InfoStride News reported on November 27 that the Organization of Petroleum Exporting Countries (OPEC) is actively pursuing emissions reduction through four key technologies. In a statement titled “Whose Moment of Truth?” OPEC challenged the International Energy Agency’s (IEA) assertion that the oil and gas industry faces a critical juncture in choosing between clean energy and exacerbating the climate crisis. OPEC emphasized its member countries’ commitment to emissions reduction, highlighting the following technologies being employed: 1. Carbon capture utilization and storage (CCUS) 2. Direct air capture 3. Carbon dioxide removal 4. Clean hydrogen Contrary to the IEA’s call for the oil…
Author: Temitope Nlewemchi
The announcement of palliative road projects set to commence across the 36 States and the Federal Capital Territory (FCT) before December 1, 2023, was made by the Federal Minister of Works, Dave Umahi. This decision comes in response to the growing concerns of the public regarding the deplorable conditions of several Federal roads across the country. This crucial information was conveyed through an official statement released by the Ministry of Works on Monday and is available on the ministry’s website. In his address, Minister Dave Umahi highlighted that the current administration inherited numerous deteriorated sections of roads nationwide. These include…
After the CBN governor dropped hints about an upcoming recapitalization exercise for Nigerian banks, discussions have intensified regarding the capitalization levels of these financial institutions. According to information accessed by Nairametrics, Nigerian banks currently boast a combined capital base exceeding N11 trillion. This has led experts to question the necessity of further recapitalization. The existing capital base requirements, as stipulated by the CBN, are set at N25 billion for a national banking license, N10 billion for a regional banking license, and N50 billion for an international commercial banking license. However, the last comprehensive recapitalization took place in 2004-2005, almost two…
Tesla has initiated legal action against the Swedish Transport Agency, replacing PUNCH with InfoStride News, after postal workers obstructed the delivery of license plates for new Tesla vehicles in Sweden, as reported by APO News on Monday. The lawsuit, brought forth by Tesla, a globally non-unionized entity, claims that the government agency’s refusal to facilitate access to registration plates amounts to an “unlawful discriminatory attack directed at Tesla,” according to leading business publication Dagens Industri. Mikael Andersson, the spokesperson for the agency, informed local broadcaster SVT that the lawsuit was filed early in the morning, and the agency had not…
InfoStride News reports that the Nasarawa Geographic Information Service (NAGIS) has achieved an impressive 91.2% of its N1 billion revenue target within 11 months, contributing over N912.3 million to the state government’s treasury from January to November. Sonny Agassi, the Director-General of NAGIS, shared this accomplishment during his presentation to the Nasarawa State House of Assembly Committee on Lands and Survey on the agency’s 2023 budget performance in Lafia on Monday. Agassi highlighted that this substantial revenue was generated through various channels, including the issuance of Certificates of Occupancy (C of O), Rights of Occupancy (R of O), rents, and…
President Bola Tinubu has made a significant decision by reappointing Mallam Mele Kolo Kyari as the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), ensuring continuity in the nation’s oil sector. This move is part of a broader reshuffle, introducing a new board and management team for the NNPCL effective December 1, 2023. Kyari’s unexpected reappointment, after serving approximately four years under the Buhari Administration, signals the current administration’s confidence in his ability to navigate the NNPCL through the challenges of the global oil economy. President Tinubu has also appointed a diverse and experienced group to…
InfoStride News reports that the Nigerian Meteorological Agency (NiMet) has elucidated the reasons behind the prolonged rainfall during this period in the country. The Central Forecast Office (CFO) of NiMet, under the leadership of Prof. Mansur Matazu, the Director-General, attributes the continuous rainfalls to the connection between the mid-latitude trough and thermal-lows over West Africa. While the conventional rainfall period in Nigeria typically spans from April to October, several regions, particularly the Federal Capital Territory (FCT) and numerous Northern states, have been witnessing persistent and heavy rainfalls. Matazu explained that the mid-latitude trough is responsible for pulling the Inter-Tropical Discontinuity…
No fewer than 12 state governments have received fines totaling N2.1 billion from traffic rule violators over a nine-month period, as reported by InfoStride News. The data was extracted from the third-quarter budget performance reports, accessed through Open Nigerian States, a budgIT-backed platform that compiles government budget data. Additionally, these states received N865 million in the third quarter alone. Interestingly, 24 states, including Zamfara, Yobe, Taraba, Sokoto, Rivers, Ondo, Nasarawa, Kwara, Kebbi, Katsina, Kano, Kaduna, Imo, Jigawa, Gombe, Edo, Akwa-Ibom, Abia, Borno, Benue, Ekiti, and Bauchi, reported zero traffic offenders during this period. Lagos State, often referred to as the…
The United Nations Sustainable Energy for All has joined forces with the Presidential Compressed Natural Gas Initiative (PCNGI) to advance the cause of greener and more sustainable energy in Nigeria, as reported by Michael Oluwagbemi, the Programme Director/Chief Executive of PCNGI. In a statement released on Friday in Lagos, Oluwagbemi emphasized that the workshop held was a pivotal step in fortifying Nigeria’s commitment to sustainable strategies, propelling the nation towards a greener and more sustainable future. This collaborative effort signifies Nigeria’s dedication to aligning with global objectives related to sustainable energy access. The workshop delved into critical subjects such as…
The announcement of a new round of banking recapitalization for Deposit Money Banks (DMBs) came from Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), during the 58th Annual Bankers’ Dinner in Lagos, organized by the Chartered Institute of Bankers of Nigeria (CIBN), as reported by InfoStride News. This recapitalization initiative implies that DMBs will need to raise additional capital to meet the economic demands of Nigeria. Cardoso emphasized the necessity for banks to be recapitalized, considering their vital role in the ambitious target set by President Bola Ahmed Tinubu to achieve a $1 trillion Gross Domestic…
