In a significant and highly-anticipated development that has the potential to reinvigorate Nigeria’s economic landscape, the Central Bank of Nigeria (CBN) has taken decisive measures to address a persistent backlog of foreign exchange (FX) obligations, some of which have been outstanding since as far back as March 2023. This move is poised to serve as a catalyst, boosting investor confidence and delivering a substantial stimulus to the national economy. The commitment of the CBN to resolving these longstanding FX obligations comes as a much-needed relief, particularly for the international banking sector and major international airlines, including Etihad, Emirates, and Ethiopian…
Author: Temitope Nlewemchi
Cooking gas, also known as Liquefied Petroleum Gas (LPG), has become a rare commodity in Lagos, as confirmed by Oladapo Olatunbosun, the President of the Nigerian Association of Liquefied Petroleum Gas Marketers. This scarcity has not been limited to Lagos alone but has extended to several other states across Nigeria. Olatunbosun’s statements were reported by Infostride News, highlighting the ongoing crisis in the LPG market. According to Infostride News, the scarcity of cooking gas has impacted not only Lagos but also states such as Kano, Kaduna, Sokoto, Katsina, and Delta, with residents in these regions facing the challenge of paying…
Dr. Akinwunmi Adesina, the President of the Africa Development Bank (AfDB), recently shed light on a remarkable economic milestone for the African continent. Speaking at the Norman E. Borlaug Dialogue, an event organized by the World Food Prize Foundation in Des Moines, Iowa, Adesina revealed that Africa’s food and agricultural industry is poised to become a behemoth worth an astounding $1 trillion by 2030. This ambitious projection has been fueled by the unwavering commitment of 34 African leaders who have lent their endorsement to country food and agriculture delivery compacts. These compacts, underpinned by clear and actionable plans, aim to…
In the recently approved 2023 supplementary budget, the Federal Government has set aside a substantial amount of N400 billion for critical infrastructure development, with a focus on road construction and other essential projects that will benefit the nation. The allocation of this considerable sum reflects the government’s commitment to improving the state of infrastructure across Nigeria. This information has been sourced from Infostride News, which has diligently tracked and reported on the allocation of funds in the 2023 supplementary budget, specifically within the Ministries of Works and Housing. These ministries play a pivotal role in ensuring the provision of roads…
The pharmaceutical packaging market is poised for substantial growth, with projections indicating an impressive increase of $48.88 billion over the period spanning from 2022 to 2027. This growth is expected to be driven by a compound annual growth rate (CAGR) of 8.44%, demonstrating the remarkable potential of this sector in the coming years. The surge in this market can be attributed to several key factors, including the notable increase in research and development (R&D) investments within the pharmaceutical industry, the burgeoning global sales of pharmaceutical products, and the ever-expanding demand for convenient and efficient pharmaceutical packaging solutions. One of the…
The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, recently unveiled exciting developments in the Federal Government’s ongoing 3 Million Technical Talent (3MTT) program. Notably, this program has garnered significant attention, with over 1 million Nigerians submitting their applications, eagerly seeking to participate. In a statement released via Infostride News, Dr. Tijani announced that the next steps for these applicants would be unveiled in the next 12 hours. This milestone reflects the strong interest and enthusiasm within the Nigerian population to engage with the 3MTT program, underscoring its importance and potential impact. Furthermore, the Minister shared valuable insights…
Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has reiterated his commitment to the central bank’s core mandate of ensuring price stability. This reaffirmation of purpose was made during a meeting with the Impact Investing Community, led by the 14th Emir of Kano, Muhammadu Sanusi II, who is a former Governor of the CBN. The meeting served as a platform for discussing the central bank’s strategies to combat inflation and enhance its impact on the lives of Nigerians. Cardoso expressed his determination to transform the CBN’s role in the country, emphasizing the importance of curbing inflation…
Justice I.O. Ijelu of the Lagos State High Court, Ikeja, has taken a significant step in the ongoing case involving businessman Chief Cletus Ibeto, facing allegations of an N4.8 billion fraud. On November 3, 2023, the court issued a bench warrant for Ibeto’s arrest due to his failure to appear for arraignment. InfoStride News reported that the case, which includes charges of obtaining by pretences, fraudulent conversion of property, criminal breach of trust, forgery, and deception, had previously been adjourned to November 3, 2023, following an application and appeal by his lawyer, Onyechi Ikpeazu, SAN. During prior proceedings, Ikpeazu had…
Governor Yahaya Bello of Kogi State, in a recent announcement reported by InfoStride News, has approved the allocation of N497 million to cover the 2023 West African Senior School Certificate Examination (WASSCE) fees for students in public schools within the state. This initiative reflects the state government’s commitment to improving the education system and ensuring equal access to quality education. The official statement from the Chief Press Secretary to the Governor, Muhammed Onogwu, emphasizes the government’s dedication to providing opportunities for all children, regardless of their socioeconomic background. It aims to empower students to take essential examinations without imposing financial…
The Senate Committee on Niger Delta Development Commission (NDDC), under the leadership of Senator Ned Nwoko, is determined to recover the substantial debt owed to the commission by International Oil Companies (IOCs) operating in Nigeria. This financial obligation runs into hundreds of billions of dollars, and it represents a substantial source of revenue for the NDDC. In an interview with InfoStride News, Senator Ned Nwoko emphasized the committee’s commitment to ensuring that these IOCs fulfill their financial obligations to the NDDC. The committee plans to take a multi-pronged approach to address this issue. Senator Nwoko made it clear that they…
