Iowa State University is thrilled to unveil its scholarship initiative, the Borel Global Fellows Program, designed to empower students from Sub-Saharan Africa pursuing graduate studies within the College of Agriculture and Life Science. In collaboration with the generous scholarship fund established by ISU alumni Jim and Marcia Borel in 2018, this program is poised to make a significant impact on addressing food and nutrition insecurity in the region. The primary objective of the Borel Global Fellows Program is to foster a cadre of educated scientists at Iowa State University who will serve as knowledge leaders dedicated to enhancing food security,…
Author: Temitope Nlewemchi
In October 2023, Nigeria witnessed a surge in headline inflation, reaching 27.33%, marking a 0.61% increase from the previous month. This substantial year-on-year rise of 6.24% compared to October 2022 raised concerns about its impact on investments, particularly its erosion of the purchasing power of money over time. Understanding the implications of inflation on investments goes beyond focusing on nominal returns. While nominal returns represent the actual percentage gain or loss on an investment, real returns, which account for inflation, provide a more accurate reflection of the increase in purchasing power. In an inflationary environment, traditional asset classes like bonds…
Infostride News recently reported on Nigeria’s inflation landscape, revealing a surprising downturn in transport inflation for the first time in over two years, according to data released by the National Bureau of Statistics (NBS). In October 2023, Nigeria’s transport inflation decelerated to 27.04%, marking a notable drop from the two-year high of 27.18% recorded in the previous month. The last instance of transport inflation decline was observed in July 2019. This unexpected downturn occurred despite a surge in transportation costs nationwide, triggered by the removal of the petrol subsidy and a concurrent increase in crude oil prices. The removal of…
Infostride News reported that the Central Bank of Nigeria (CBN) has once again delayed a scheduled meeting of its monetary policy committee (MPC), leaving investors and analysts eagerly anticipating the strategies new Governor Olayemi Cardoso may employ to address the escalating inflationary pressures. In a report published by Bloomberg on Monday, the CBN’s Director of Corporate Communications, Dr. Isa Abdulmumin, stated in a text message response that the MPC would not be convening this week, marking the second postponement since Olayemi Cardoso assumed the role of governor in September. Providing additional context, the CBN had initiated a series of interest…
The African Development Bank (AfDB) has recently highlighted concerns regarding the allocation of high capital spending in Lagos and its impact on the city’s poorest residents. This revelation is part of a comprehensive report titled ‘From Millions to Billions: Financing the Development of African Cities,’ obtained by Infostride News. In the 2023/24 fiscal year, Lagos State boasts an approved budget of $2.1 billion, with a significant portion of $1.3 billion (58% of the total budget) allocated to capital projects. Despite this substantial capital expenditure, the report expresses dissatisfaction, emphasizing that the funds often fail to translate into fundamental infrastructure and…
Infostride News, the Economic and Financial Crimes Commission (EFCC) is mandated with the investigation of financial crimes. However, the decision to declare Ibrahim Ibitade, the CEO of Leatherback, as wanted raises questions about the agency’s approach in ensuring adherence to its mission. Despite Leatherback’s collaboration in an ongoing fraud investigation, the EFCC took the unusual step of declaring Ibitade wanted through an Instagram post on Thursday afternoon. The post alleged that the 31-year-old CEO is wanted in connection with conspiracy and obtaining money under false pretenses. Ibitade responded to the wanted notice by denying claims that he is in hiding…
The Federal Government of Nigeria has recently initiated discussions with Starlink, Elon Musk’s internet company, exploring the potential for job creation in the country through local maintenance and production of Starlink’s hardware. Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, revealed this development during the International Telecommunication Union-World Radio Communication (ITU-WRC) Conference in Dubai. The minister engaged with Ryan Goodnight, Senior Director of Global Licensing and Activation at SpaceX, Starlink’s parent company, to explore avenues for collaboration. The primary focus of the discussions was on establishing a program within Nigeria that certifies local installers and maintenance personnel…
Panelists contributing to the FocusEconomics Consensus Forecast report for December 2023 are foreseeing a potential upswing in Nigeria’s crude oil production, projecting an average of 1.36 million barrels per day in 2024. This optimistic outlook is pivotal for the country, given the intricate interplay between oil production, economic growth, and various challenges on the horizon. It’s crucial to note that this projection exclusively pertains to oil production and excludes condensate production. The report emphasizes that this anticipated increase in oil output would mark the second consecutive year of growth, attributing it to improved security conditions in the Niger Delta, a…
President of the Association of Bureau De Change of Nigeria, Aminu Gwadabe, discusses the recent foreign exchange reforms by the Central Bank of Nigeria and various related issues in an interview with InfoStride News. Gwadabe begins by addressing the volatility of the naira, emphasizing its negative impact on economic growth. He stresses the importance of currency stability for effective planning and highlights the challenges caused by illegal behaviors, speculation, hoarding, and currency substitution. The interview delves into the government’s measures to address these issues, including efforts to improve the global perception of the economy and attract foreign investment. Gwadabe explains…
InfoStride News reports that the Managing Director of the Federal Housing Authority (FHA), Gbenga Ashafa, has stated that the authority needs a minimum of N500 billion to effectively address the housing deficit in the country. This announcement was made during a press briefing held in Abuja ahead of the 50th anniversary of the housing authority. FHA, established by decree No. 40 of 1973 and later revised as CAP 136 Laws of the Federation 1990, has played a crucial role in executing housing programs on behalf of the government. Over the course of its 50-year existence, FHA has successfully built approximately…
