President Bola Tinubu has taken a significant step in fulfilling his promise by formally launching the Conditional Cash Transfer Program, which is set to benefit 15 million households across Nigeria. These households are expected to receive N75,000 over the course of three months, as part of an initiative to combat poverty in the country. The official launch of this program took place during an event commemorating the International Day for the Eradication of Poverty. Representing President Tinubu at the launch was Sen. George Akume, the Secretary to the Government of the Federation. Sen. Akume reiterated the current administration’s commitment to…
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Christoffel Wiese, a prominent South African billionaire with an 11.58% stake in the retail giant Shoprite, which was previously valued at over $900 million as of September 10th, has recently made a strategic decision to reduce his ownership in the company. This significant development was disclosed in an announcement posted on InfoStride News. Wiese’s stake in Shoprite had long been a substantial component of his impressive $1.1 billion fortune, establishing his position as one of Africa’s wealthiest individuals. However, his decision to reduce his involvement with the retail giant has raised eyebrows and garnered attention in financial circles. This strategic…
The Chair of the US Securities and Exchange Commission (SEC), Gary Gensler, has issued a stark warning regarding the urgent need for financial regulators to address the risks associated with the increasing concentration of power in artificial intelligence (AI) platforms. He emphasized that if swift intervention is not undertaken, it is “nearly unavoidable” that AI could be the catalyst for a financial crisis within the next decade. Gensler’s concerns revolve around the challenges that AI poses to the stability of the financial system, with particular emphasis on the role of powerful AI platforms. According to a report by InfoStride News,…
The Chartered Institute of Bankers (CIBN) has taken a pivotal step in the realm of financial services by introducing a comprehensive agency banking certification program tailored for a range of professionals within the industry. These programs cater to a diverse set of roles, including point of sale (POS) agents, National Identification Number (NIN) and Bank Verification Number (BVN) agents, agent network managers, customer service officers, and personnel engaged in agent banking activities within both traditional banks and innovative FinTech companies. The launch of the Agent Banking Certification (ABC) program is a significant milestone aimed at addressing capacity-related challenges that have…
A comprehensive examination of petrol stations in Abuja during the past weekend has unveiled a notable decline in the demand for this essential commodity among Nigerian consumers. The diminishing interest in purchasing petrol for personal vehicles is indicative of several concurrent trends that have unfolded in the Federal Capital Territory (FCT). Notably, the surge in petrol prices, combined with the inherent inconveniences and stresses associated with queuing at filling stations, has propelled many Nigerians to seek alternative transportation solutions. To provide a more detailed perspective on these developments, InfoStride News undertook a review of the evolving situation in the FCT.…
Dangote Sugar Refinery (DSR) has been a significant driver of economic growth and employment in Numan, Adamawa State, employing no fewer than 7,000 workers annually through its Backward Integration Project (BIP). The BIP project has not only served as a pivotal source of direct employment but has also generated opportunities for more than 7,000 youths during the peak of the production season. Notably, the Dangote Group holds the distinction of being Nigeria’s largest private sector employer, surpassing even government employment figures. Bello Abdullahi Dan-Musa, the Group General Manager of Operations at Dangote Sugar Refinery, shared these insights during a media…
Web3Ladies, a web3 community dedicated to nurturing the next generation of female disruptors, has achieved a significant milestone by securing a grant of $3,000 from Yellow Card. This grant will support their initiative to train 500 women in Nigeria in tech and blockchain skills. In an era marked by technological innovation and rapid digital transformation, this partnership is poised to make a substantial impact. Yellow Card, in announcing this grant, underlined the importance of addressing the gender gap prevalent in the tech industry, which remains largely male-dominated. Despite Nigeria’s vibrant entrepreneurial spirit, only 15% of tech startup co-founders in the…
Africa’s leading digital entrepreneur and Chairman, of Zinox Group, Leo Stan Ekeh, has once again urged young business owners and startups in Africa to demonstrate a high level of integrity and diligence when executing government contracts as the quality of their country defines their future. Ekeh made this call during a recent mentorship programme with a select group of African foreign-based postgraduate students in the latest edition of an annual lecture series aimed at grooming the next generation of certified entrepreneurs. Speaking during the virtual session which was monitored online, Ekeh counselled the participants to shun the overwhelming temptation to…
In the most recent monthly report released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the nation’s average oil production surged to a 20-month peak in September, hitting a substantial 1.57 million barrels per day (mbpd). This noteworthy increase in oil production is indicative of a promising upturn in Nigeria’s oil sector, offering a glimmer of hope in a landscape that has been fraught with challenges and disappointments. The report presented a remarkable 11.1% upswing in crude oil output, encompassing condensate, when compared to the figures from August. More impressively, when juxtaposed with the lowest production levels recorded in April,…
