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…
Author: Temitope Nlewemchi
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…
In recent times, the Nigerian stock market has seen several companies emerging as potential sources of high dividend yields. This observation is based on comprehensive data extracted from the financial reports and corporate disclosures of these companies, shedding light on their commitment to providing attractive returns to shareholders. A recent analysis conducted by InfoStride News, focusing on dividend-paying companies, has unveiled a fascinating landscape of stocks offering compelling dividend yields. In this analysis, we delve into the dividend performance of these companies, revealing that approximately 21 of them achieved dividend yields that exceeded an impressive 10%. These stocks hail from…
JPMorgan Chase, one of the world’s largest and most influential financial institutions, recently released its financial report for the third quarter, revealing a substantial 35% increase in profits. This remarkable growth in net income, which surged from $9.7 billion in the previous year to an impressive $13.2 billion, exceeded the expectations of financial analysts, who had predicted earnings of approximately $11.9 billion. The driving forces behind this exceptional performance were multifaceted, encompassing higher interest rates and lower-than-normal loan losses. These factors combined to create a financial landscape that favored JPMorgan Chase during the quarter. However, the bank’s chief executive, Jamie…
Mr. Abebe Aemro Selassie, the Director of the African Department at the International Monetary Fund (IMF), has underscored the importance of ensuring that African economies are attractive to mitigate the mass emigration of Africans to other parts of the world. Selassie made these remarks during a press briefing on the Sub-Saharan Africa Regional Economic Outlook. Selassie’s statements come in the context of a growing phenomenon where individuals who should ideally be driving Africa’s development are leaving the continent in significant numbers, leading to a concerning brain drain. He emphasized the need to make African economies as attractive and robust as…
The National Broadcasting Commission (NBC) has articulated its intentions to engage with prominent social media platforms, including Google and TikTok, in order to address the issue of user misconduct. This announcement comes as part of the NBC’s efforts to explore the regulation of social media. In an interview with InfoStride News, Francisca Aiyetan, the Director of Broadcast Monitoring at NBC, emphasized the need for regulation, expressing concerns that unregulated social media could mislead young people. Aiyetan stated that the discussions and engagements with stakeholders are currently underway to pave the way for necessary regulations and legislation. According to Aiyetan, “Every…
The International Monetary Fund (IMF) has provided an assessment of Nigeria’s total public debt, which stands at N87.3 trillion ($113.4 billion), suggesting that it is manageable and does not pose immediate risks to the country’s economy. This statement was made by Abebe Selassie, the Director of the IMF African Department, during the presentation of the Economic Outlook for Sub-Saharan Africa at the ongoing IMF/World Bank Annual Meetings in Marrakech, Morocco. Selassie emphasized that Nigeria’s primary concern regarding its debt position is the rising cost of servicing this debt. Selassie pointed out that Nigeria faces significant challenges in generating enough tax…
The Minister of Works, Dave Umahi, has expressed grave concerns about the ongoing asphalt overlay work on the Third Mainland Bridge in Lagos. He has described this practice as dangerous and has raised alarms regarding the potential for vehicles to overturn due to the excessive thickness of the asphalt layer. The Third Mainland Bridge, a critical transport artery in Lagos, had been scheduled for emergency repairs due to the deteriorating state of some portions of the bridge, marked by significant bumps that had become a serious cause for concern. Minister Dave Umahi made these revelations during an appearance on a…
The University of Port Harcourt (Uniport) has marked a significant milestone in the realm of education and research with the official inauguration of the Africa Centre of Excellence in Public Health and Toxicological Research (ACE-PUTOR). This state-of-the-art facility, with an impressive investment exceeding N1 billion, stands as a testament to the university’s commitment to advancing both learning and research. At the helm of ACE-PUTOR is Professor Daprim Ogaji, the dedicated Director of this remarkable establishment. Professor Ogaji, while addressing the gathering during the inauguration ceremony, shed light on the profound significance of this center, emphasizing its pivotal role in providing…
The Minister of Defence, Mohammed Badaru, has made a significant announcement concerning the allocation of funds for security debarment allowance to military veterans by the Federal Government. This allocation, totaling a substantial N134,749,953,243.69, signifies the government’s unwavering commitment to the well-being of veterans who have served the nation in the Armed Forces of Nigeria. The phased rollout of the Security Debarment Allowance, which previously excluded veterans, commenced in January 2023. This noteworthy declaration was made during the ministerial briefing for the 2024 Armed Forces Remembrance Day celebration. Minister Badaru, during this event, underscored the government’s dedication to the welfare of…