InfoStride News Reports ICPC Concerns About Integrity Deficit in Procurement Contracts. On the 19th of November 2023, Shintema Binga, Head of Procurement at the Independent Corrupt Practices and Other Related Offences Commission (ICPC), expressed concerns about the integrity deficit among contractors involved in procurement processes. The ICPC has initiated a collaboration with the Abuja Chamber of Commerce and Industry (ACCI) to address these issues and enhance transparency in procurement. Speaking at the inauguration of the ACCI-ICPC procurement integrity and transparency training partnership, Binga highlighted the importance of ensuring integrity in procurement processes. The partnership aims to bring contractors up to…
InfoStride News reports that MTN Nigeria is currently engaged in the renegotiation of periodic reviews of its tower contracts. According to the telecom company, these renegotiations play a crucial role in mitigating the impact of forex liberalization and rising energy costs. This information comes in the wake of MTN’s recent award of tower contracts to ATC, with the imminent renewal of an additional 1,500 site contracts on the horizon. The Chief Executive Officer of MTN Nigeria, Karl Toriola, shared insights into the importance of efficient tower contracts during the recent MTN Nigeria’s Capital Markets Day. Toriola emphasized, “Efficient tower contracts…
The Director-General of the Securities and Exchange Commission, Lamido Yuguda, expressed the commission’s focus on infrastructure financing through the capital market in the upcoming year. Yuguda made this announcement during the third quarter post-Capital Market Committee press briefing held in Lagos, as reported by InfoStride News. In outlining the Commission’s goals for 2024, Yuguda emphasized the intention to channel capital market funds towards infrastructure development. He referred to the President’s recent mention of a $1 trillion economy by 2026 and a $3 trillion economy by the end of the decade, expressing his belief in the achievability of these targets for…
InfoStride News has underscored the detrimental impact of taxation and duty levies on smartphone adoption in Nigeria and Sub-Saharan Africa, according to the Global System for Mobile Telecommunication Association (GSMA). In its recent report, ‘The Mobile Economy Sub-Saharan Africa (2023),’ GSMA revealed that taxes and duties contribute to a 10 to 30 percent increase in smartphone costs across Africa, with variations by country. This escalation in costs presents a significant barrier to accessibility for a substantial portion of the population in the region. The report specifically highlighted the challenges faced by manufacturers in Sub-Saharan Africa (SSA), particularly in the 5G…
In the face of soaring prices for food and various commodities in Nigeria, the National Bureau of Statistics has reported a slight alleviation in food inflation, showing a decline of 0.54 percent in October. The latest inflation report indicates that headline inflation surged to 27.33 percent during the same period, as highlighted by InfoStride News on Wednesday. The specific data reveals that food inflation reduced by 0.54 percent, settling at 1.91 percent in October, in contrast to the 2.45 percent recorded in September. The report states, “On a month-on-month basis, food inflation rate in October 2023 was 1.91 percent, 0.54…
Bitcoin’s bullish momentum has swept through the entire crypto market this month, driving gains across all sectors in October. The pioneer cryptocurrency has surged by over 20%, currently consolidating around $34,250 as of the time of this report. While it reached a new yearly high at $35,000, it struggled to break above that level. This surge in Bitcoin’s value has attracted growing optimism in the crypto market, leading institutional investors to make their most significant capital allocation into the digital asset market in over a year. Despite Bitcoin nearing an 18-month high, its recent gains have had a substantial impact…
InfoStride News reported that FTX founder Sam Bankman-Fried has been found guilty of embezzling $8 billion from customers of his now-defunct cryptocurrency exchange. Following a month-long trial, a 12-member jury in Manhattan federal court convicted Bankman-Fried on all seven counts he faced. The sentencing is scheduled for March 28, 2024, and he could potentially face decades in prison. The verdict comes approximately a year after FTX filed for bankruptcy, leading to a rapid corporate collapse that surprised financial markets and wiped out Bankman-Fried’s estimated $26 billion personal fortune. Reuters notes that the jury reached the verdict after just over four…
Bitcoin’s price is currently hovering around the $35,000 mark, with the market bracing for potential volatility. Data sourced from cryptocurrency exchanges reveals a notable surge in open interest (OI) within the Bitcoin markets, signaling the likelihood of intense price swings ahead, a prospect keenly observed by many cryptocurrency investors. The surge in Bitcoin wallet addresses holding over $1,000 worth of the cryptocurrency has hit a record high. This surge in addresses with significant holdings is seen as indicative of growing demand, particularly among retail traders. Technical indicators further support a robust upward trend in Bitcoin’s price. Macro-level influences, such as…
Bitcoin has surged to an 18-month high amidst reports of the US Securities and Exchange Commission (SEC) facing a six-day deadline to approve or deny ETFs starting today. During the London trading session on Thursday, Bitcoin briefly touched $36,700, reflecting a 31% increase in the last month and a notable 93% surge over the past year. Notably, other prominent digital assets, including ether, have also experienced positive momentum, with a 20% increase in the last month. The market witnessed about $50 million in liquidations in a four-hour period during early Asian trading, triggering a “short squeeze” that propelled prices higher.…
The Court of Appeal in Abuja has overturned the election of Plateau State Governor, Caleb Mutfwang, and declared Nentanwe Yilwatda Goshwe of the All Progressives Congress (APC) as the rightful Governor of Plateau State. In a ruling on Sunday, lead Justice Elfrieda Williams-Dawodu directed the Independent National Electoral Commission (INEC) to issue a Certificate of Return to Goshwe, overturning the Tribunal’s judgment that affirmed Mutfwang’s election, which the court deemed highly incompetent. The court found that the tribunal’s decision to dismiss the petition filed by the APC and its candidate on the grounds that they had no right to intervene…