During the launch of the Nigerian Banking Sector report by Afrinvest in Lagos on November 14, the country’s Finance Minister, Wale Edun, made a significant statement about the cost efficiency of Compressed Natural Gas (CNG) compared to petrol in Nigeria. Represented by Dr. Armstrong Takang, the Managing Director of the Ministry of Finance Incorporated (MoFI), Edun emphasized the potential economic benefits of increasing the adoption of CNG in the nation. In his address, Dr. Takang highlighted that the substitution of premium motor spirit (PMS) for CNG could be a game-changer. Observing the ongoing campaign for this transition, he pointed out…
Author: Temitope Nlewemchi
At the Intra-African Trade Fair held in Cairo, Egypt, a momentous financial agreement unfolded between AfreximBank and Oando PLC, Nigeria’s premier indigenous energy solutions provider. This pivotal deal involved the signing of an $800 million loan document, a financial maneuver strategically orchestrated to facilitate Oando’s acquisition of 100% of the shares of the Nigerian Agip Oil Company (NAOC). The significance of this acquisition was emphasized by the deal’s moderator, who characterized it as a “significant and strategic acquisition of 20% participating interest in the Nigerian Agip Oil Company Limited across OMIs 60, 61, 62, and 63.” This development traces its…
The Federal Government’s ambitious 3 million Technical Talent (3MTT) program, as highlighted by Dr. Aminu Maida, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), is poised to make a substantial impact on the digital and technical skills landscape among the nation’s youth. Dr. Maida shared these insights at the City Business News Summit held in Lagos, emphasizing the program’s potential to enhance the capabilities of young Nigerians by a significant 70% by the culmination of 2027. In a notable shift from conventional education initiatives, the 3MTT program addresses a pressing issue uncovered by a survey conducted by GetBundi,…
Arla Foods Nigeria, the renowned producer of Dano milk, has unveiled an ambitious 4-year energy transition plan. This strategic initiative aims to establish a solar power plant for its cutting-edge dairy farm located in Kaduna, with the objective of achieving a robust installed capacity of up to 750KVA by the year 2027. The revelation came from Peder Pedersen, the Managing Director of Arla Foods Nigeria, during his address at the commencement of the 2023 Nordic Nigeria Connect held on Tuesday at the Lagos Intercontinental Hotel. The event, themed “Innovation for a Greener Future,” underscored Arla Foods’ commitment to sustainable practices…
Nigeria is anticipated to become the top global rice importer in 2024, importing an estimated 2.1 million metric tons, as indicated by the most recent Rice Outlook report released by the Economic Research Service of the U.S. Department of Agriculture (USDA). This projection positions Nigeria among the major players in the global rice trade, contributing to an expected total global rice trade volume of approximately 52.85 million tons (milled basis) by 2024. According to the report, the dynamics of global rice trade are anticipated to undergo shifts, with increased exports expected from countries such as Brazil and South Korea, while…
UNICEF has recently announced a substantial commitment of one billion dollars aimed at addressing the alarming rise in teenage pregnancies in Nigeria. This move comes in response to the increasing number of adolescent girls becoming mothers before the age of 18, signaling a pressing health crisis that demands urgent and comprehensive intervention from the Nigerian government at all levels. Eduardo Celades, the Chief of Health at UNICEF Nigeria, highlighted the gravity of the situation, emphasizing that one in 10 girls in Nigeria is projected to become a mother before reaching the age of 18. The impact is particularly pronounced in…
Infostride News has received clarification from the Royal Embassy of Saudi Arabia regarding the recent visa cancellations and deportations of Nigerian citizens upon their entry into the Kingdom. The Saudi Embassy in Abuja issued a statement on Wednesday, shedding light on the circumstances surrounding the cancellation of visas for 177 Air Peace passengers from Nigeria upon their arrival in Jeddah. According to the statement, the visas were canceled because the deported Nigerians failed to comply with the entry conditions and requirements set by the Kingdom. The Saudi authorities asserted that these individuals had submitted incorrect information to obtain a category…