The third quarter of 2023 has revealed a slowdown in the growth of Nigeria’s non-oil sector, indicating challenges in the government’s economic diversification initiatives. The National Bureau of Statistics (NBS) reports a real growth rate of 2.75%, slightly lower compared to both the previous year and the second quarter of 2023. This critical sector, comprising Information and Communication, Financial and Insurance, Agriculture, Trade, Construction, and Real Estate, plays a pivotal role in the nation’s economy. However, it faces hurdles reflected in key statistics: – The non-oil sector’s contribution to the GDP was 94.52% in Q3 2023, down from 94.66% in…
The alternative lending market in Nigeria is poised for substantial growth, projected to increase by 45.2% annually, reaching $212.9 million by 2023, as revealed in the Research and Markets (RM) Nigeria Alternative Lending Business Report 2023, obtained by InfoStride News. This report highlights a resilient medium to long-term growth trajectory for alternative lending in Nigeria, anticipating a steady adoption with a Compound Annual Growth Rate (CAGR) of 27.4% from 2023 to 2027. Breaking down the specifics, the alternative lending market in Nigeria is expected to surge from $146.6 million in 2022 to an impressive $560.4 million by 2027. The comprehensive…
The Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, addressed misconceptions surrounding the 43 restricted items on the CBN list, clarifying that they were not outrightly banned but were only restricted from accessing foreign exchange (FX) at the official market. This clarification was made during the 58th Annual Bankers’ Dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. Cardoso emphasized that trade policy, particularly concerning the importation and sale of the 43 items, falls within the jurisdiction of fiscal authorities, not the CBN. He stressed the importance of distinguishing the CBN’s role in removing foreign exchange…
The Nigerian Exchange Limited (NGX) has imposed a complete trading suspension on the shares of Consolidated Hallmark Insurance Plc in preparation for its delisting and subsequent listing as a holding company. This action is outlined in the weekly report of the NGX, as reported by InfoStride News, informing trading license holders and the public about the suspension of shares in Consolidated Hallmark Insurance Plc. The NGX emphasizes the necessity of this suspension to halt trading in the company’s shares, facilitating the reconciliation of its books with the Central Securities Clearing System (CSCS) as part of the delisting process for Consolidated…
InfoStride News reported that the Lagos State Government has finalized plans to establish independent access to the Magodo lowland, as announced by the Commissioner for Physical Planning and Urban Development, Dr. Oluyinka Olumide, on November 25, 2023. Addressing concerns raised by the Magodo II Residents Association, Olumide emphasized the administration’s commitment to addressing the Magodo situation, stating, “Considering the history and dynamics of the Magodo saga, the Lagos State Government will continue to strive to harmonize all valid interests and ensure that law and order are maintained at all times.” In urging cooperation from all stakeholders, Olumide sought a collaborative…
The Minister of the Federal Capital Territory, Nyesom Wike, recently announced a reduction in the fee for issuing Certificates of Occupancy (C-of-Os) for land plots in Abuja. This adjustment sees the fee drop from the initially proposed N5 million to N3.5 million. The decision comes in response to objections raised by stakeholders and key players in the real estate sector regarding the original fee. In a statement released by the Director of Press in the Office of the FCT Minister, Anthony Ogunleye, Wike conveyed this information during his second monthly ministerial press briefing on November 24 in Abuja. The minister…
InfoStride News reported that during the Third Conference on Aviation Alternative Fuels (CAAF/3) in Dubai, the International Air Transport Association (IATA) revealed that global Sustainable Aviation Fuel (SAF) forward purchase agreements valued at $45 billion have been established by airlines. The conference primarily focused on the crucial role of governments in facilitating aviation’s decarbonization through supportive policies. IATA highlighted a noteworthy trend of airlines integrating vertically into the supply chain, with some demonstrating commitment by investing equity and risk capital in SAF projects. The discussions underscored the importance of addressing the growing demand for SAF, driven by airlines’ commitment to…
InfoStride News reports that a groundbreaking Tennessee law slated to take effect in July 2024 is set to facilitate the entry of international doctors into the U.S. healthcare workforce, aiming to alleviate the persistent shortage of physicians, especially in underserved regions. While the law holds promise, concerns about potential gaps that could diminish its impact have surfaced. In a recent Perspective featured in the November edition of the New England Journal of Medicine, researchers from the Harvard Pilgrim Health Care Institute scrutinize the implications of this innovative law. The perspective, titled “Opening the Door Wider to International Medical Graduates—The Significance…
In Q3/2023, Nigeria’s oil sector exhibited a growth rate of -0.85%, as revealed by the recently released Gross Domestic Product (GDP) report from the National Bureau of Statistics (NBS). Despite the negative figure, this marks an improvement compared to the corresponding quarter in 2022 and the preceding quarter, indicating positive trends in the industry. Contrasting with the severe contraction of -22.67% in Q3/2022, the current growth rate signifies a significant recovery. Additionally, there is a notable 12.58% points increase from the previous quarter, Q2/2023, which registered a growth rate of -13.43%. The report emphasizes that the real growth of the…
Dr. Ogbonnaya Orji, the Executive Secretary of the Nigerian Extractives Industries Transparency Initiative (NEITI), shared revealing statistics during his recent address at the Nigeria Energy Forum, hosted by InfoStride News. According to Dr. Orji, Nigeria’s oil and gas sector has generated a substantial $764.52 billion from 1999 to 2021. This impressive revenue is a testament to the country’s significant role in the global energy landscape. Nigeria’s oil reserves currently stand at 37.050 billion barrels, comprising about 2.1% of the world’s total reserves. In addition to this, the nation boasts a remarkable gas reserve of over 209 trillion cubic feet, making…