The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has unveiled its ambitious plan to embark on an extensive project-tracking endeavor, covering a total of 1,932 constituency and executive projects distributed across 25 states and the Federal Capital Territory (FCT). This significant initiative is aimed at scrutinizing projects valued at a staggering N500 billion, all of which were initiated in 2019 within these 25 states and the FCT. The exercise is slated to commence on the 16th of October and will span all six geopolitical zones of Nigeria, representing a substantial nationwide effort to enhance transparency and accountability in…
Author: Temitope Nlewemchi
Bitcoin has broken its four-week streak of price declines, marking its first weekly gain since August. The largest cryptocurrency by market value has seen an increase of approximately 2.5% since the previous Saturday, reaching a price of around $26,458. As of the time of this writing, Bitcoin is trading at $26,468, and market enthusiasts are setting their sights on the $27,000 threshold. This surge in Bitcoin’s price takes it to its highest level this month, alleviating concerns that a potential September downturn could impact its impressive year-to-date performance. However, it’s worth noting that formidable resistance is emerging for Bitcoin. The…
The cryptocurrency market continues to display a bullish reversal trend, remaining resilient in the face of an uptick in the value of the U.S. dollar and regulatory delays surrounding the approval of a Bitcoin spot exchange-traded fund (ETF). This resilience has been particularly notable in the most valuable cryptocurrency, Bitcoin, which has seen an approximate 70% surge in its price since November 2022. This remarkable price surge has defied concerns related to rising interest rates and has been further propelled by the increasing optimism surrounding cryptocurrency adoption in the mortgage sector. In recent months, the U.S. dollar index, a metric…
The global coal industry is on the cusp of a significant transformation, and the repercussions are poised to be profound. According to research conducted by Global Energy Monitor (GEM), even without further international commitments to phase out fossil fuels, the coal sector may be compelled to shed nearly one million jobs by the year 2050. This transformation will be most acutely felt in China and India, two countries where the coal industry has played a pivotal role in economic growth. In the coming decades, it is anticipated that numerous labor-intensive coal mines will reach the end of their operational lives.…
InfoStride News reports that the Nigerian Liquefied Natural Gas (NLNG) Limited has officially declared that the ambitious Train 8 project will no longer be feasible due to a critical challenge: the unavailability of feed gas supply in the country. This revelation comes as a significant setback for the NLNG, which had aspired to expand its gas processing capacity through the construction of additional infrastructure as part of Train 8. This announcement was made during a recent visit to Bonny by the Minister for Gas, Ekperikpe Ekpo, where the NLNG Managing Director, Dr. Philip Mshelbila, shared the disheartening news. Dr. Mshelbila…
The Organization of Petroleum Exporting Countries (OPEC) has released its World Oil Outlook, and one of the notable revelations from this report is the anticipation of long-term refinery closures in Africa. This development carries significant implications for the region’s oil and energy sector. OPEC’s report, launched in Saudi Arabia on October 9, paints a complex picture of the future of Africa’s refineries. The World Oil Outlook delves into the dynamics of refinery operations and the anticipated trends beyond the year 2028. Rather than providing a clear prediction of specific closures, it offers insights into implied refinery closures. These implications are…
Starlink, the ambitious internet venture spearheaded by Elon Musk, is setting the stage for a groundbreaking expansion. The company recently unveiled its plans to offer services that will enable mobile phones to directly connect to its constellation of satellites. With this move, Starlink is poised to transform the global telecommunications landscape and provide ubiquitous connectivity, transcending geographic limitations. According to information released by Starlink on its website, the service will be rolled out in phases. Texting services are scheduled for launch in 2024, while voice, data, and IoT (Internet of Things) services are expected to follow suit in 2025. Notably,…
In the first half of 2023, the nine oil-producing states in Nigeria experienced a significant boost in their finances, thanks to a substantial increase in the 13% oil derivatives share from the federal government. During this period, they collectively received a staggering sum of N544.9 billion, representing a notable surge of 44.2% when compared to the N377.9 billion allocated in the corresponding period of 2022. This financial windfall, however, coincided with an alarming rise in the states’ debt profiles, underscoring the paradox of mounting debt amid a challenging fiscal environment. This comprehensive analysis is derived from a study conducted by…
On Thursday, October 12, Nigeria’s Minister for Gas, Ekperikpe Ekpo, issued a strong call to action to the contractors involved in the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project, urging them to ensure the project’s readiness by July or August 2024. This significant development was communicated via a statement shared on the minister’s official Twitter account. Minister Ekperikpe Ekpo, who personally inspected the construction site during his tour, expressed his concerns about the sluggish pace of work on the project. In particular, he sought answers from Oilserve Limited, the contractor responsible for handling the first segment of this monumental undertaking, regarding the…
The Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has achieved a significant milestone by granting its first petroleum exploration license under the Petroleum Industry Act (PIA) of 2021. This groundbreaking development, reported by InfoStride News on October 12, marks a crucial step in the implementation of the PIA and demonstrates the government’s commitment to fostering growth and investment in the Nigerian oil and gas sector. The inaugural Petroleum Exploration License was awarded to TGS-PetroData Offshore Services Limited, a company that has been actively involved in geophysical survey projects. The issuance of this license aligns with the provisions…