A continental tech giant forging digital connections across Africa, CSquared, recently secured a significant boost with a $25 million infusion of new equity. This strategic investment comes from the Convergence Partners Digital Infrastructure Fund (CPDIF), the International Finance Corporation (IFC), and the International Development Association’s (IDA). This financial injection represents the initial phase of a more extensive $65 million investment program, earmarked to fuel CSquared’s expansive growth initiatives. Simultaneously, CPDIF has acquired the stake in CSquared that was previously held by Google LLC. CSquared originated as a Google project in 2011, with a lofty mission to construct metropolitan fiber optic…
The Ministry of Health and Social Welfare’s Coordinating Ministry has recently introduced a groundbreaking health policy known as the National Task Shifting and Task-sharing (NTSTS) policy. This initiative aims to revolutionize the prevention and control of noncommunicable diseases (NCDs) in Nigeria, specifically through primary healthcare facilities. The NTSTS policy acts as a crucial supplement to the existing Task-shifting and Task-sharing policy for Essential Health Care Services implemented by the ministry. Dr. Anyaike Chukwuma, the Director of Public Health in the ministry, unveiled the policy, highlighting its strategic focus on addressing the escalating burden of non-communicable diseases, such as diabetes and…
The Federal government has initiated efforts to garner support from the Bill & Melinda Gates Foundation for substantial investments in the country’s agricultural sector, with the aim of mitigating the prevailing food crisis. Vice President Kashim Shettima conveyed this proposition during a meeting held on Wednesday with a delegation from the Bill & Melinda Gates Foundation, led by Mr. Rodger Voorhies, the President of its Global Growth & Opportunity Division. The meeting took place at the Presidential Villa in Abuja. Highlighting the urgency of the situation, Shettima emphasized the need for a strategic alliance to expedite the enhancement of agricultural…
Herbert Wigwe, the visionary Group Chief Executive Officer of Access Holding Plc, has embarked on a groundbreaking initiative by investing a substantial sum of $500 million to establish a revolutionary educational institution in Nigeria. This ambitious venture, named Wigwe University, aims to address the pressing skills gap in Africa’s most populous nation, particularly focusing on the fields of finance and technology. Wigwe envisions Wigwe University as a cutting-edge, hybrid, and technology-driven institution that will offer a diverse range of courses. The curriculum is designed to empower students with the skills essential for success in management, science and engineering, information technology,…
In a recent macroeconomic review for the first half of 2023 and an outlook for the second half, global financial advisory service firm KPMG, as reported by Infostride News, has forecasted a surge in Nigeria’s headline inflation, projecting it to reach 30% by December 2023. This prediction comes against the backdrop of Nigeria’s current headline inflation rate of 26.72% for the month of September. KPMG attributes this anticipated spike in prices of goods and services to recent reforms in the petroleum industry, particularly the removal of the fuel subsidy, and the unification of the foreign exchange market. According to the…
The Federal Government has recently expressed optimism about the prospect of immediate multi-billion-dollar investments flowing into Nigeria from Saudi Arabia. This positive outlook follows the signing of a significant agreement between the two nations to reestablish the Nigeria-Saudi Arabia Business Council. The initiative, originally proposed by Crown Prince Mohammed bin Salman bin Abdulaziz in 2019, was temporarily discontinued during the governance of former President Muhammadu Buhari. According to a statement, the Memorandum of Understanding (MoU) encompasses various sectors, including agriculture, oil and gas, energy, telecommunications, and technologies. The Minister of Budget and Economic Planning, Atiku Bagudu, shared insights during a…
