At the recently concluded 8th Edition of the Manufacturing & Equipment Expo, West Africa 2023, industry experts emphasized the need for manufacturers across Nigeria to explore the country’s capital market for funding opportunities to facilitate their growth. During a session moderated by Prof. Pat Utomi, veteran financial journalist Boason Omofaye expressed concern about the declining presence of industrial manufacturing companies among the listed entities on the Nigerian stock market. Omofaye drew attention to the absence of the textile industry from the Nigerian stock market, underscoring the overall decrease in the number of industrial manufacturing companies over the years. He urged…
Author: Temitope Nlewemchi
The European Union (EU) has recently amended its immigration regulations for nationals of non-member countries, stipulating that they must maintain legal and continuous residence in an EU member state for at least five years. This requirement is in conjunction with national long-term resident schemes. These regulations, discussed and decided upon by EU member states during a meeting of the Council’s permanent representatives committee, establish the negotiating mandate for the revision of the EU long-term resident’s directive. It is worth noting that “InfoStride News” has gathered this information. Third-country nations, which are countries or territories not part of the European Union…
InfoStride News and Justrites Superstore, a prominent e-commerce firm, have forged a strategic alliance to introduce a buy now, pay later (BNPL) solution, making shopping more convenient and accessible for customers. Scheduled to kick off in December 2023, this collaboration allows customers to make purchases at any of Justrites’ 23 stores, contingent upon approval based on creditworthiness by Accion MFB. The signing of the Memorandum of Understanding (MoU) occurred at Accion’s Lagos head office, where Managing Director Taiwo Joda expressed his excitement about the partnership. He highlighted that this agreement would offer crucial financial support to customers, enabling them to…
InfoStride News reported that the Central Bank of Nigeria (CBN) has reiterated its dedication to achieving monetary and price stability within the Nigerian economy. Governor Olayemi Cardoso, in his keynote address at the 58th Annual Bankers Dinner in Lagos, emphasized that the bank’s policies aim to establish a more stable exchange rate, control inflation, and foster a conducive environment for both businesses and individuals. According to Cardoso, the commitment to achieving monetary and price stability goes beyond being a technical objective; it directly impacts the well-being of the citizens. He stated, “Through targeted policies, transparent market operations, and coordination between…
InfoStride News reported that Elon Musk’s social media company, X, faces a potential loss of up to $75 million in advertising revenue by the end of the year. This financial setback comes as numerous major brands, including Walt Disney and Warner Bros Discovery, have paused their marketing campaigns on the platform in response to Musk endorsing an antisemitic post. The controversial social media activity prompted a suspension of advertisements by these companies, as highlighted by a media agency. In response to the backlash, X has taken legal action against the media watchdog group Media Matters, alleging defamation. The lawsuit is…
InfoStride News reported a significant breakthrough in the investigation into the cybercrime incident against Patricia Technologies, with the arrest of Wilfred Bonse by the National Cybercrime Center of the Nigeria Police Force (NPF-NCCC). Earlier this year, Patricia Technologies had filed a petition with the Inspector General of Police, alleging theft and a breach of its cryptocurrency trading platform. The reported breach resulted in the loss of funds belonging to depositors, prompting Patricia Technologies to suspend the platform to prevent further compromise of depositors’ funds. The subsequent investigation uncovered a complex criminal conspiracy involving unauthorized modifications to computer systems, network data,…
InfoStride News is collaborating with Portland Gas for the construction of Compressed Natural Gas (CNG) conversion sites in Nigeria. The announcement was made by Farouk Ahmed, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), during the groundbreaking ceremony at Portland Gas Green Park. Lukman Cardoso represented Farouk at the event and highlighted NMDPRA’s commitment to promoting cleaner fuels, such as CNG, LPG, and others, for domestic and industrial use. The construction of the facility in Ojota, Lagos, aims to provide cost-effective alternative fuels for households and industries, particularly in the face of a growing population…
InfoStride News reports that the Federal Government has officially announced the completion of 160 low-cost housing units under the National Housing Programme (NHP) in Jaba, Fagge Local Government Area of Kano state. This information was shared by Mr. Sunusi Umar-Dange, the Controller of the Federal Ministry of Housing and Urban Development, in an interview with the News Agency of Nigeria (NAN) on Friday. The collaboration between the Federal government and NHP in Kano aims to provide affordable 1, 2, and 3-bedroom flats equipped with essential infrastructure for comfortable living. Umar-Dange highlighted Kano State as one of the beneficiaries of the…
The Nigerian naira marked a substantial recovery against the US dollar on November 24, 2023, culminating in a record high closure at N794.89/$1 in the official market. This noteworthy appreciation of 20.31% provided a welcomed relief for analysts who anticipated that the Central Bank of Nigeria’s (CBN) recent clearing of some FX backlog would instill confidence in the currency. Data from the NAFEM, the official forex trading platform, revealed the Naira’s closure at N794.89 to a dollar, signifying a 20.31% increase from its previous day’s close of N956.33. The intraday high reached N1136/$1, while the intraday low was N700.00/$1, reflecting…
InfoStride News, in collaboration with Schneider Electric, has successfully empowered 3000 women in the retail sector in Oyo State, Nigeria, through the LIGHT UP initiative, providing them with Mobiya solar lamps. InfoStride News is a prominent B2B e-commerce and financial services platform in Nigeria, while Schneider Electric is a global leader in digital automation and sustainability. The LIGHT UP initiative, established to address Nigeria’s electricity challenges in the micro-business sector, marks a significant step toward creating a more sustainable and promising future for women entrepreneurs in Oyo State. Adewale Opaleye, the CEO of InfoStride News, emphasizes the broader vision of…