The International Monetary Fund (IMF) has pointed out that the economic deceleration in China will have the most significant repercussions on African oil-exporting nations. This slowdown in the Chinese economy is expected to significantly affect the economic prospects of countries in Sub-Saharan Africa, with oil-dependent nations feeling the brunt of the impact. The IMF’s analysis underscores the close connection between China’s economic health and the fortunes of Sub-Saharan Africa. It reveals that a mere one-percentage-point decrease in China’s real Gross Domestic Product (GDP) growth leads to an approximately 0.25 percentage-point decline in total GDP growth across Sub-Saharan Africa within a…
Australia’s online safety regulator, eSafety, has imposed a fine of $610,500 (AUD) on X, formerly known as Twitter, for its failure to respond to inquiries regarding reports of child sexual exploitation on its platform. In addition, the search giant, Google, was also found guilty of a similar offense but received a formal warning, with eSafety noting that Google’s case was not as severe as that of X. X, which is currently contending with disinformation allegations from the European Union, has been given a 28-day window “to request the withdrawal of the infringement notice or to pay the penalty.” In an…
Wale Edun, who serves as Nigeria’s Minister of Finance and also holds the position of Coordinating Minister for the Economy, has revealed that the Nigerian government is in active negotiations with the World Bank to secure a substantial $1.5 billion concessionary loan intended to provide crucial budgetary support. The announcement by Edun indicates that these negotiations are at an advanced stage and the loan approval may be imminent. The minister made this disclosure during a press conference held alongside the World Bank and International Monetary Fund (IMF) annual meetings, where the global financial landscape is assessed, and strategies are formulated.…
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has articulated a commitment by President Tinubu to uphold the statutory limits when seeking budget support facilities from the Central Bank of Nigeria (CBN) through the Ways and Means Advances. This declaration was made during the ongoing World Bank/International Monetary Fund (IMF) Annual Meetings held in Marrakech, Morocco. Edun underscored the government’s dedication to both the “spirit and the letter” of CBN’s autonomy, ensuring a responsible and transparent approach to fiscal matters. Nevertheless, Edun revealed that Nigeria is currently engaged in discussions with the World Bank to…
Nigeria’s economic landscape has been significantly impacted by the latest data release from the National Bureau of Statistics (NBS) in their recently unveiled Consumer Price Index (CPI) report for September 2023. The statistics reveal a surge in inflation, which has climbed to 26.72%, marking a 0.92% increase from the previous month’s rate of 25.80%. This concerning uptick in inflation has sent ripples throughout the nation, with various sectors and individuals feeling the financial strain of this economic phenomenon. The underlying factors contributing to this surge in inflation are primarily linked to the removal of petrol subsidies and the devaluation of…
The Federal Government of Nigeria has set its sights on a substantial N26 trillion budget for the fiscal year 2024, marking a significant increase compared to the N21.8 trillion budget currently in operation and approved during the tenure of President Muhammadu Buhari. This ambitious financial plan was unveiled following the conclusion of a Federal Executive Council (FEC) meeting held at the presidential villa in Abuja. Minister of Planning and Budget, Atiku Bagudu, conveyed the government’s intention to present the budget to the National Assembly for approval before the end of the year. Speaking with State House Correspondents in Abuja, Minister…
In its October 2023 special issue report on Africa, the International Monetary Fund (IMF) has drawn attention to a pressing concern: food insecurity. Within the vast expanse of the African continent, the IMF has highlighted a staggering statistic, revealing that a staggering 158 million people are grappling with food insecurity. This sobering revelation underscores the immense challenges facing the region, where approximately 13% of the population is struggling to access a consistent source of nourishment. The IMF’s report delves deeper into the intricate tapestry of factors that contribute to this distressing situation. It notes that within Africa, only a select…
The Federal Ministry of Information and National Orientation has announced a potential collaboration between the Federal Government of Nigeria and the Government of Denmark on Defense Cooperation. The discussion surrounding this partnership gained momentum during a meeting between the Nigerian Defence Minister, Dr. Bello Muhammed Matawalle, and the Denmark Ambassador to Nigeria, Amb. Sune Krogstrup. Dr. Bello Muhammed Matawalle, the Minister of State for Defense, expressed the readiness of the Federal Government of Nigeria to engage in Defense Cooperation with Denmark. He acknowledged the longstanding friendly relationship between the two nations, noting that it had predominantly revolved around various sectors,…
Prominent human rights lawyer and Senior Advocate of Nigeria, Femi Falana, recently unveiled a startling revelation regarding the Central Bank of Nigeria’s (CBN) currency redesign policy. In what has become a topic of significant concern and public discourse, Mr. Falana disclosed that the CBN, under the leadership of former Governor Godwin Emefiele, had collected an astonishing sum of approximately N3.2 trillion from various sources and customers but only printed a fraction, totaling N402 billion, during the implementation of its naira redesign policy. This revelation has shed light on a contentious and distressing chapter in Nigeria’s financial history. The naira redesign…
In a notable reversal of stance, the Central Bank of Nigeria (CBN) has attributed the widening disparity between official and black market exchange rates to the 43 banned items implemented in 2015. This shift in perspective was communicated through a press release titled “WHAT YOU NEED TO KNOW ABOUT CBN’S LIFTING OF FOREX RESTRICTIONS ON 43 ITEMS,” which was published on the CBN’s official website. This article delves into the implications and potential consequences of the CBN’s decision to lift the ban on these 43 items, highlighting the impact it may have on the forex market. The central bank has…