points. Equities saw a loss of N165 billion, causing the market capitalization to drop to N38.875 trillion. Notably, some of the market’s top gainers, including CWG (down 9.45%) and DANGCEM (down 2.44%), contributed to this decline. The volume of trading decreased to 534.619 million units compared to the previous day’s 746.67 million units. In terms of value, there was a slight dip to N5.62 billion from yesterday’s N5.945 billion.…
The Naira’s decline continued on Tuesday, with a closing rate of N881.88 per dollar in the official market and N1157 per dollar in the parallel market, marking a 7.63% depreciation. This represents a substantial loss of N67.28 or a 7.63% decline compared to the previous day’s closing rate of N814.60. The intraday high reached was N1159/$1, while the intraday low was N701/$1, reflecting a significant spread of N458/$1. Forex turnover at the official Nigerian Foreign Exchange Market (NAFEM) window amounted to $118.06 million at the close of trading, indicating a 17.99% increase from the previous day. In the parallel forex…
InfoStride News reported that FCMB Group Plc has disclosed a robust financial performance, posting a pre-tax profit of N55.1 billion in the nine months ending September 2023. This marks an impressive year-on-year growth of 108% from the corresponding period in 2022. The third quarter of 2023 alone saw the group achieve a pre-tax profit of N16.9 billion, representing a substantial 52.7% year-on-year growth from Q3 2022. In the nine-month period, FCMB Group recorded a profit after tax of N49.15 billion, showcasing a remarkable year-on-year growth of 114.4% from the corresponding period in 2022. These financial results underline the group’s resilience…
The mid-week trading session witnessed a subdued performance of the naira in the peer-to-peer market, and its value depreciated further on the black/official market. This occurred despite a growing consensus that the United States central bank had concluded its interest rate hikes, leading to the dollar hitting a three-month low. Official data from FMDQ revealed a decline in the naira’s value on Tuesday, as it traded at N881.88/$1, compared to N814.60/$1 on Monday. Simultaneously, the black market saw the naira slide to N1160/$1 on Tuesday from N1,115/$1 the previous day. Even with Yemi Cardoso’s recent announcement about the Central Bank…
InfoStride News reported on Wednesday that the Nigeria Supreme Court has declared that the Old Naira notes will remain legal tender until further notice. This decision comes after the apex court had previously extended the deadline for phasing out old Naira notes to December 31, 2023, back in March 2023. The federal government had also sought an extension for the old naira notes on November 21, 2023. In its plea to the Supreme Court, the federal government highlighted the potential consequences of a refusal to extend the circulation duration of old notes. It warned of the possibility of a national,…
InfoStride News reports that the Central Bank of Nigeria (CBN) has officially endorsed the decision of the Nigeria Supreme Court, declaring that the Old Naira notes will continue to be recognized as legal tender in the country until further notice. This confirmation came through a statement released by the apex bank on Wednesday, directing all banks to comply with the court’s ruling and accept both old and redesigned Naira notes indefinitely. The statement issued by the CBN reads as follows: “Following the Supreme Court’s order on Wednesday, November 29, 2023, granting the Minister of Justice and Attorney-General of the Federation’s…
Market sentiments soared today, driving the All-Share Index of the NGX up by 0.37% to close at 71,283.34 points. In a bullish spree, certain blue-chip stocks experienced substantial gains, resulting in a total market capitalization appreciation of N126 billion, reaching N39.001 trillion. Notably, despite a negative market breadth where 39 stocks closed in the red compared to 21 in the green, robust gains from key players like NESTLE with a 9.52% surge and SEPLAT with a 10.00% gain offset the losses. The traded volume witnessed a dip, standing at 360.601 million units, a decline from yesterday’s 534.619 million units. However,…
A recent report by the Centre for African Studies at Nanyang Technology University highlights critical infrastructure deficiencies as a major hindrance to economic growth in Nigeria. Titled ‘Back to Growth: Priority Agenda for the Economic Revival of Nigeria,’ the report, presented by Amit Jain, the Center’s Director, emphasizes the country’s lack of adequate ports, power, roads, running water, and health services. This infrastructure gap is exacerbated by an annual budget that falls below 5% of the estimated $100 billion needed for comprehensive development. The report underscores the economic consequences of insufficient infrastructure, revealing that 40% of agricultural produce is lost…