Major Nigerian banks listed on the Nigerian Stock Exchange have reported a substantial increase in interest income during the first nine months of 2023, marked by a notable surge in their aggregate loan books, as revealed in data compiled by Infostride News from the unaudited financial statements of these financial institutions. Specifically, the ten commercial banks that have released their Q3 financials, witnessed their loans to customers grow from N22.66 trillion recorded as of December 2022 to an impressive N31.1 trillion by the end of September 2023. This signifies a remarkable 37.3% increase during the review period. Simultaneously, customer deposits…
The Nigerian Safety Investigation Bureau (NSIB) has initiated a comprehensive investigation into a significant aviation incident involving a Boeing 733 registered as 5N-BYQ and operated by Aero Contractors Airlines. The incident occurred upon the aircraft’s arrival at Nnamdi Azikiwe International Airport (NAIA) in Abuja, following its journey from Lagos at approximately 10:47 a.m. yesterday. James Odaudu, the Director of Public Affairs and Consumer Protection at NSIB, officially communicated this development through a statement. According to Odaudu, the aircraft, while attempting to vacate the runway via A4, encountered an issue where its nose wheel became lodged in the grass verge, resulting…
Diplomats representing the European Union and the UK are facing allegations of actively impeding proposals aimed at amplifying the voices of developing nations like Nigeria, Ghana, Brazil, and India in global tax negotiations. The ongoing discussions at the United Nations (UN) center around plans to augment the UN’s role in international tax deliberations, a move strongly advocated by low- and middle-income countries. Traditionally, the Organization for Economic Cooperation and Development (OECD) has been the primary convener of countries on matters of international taxation. However, criticism has arisen from officials in several developing economies who argue that the existing framework does…
The Federal Capital Territory Administration, in collaboration with the Ministerial Enforcement Task Force Team, has successfully generated a substantial sum of N2.5 billion within a ten-month period spanning from January to October. This financial boost primarily emanated from building plan approvals, land use contraventions, and the demolition of 11,705 shanty colonies across various locations in the Federal Capital Territory (FCT). This noteworthy initiative, led by the Department of Development Control, aimed to address illegal developments and shanties, with a particular focus on areas like Kabusa, Kasuwan Dare, Galadimawa junction, Mabushi scavenger colony, and Gudu District along Oladipo Diya Way. Mukhtar…
The African Development Bank (AfDB) has successfully concluded negotiations for the allocation of a substantial $618 million to Nigeria under the Investment in Digital and Creative Enterprise (i-DICE) initiative. This noteworthy development was disclosed by Mr. Lamin Barrow, the Country Director-General for Nigeria at the AfDB, during discussions with the News Agency of Nigeria (NAN) in Marrakesh, Morocco. Barrow revealed that the Nigerian government is currently in the process of selecting a fund manager to oversee the implementation of the i-DICE project. This financial injection comes in the wake of Nigeria’s launch of a $618 million technology fund specifically designed…
Depositors, creditors, and shareholders of 20 liquidated banks are on the verge of receiving a substantial windfall, with a projected total of approximately N61.63 billion earmarked as paid liquidation dividends. As of July 2023, the Nigeria Deposit Insurance Corporation (NDIC), according to a statement obtained by Infostride News, has disbursed about N45.45 billion, leaving an additional N16.18 billion slated for distribution among the stakeholders. Bashir Nuhu, the Director of Communication and Public Affairs at NDIC, underscored these developments in the released statement. It was highlighted that the closure of these banks was instigated by the Central Bank of Nigeria (CBN)…
Six years have passed since the Federal Government, under the leadership of the Ministry of Aviation, undertook the extensive reconstruction of the runway at the Nnamdi Azikiwe International Airport (NAIA) in Abuja. This significant endeavor, led by then Minister of Aviation, Sen. Hadi Sirika, involved a six-week shutdown of the airport to facilitate the total overhaul of the runway. The government invested a substantial sum of approximately N5.8 billion in these crucial repairs, emphasizing the critical nature of the airport’s infrastructure. Fast forward to the present, and Nairametrics can now confirm that the taxiway at NAIA is plagued with cracks,…