In 2022, the Nigerian Federal Government grappled with a significant fiscal crisis, concluding the year with a staggering fiscal deficit of N7.5 trillion, which amounted to 129% of the actual revenue collected. Initially, the government had set a revenue target of N9 trillion, with a projected deficit of N5.2 trillion. This fiscal conundrum comes to light through data extracted from the 2022 budget implementation report released by the Budget Office. The surging fiscal deficit underlines the country’s ongoing fiscal challenge as it strives to balance its budget effectively. Analyzing the Data As per the budget office’s data, the federal government’s…
The exchange rate dynamics in Nigeria have witnessed a disconcerting trend in recent times, with the naira consistently losing ground against the US dollar. This depreciation has been exacerbated by the persistent disparity between the official and parallel markets. As of the latest reports obtained from InfoStride News, the exchange rate has plunged to N1,040 per dollar on the parallel market, primarily due to the unrelenting demand for foreign exchange outstripping its supply. Forex traders interviewed by InfoStride News disclosed that the quotes for inflow transactions currently fluctuate within the range of N1,035 to N1,045 per dollar. This range is…
In Nigeria, the official foreign exchange market has been grappling with a significant challenge—struggling to attain a daily forex turnover exceeding the $300 million threshold, a level last observed during the initial phases of forex unification. This lackluster performance serves as a stark indicator of the waning interest that forex traders have shown in Nigeria’s official exchange rate market. Upon conducting a meticulous analysis, it becomes evident that the average daily turnover in the Investor and Exporter (I&E) window, where official forex transactions transpire, has lingered just slightly above the $100 million mark since the inception of the exchange rate…
In a significant development, institutional investors hailing from the United States, gathered under the banner of the Institutional Investor Network, have expressed a keen interest in expanding their involvement in the Nigerian capital market. This endeavor reflects a promising avenue for enhanced cooperation and investment between the United States and Nigeria. The endeavor was the focus of a substantive discussion, spearheaded by the Nigerian Exchange Limited (NGX), and was facilitated by Chapel Hill Denham, with the delegation from the United States composed of prominent entities such as the United States Agency for International Development (USAID), Prosper Africa, and Power Africa.…
The dollar exhibited relative stability but remained close to a two-week low on Thursday, largely influenced by the Federal Reserve’s cautious approach, as investors eagerly awaited crucial data regarding US inflation. As the dollar’s dynamics continue to be a focal point of global financial markets, the naira faced challenges in the parallel market due to persistently high demand exceeding the available supply. Forex traders were seen trading the naira at N1045/$ against the dollar, clearly indicating growing scarcity. This recent downward trend in the naira’s value against the US dollar has been a significant cause for concern. Since the mid-June…
The Central Bank of Nigeria (CBN) has taken a significant step in revising its policies and regulations concerning foreign exchange by lifting the ban on 43 items that were previously restricted under the leadership of Godwin Emefiele. The announcement came through a circular issued by the apex bank on October 12, 2023, signifying a shift in the CBN’s approach to the country’s forex market. In its circular, the CBN emphasized its commitment to a market-driven exchange rate system, championing the ‘Willing Buyer – Willing Seller’ principle. This change in approach signals a fundamental shift from the previous era, which was…
The Purchasing Managers’ Index (PMI) is an invaluable economic indicator, offering crucial insights into the economic well-being of Nigeria’s manufacturing and services sectors. In September 2023, Nigeria’s overall PMI registered at 51.1 points, surpassing the crucial 50.0-point threshold. This figure represented a notable 90 basis points (bps) increase from the previous month, which saw the PMI at a five-month low of 50.2 in August 2023. The September uptick in PMI was accompanied by a modest rise in business activities, marking the sixth consecutive month of growth in new orders. This growth in business activity can be attributed, at least in…
Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has raised concerns about the escalating conflict between Israel and Palestine, describing it as a new factor casting a shadow over the global economy. She made these comments during a press conference at the ongoing World Bank/IMF summit held in Marakesh, Morocco. Georgieva’s remarks underscore the potential economic implications of the conflict, especially in relation to oil markets and their influence on the broader international financial landscape. She emphasized the significance of closely monitoring the evolving situation and its specific impact on oil markets. “In terms of economic impact, we…
Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has unveiled a promising outlook for the economic policies proposed by President Bola Tinubu’s administration. According to Cardoso, these policies have the potential to propel Nigeria’s Gross Domestic Product (GDP) to an impressive $1 trillion within the span of eight years. This proclamation, made on October 12, 2023, while Cardoso was in Marrakesh, Western Morocco, during the 2023 World Bank/IMF Annual Meetings, is undoubtedly a bold vision for the nation’s economic future. In his address, Cardoso emphasized that the CBN is committed to aligning its focus with the broader…
A bill with the potential to significantly alter the landscape of retirement within the armed forces has achieved a noteworthy milestone by successfully passing its second reading in the House of Representatives. Co-sponsored by Gaza Gbefwi, a legislator representing Nasarawa, and supported by seven other lawmakers, this proposed legislation aims to elevate the retirement age for members of the armed forces in Nigeria. Specifically, it seeks to raise the retirement age from 60 to 65 and extend the number of years of service from 35 to 40, marking a significant shift in the established norms governing military service. This legislative…