InfoStride News recently published a comprehensive report by the NTU-SBF Centre for African Studies, unveiling a 10-Year Economic Roadmap for Nigeria. This extensive 150-page document, titled “Back to Growth: Priority Agenda for the economic revival of Nigeria,” was presented by Amit Jain, the Director of NTU-SBF Centre for African Studies, during a ceremony at Eko Hotel and Suites in Lagos. In his keynote address, Jain highlighted a series of progressive reforms outlined in the report, designed to steer Nigeria towards sustained economic growth. He emphasized four critical factors that will significantly influence Nigeria’s economic trajectory over the next decade: the…
InfoStride News reported that Afreximbank revealed trade and investment deals worth approximately $43.7 billion were successfully concluded at the recently concluded Intra-African Trade Fair (IATF2023) held in Egypt. The announcement was made by Kanayo Awani, Executive Vice-President of Intra-African Trade Bank, Afreximbank, during a Post-Event Virtual News Conference in Cairo. Awani highlighted that the total value of the trade and investment agreements surpassed the anticipated figure of $43 billion, signaling a positive outcome for the event. She provided additional insights, noting that the IATF2023 attracted a significant participation of 1,939 exhibitors from 45 African countries and 16 non-African countries. Out…
On Wednesday, President Bola Tinubu presented the 2024 appropriation bill to the National Assembly, labeling it the ‘Budget of Renewed Hope.’ This follows the Federal Executive Council’s approval of N27.5 trillion for the 2024 budget on Monday. The government aims for N18.32 trillion in revenue generation to support the budget, resulting in a projected budget deficit of N9.18 trillion. President Tinubu also forecasted an impressive 3.76% economic growth for the fiscal year 2024, with recurrent expenditure set at N9.92 trillion and capital expenditure at N8.7 trillion. Addressing the National Assembly, President Tinubu outlined plans for a comprehensive overhaul of the…
President Tinubu has outlined ambitious plans for the National Safety Net project in 2024, aiming to extend financial assistance to more impoverished and vulnerable individuals in Nigeria. Presenting the 2024 appropriation bill before a joint session of the National Assembly (NASS), he emphasized the government’s dedication to achieving broad-based economic prosperity. Tinubu highlighted the ongoing review of social investment programs to enhance implementation and effectiveness. Specifically, he announced the expansion of the National Social Safety Net project, which will provide targeted cash transfers to households facing economic challenges. Additionally, efforts will be made to transition existing beneficiaries toward productive activities…
President Bola Tinubu revealed that the Federal Government generated N8.65 trillion in revenue from January to September 2023, as he presented a N27.5 trillion budget for 2024 to the National Assembly. Tinubu stated that the projected revenue for the 2023 budget of N24.82 trillion was 11.045 trillion, with a deficit of approximately 6.1 percent of GDP. By the end of September, the actual revenue reached 96 percent of the targeted N8.28 trillion, totaling N8.65 trillion. For the 2024 budget, the government aims to generate N18.32 trillion in revenue, with a deficit of N9.18 trillion, equivalent to 3.88 percent of GDP.…
The federal government has revealed its projection for the inflationary rate in the 2024 fiscal year, aiming for a rate of 21.4%, indicating a significant decline from the current rate of 27.33%. President Bola Tinubu made this announcement while presenting the 2024 appropriation bill to the National Assembly, outlining key objectives for the budget. President Tinubu emphasized that the proposed budget is designed to achieve several economic goals, including job-rich growth, macro-economic stability, an improved investment environment, enhanced human capital development, poverty reduction, and increased access to social security. Nigeria’s current headline inflation rate, reported by the Nigeria Bureau of…
InfoStride News has reported a notable forecast from the federal government, projecting a substantial N4.60 trillion reduction in the budget deficit for the 2024 fiscal year. This represents a significant 33.5% decrease when compared to the budget deficit recorded in 2023. President Tinubu unveiled this projection during his presentation of the 2024 appropriation bill to the joint session of the National Assembly. In the proposed 2024 budget, the deficit is estimated at N9.18 trillion, marking a notable decrease from the N13.78 trillion recorded in the 2023 budget. The reduction in the deficit is also reflected in the deficit to GDP…