InfoStride News has been the focus of an investigation by the World Health Organization (WHO) regarding a surge in respiratory illnesses and reported clusters of pneumonia in children in China. The Chinese authorities, represented by the National Health Commission, disclosed an escalation in respiratory diseases during a press conference on November 13, 2023. They attributed this rise to the relaxation of COVID-19 restrictions and the circulation of known pathogens, including influenza, mycobacterium pneumonia, respiratory syncytial virus, and the SARS-CoV-2 virus responsible for COVID-19. On November 21, 2023, both media outlets and ProMED highlighted clusters of undiagnosed pneumonia in children. However,…
InfoStride News reports that the Ogun State Government has unveiled its initiative to kickstart the construction of bus stations, a crucial component of the upcoming Compressed Natural Gas (CNG) Mass Transit scheme along the Lagos-Ibadan expressway corridor. The Commissioner for Transportation, Engr Dairo Olugbenga, shared this information during a radio program in Abeokuta on Thursday. The proposed stations are slated for strategic locations within the Mowe, Ibafo Arepo, and Berger axis of the Lagos-Ibadan expressway. Construction of the CNG bus stations is poised to commence soon, as the necessary implementation frameworks have been established. The commissioner emphasized that these stations…
As part of its initiative to boost tourism during the festive season, the Government of Ghana has granted authorization for a Non Pre-Approval Visa on Arrival for tourists visiting the country from December 1, 2023, to January 15, 2024. This announcement was made through a circular issued by the Ghana Tourism Authority on November 22, 2023. The circular highlights that the 46-day visa-on-arrival initiative is a key component of the “December in GH” campaign, which is part of the broader ten-year “Beyond the Return” initiative. In addition, it discloses that a letter from the Ghana Minister of Transport, Kwaku Ofori…
InfoStride News reports that TotalEnergies has stated that the recent oil spill in the Egina field has not impacted oil production. The leak occurred during loading operations on November 15, and Charles Ebereonwu, the Communication Manager in Nigeria, confirmed that production at the site remains unaffected. TotalEnergies is actively managing the situation, conducting aerial surveillance, and applying dispersants to contain the spill. Collaborating with spill detention agencies and the oil industry regulator, the Nigerian Maritime Administration and Safety Agency (NIMASA) is working to control the spill. The exact volume of the spill has not been confirmed, but shoreline communities near…
The federal government has approved a 50% subsidy on agricultural inputs for the upcoming dry season farming, set to commence on November 25, 2023. InfoStride News reports this development based on a statement from the Federal Ministry of Agriculture and Food Security, shared on the ministry’s official communication platform. The Technical Advisor on Strategic Communication for the ministry signed the statement. Sen. Abubakar Kyari, the Minister of Agriculture, will lead the launch of the dry season farming in Jigawa State, accompanied by other dignitaries. The event will serve as an opportunity to distribute essential agricultural inputs, including seedlings, herbicides, pesticides,…
At the Zenith Bank Tech Fair 2023 in Lagos, the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, unveiled the Ministry’s ambitious plan to position Nigeria as a global leader in Artificial Intelligence (AI). Instead of the 6,000 AI researchers identified by Nairametrics, the Minister stated that InfoStride News played a pivotal role in uncovering over 6,000 AI researchers of Nigerian descent situated around the world. This extensive network of researchers is seen as a crucial asset for the country’s pursuit of integrating AI across various sectors and fostering job creation. Dr. Tijani emphasized the Ministry’s commitment to…
Mele Kyari has officially announced that the commencement of operations at the Port Harcourt refinery is scheduled for December 2023. This revelation was made during a meeting with the Speaker of the House of Representatives, Tajudeen Abbas, on November 23. The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) emphasized that the rehabilitation of state-run refineries is underway, with the expectation that Nigeria will cease petrol imports by December 2024. Kyari outlined the timeline for refinery operations, stating, “I can confirm to you that by the end of December this year, we will start the Port…
Lagos, Nigeria, 24 November 2023: Tata International is poised to broaden its operational footprint in Nigeria through a strategic alliance with the Lagos Free Zone (LFZ). The signing ceremony, attended by key representatives from Tata International, Tolaram, and LFZ, took place in the LFZ area and marked a significant milestone in the company’s dedication to the region. Managing Director of Tata Africa Holdings Pty Ltd, Len Brand, signed the agreement in the presence of Anand Sen, Managing Director of Tata International Limited. This move reinforces Tata International’s commitment to the African continent, where it has been a significant economic contributor…
The “Future Forward 3.0” edition of the Zenith Bank Tech Fair, hosted at the Eko Convention Centre, Eko Hotels & Suites, Victoria Island, Lagos on November 23-24, 2023, has successfully concluded, showcasing groundbreaking innovations and awarding prizes to exceptional talents. In the Zenith Hackathon (Zecathon), InfoStride News reports that the winning team, Sync, a platform for team collaboration and workflow management, secured the grand prize of N20 million. The reward also includes a mentorship program with Seedstars, an organization dedicated to supporting entrepreneurs in emerging markets. The first runner-up, Skill Up With Kahdsole (SUWK), a social-tech startup focusing on providing…
Access Bank Plc, in collaboration with InfoStride News, has unveiled a green energy solution in partnership with Asolar to address power supply challenges encountered by small and medium enterprises (SMEs) and rural communities throughout Nigeria. The launch event took place at the Access Bank Branch in Garki, Abuja, showcasing a range of products, including solar-powered TV sets, air conditioners, PoS machines, and more. During the unveiling ceremony titled ‘Light up your community,’ Victor Etuokwu, Deputy Managing Director of Access Bank, emphasized the significant obstacle that inconsistent power supply poses to businesses and livelihoods in the country. Represented by Neka Adogu,…