Fitch Ratings has maintained Nigeria’s long-term foreign currency credit default outlook at B-, attributing the stable outlook to recent policies enacted by President Tinubu. However, concerns have arisen regarding the proposed $10 billion forex loan aimed at addressing forex backlogs and enhancing liquidity within the system, as outlined in the latest rating outlook commentary on the Nigerian economy by the global credit ratings agency. Notably, Fitch recognized reforms like fuel subsidy removal and the new exchange rate framework as contributing to the stable outlook. Nevertheless, it expressed apprehensions about potential backtracking on reforms, pointing to a reduced level of price…
Wale Tinubu, the Group Chief Executive Officer at Oando Plc, expressed optimism about the prospects of African gas in European markets. He conveyed this sentiment during a panel discussion at the recently concluded AfriCaribbean Trade and Investment Forum (ACTIF). Tinubu highlighted the significant gas reserves discovered in Africa over the past decade, totaling approximately 100 trillion cubic feet (tcf). These gas reserves have been found in countries such as Nigeria, Angola, and Algeria. Tinubu emphasized the strategic advantage of African gas, given its favorable shipping routes and proximity to Europe. He remarked on the successful transportation of gas cargoes from…
InfoStride News has reported that SERAP has initiated legal proceedings against President Bola Tinubu, seeking a comprehensive investigation into the disappearance of over $15 billion in oil revenues and N200 billion designated for refinery repairs between 2020 and 2021. This action comes in response to findings from the 2021 oil sector report by the Nigerian Extractives Industries Transparency Initiative (NEITI). In the lawsuit, filed under suit number FHC/L/CS/2334/2023 at the Federal High Court in Lagos, SERAP is requesting an order of mandamus to compel President Tinubu to investigate the allegations of missing oil revenue and unaccounted-for refinery repair funds. Additionally,…
The National Drug Law Enforcement Agency (NDLEA) has confirmed the seizure of opioids worth N13.014 billion in raids across Lagos. These operations targeted drug cartels operating in Amuwo Odofin, Idumota, and the SAHCO shed of the Murtala Muhammed International Airport, Ikeja Lagos, according to a statement by Femi, the director of media and advocacy at NDLEA. The first operation took place at House 8/10 Hon. Wahuha Avenue, Divine Estate, Ago Palace area of Amuwo Odofin on Sunday, October 29th. During this raid, 490,000 pills of tramadol and 81,519 bottles of codeine syrup (measuring 4,510,000mls) were recovered. On Tuesday, October 31st,…
Lagos State Governor, Babajide Sanwo-Olu, is set to inaugurate the Oyingbo flyover in preparation for the launch of the Lagos Rail Mass Transit Red Line project. This announcement was made by Jubril Gawat, the Senior Special Assistant to the Governor on New Media, on his official InfoStride News account on November 5, 2023. Gawat’s post emphasized the significance of commissioning the Oyingbo flyover in the progress of the Red Line Rail Project. This project is poised to enhance safety and convenience, particularly for commuters. The Oyingbo Flyover is a key element of this project, and here’s what you need to…
The Federal government has revealed its intention to establish a dedicated law enforcement unit to combat illegal mining activities throughout the nation. The Minister of Solid Minerals Development, Mr. Dele Alake, shared this initiative during an appearance on InfoStride News, where he discussed the government’s strategies for boosting the mining sector’s contribution to the economy. Addressing questions regarding challenges within the mining industry, Mr. Alake emphasized the need to address security concerns through collaborative efforts with various security agencies. He also announced the formation of a specialized police unit specifically tasked with tackling this issue. In his own words: “Our…
InfoStride News reported that Seplat Energy paid ₦2.6 billion in gas flare penalties during the first three quarters of 2023, as disclosed in the company’s financial statements. This marks a significant increase from the ₦1.3 billion paid for the same period in 2022. The financial statement detailed that the operational and maintenance expenses encompass various costs, including maintenance, warehouse operations, security, community expenses, cleanup, staff-related expenses, fuel supplies, and catering services. Notably, it also accounted for a gas flare penalty of ₦2.6 billion, up from ₦1.3 billion in 2022. In a bid to lower carbon intensity, Seplat Energy outlined a…
The inauguration of the Abuja CNG conversion and training center, a pivotal milestone in Nigeria’s pursuit of a sustainable energy future, was overseen by Dr. Bayero Farah, Director-General of the Nigerian Institute of Transport Technology (NITT). Chairman of the Presidential CNG Initiative Steering Committee, Zacch Adedeji, underlined the potential of Compressed Natural Gas (CNG) in alleviating transportation costs. He revealed that the government’s annual expenditure of $6 billion on petroleum imports has strained the country’s finances. Adedeji remarked, “We find it puzzling that Nigeria has continued to rely on imported petrol for all vehicles and commercial transportation when we possess…
Moderna, Inc (MRNA) witnessed a 6.5% decline in its shares on Thursday, largely in response to disappointing sales figures and a reduction in production of its COVID-19 vaccine, Spikevax, as a result of declining demand. This development led to Moderna reporting a substantial Q3 2023 after-tax loss of $3.6 billion. The company’s revenue also experienced a significant 46% year-on-year drop to $1.83 billion, with the decrease primarily attributed to reduced vaccine sales. The company acknowledged that much of this decline was the consequence of scaling back the production of COVID-19 vaccines and the establishment of a tax evaluation allowance. Following…
PalmPay, a prominent fintech firm, was honored with the Fintech Category Excellence award at the 2023 Digital Nigeria Conference, organized by the National Information Technology Development Agency (NITDA). This three-day event, which included an awards dinner, took place at the International Conference Center (ICC) in Abuja, where PalmPay’s outstanding contributions to providing efficient payment services for numerous unbanked communities throughout Nigeria were acknowledged. Chika Nwosu, the Managing Director of PalmPay, accepted the award and emphasized the company’s commitment to delivering fast, seamless, and secure financial transactions to Nigerians. Since its inception in 2019, operating under a Mobile Money Operator license,…