In March 2024, Nigeria’s inflation rate increased to 33.20% from 31.70% recorded in February 2024. However, food inflation for the month under review clocked 40.01% from 37.92% recorded in the previous month. By geopolitical zone, food inflation was highest in the South-South zone at 43.71% closely trailed by the South-East at 42.72% and the South-West at 42.08%. Also, the North-west geopolitical zone recorded the lowest food inflation rate for the month at 35.42%. Top 10 states where food is most expensive in Nigeria in March 2024, according to the National Bureau of Statistics are: Enugu State– Its year-on-year food inflation…
Author: Temitope N.
The World Bank has identified Nigeria and 14 other countries as having weak credit ratings for sovereign bonds. This is contained in its latest report, “The Great Reversal: Prospects, Risks, and Policies in International Development Association (IDA) Countries.” The list includes Cameroon, Democratic Republic of Congo, Republic of Congo, Ethiopia, Ghana, Lao People’s Democratic Republic, Maldives, Mali, Mozambique, Niger, Nigeria, Pakistan, Solomon Islands, Sri Lanka, and Zambia, all classified as needing substantial support due to their lower income status. The report read: “Among IDA countries, 15 have weak credit ratings for sovereign bonds: Cameroon, Democratic Republic of Congo, Republic of Congo,…
The United States (US) President, Joe Biden, has revealed that American forces helped to intercept and bring down nearly all the drones and missiles fired by Iran at Israel, reaffirming his “ironclad” support to Prime Minister Benjamin Netanyahu. This follows the reported launch of over 300 drones and missiles by the Iranian authority towards Israel in an unprecedented attack overnight, injuring at least 12 people, according to an Israeli army spokesman. This disclosure is contained in a statement issued by Biden where he stated that he would convene his fellow leaders of the G7 group of wealthy nations on Sunday…
The Nigerian government of President Bola Tinubu has urged Israel and Islamic Republic of Iran to exercise restraint amid its ongoing conflict. The Nigerian side maintained that de-escalation and peaceful resolution would guarantee peace and security across the region and the world at large. This was disclosed in a statement from the Federal Ministry of Foreign Affairs, signed by its spokesperson, Mrs. Francisca K. Omayuli and made available to The infostride News. Omayuli expressed optimism in the diplomatic efforts that is underway. The statement dated April 14, 2024, reads, “The Federal Government of Nigeria joins other Members of the International…
Chidi Iwuchukwu, Head Investment Banking West Africa, Rand Merchant Bank has said that Nigeria needs a consistent policy and regulatory framework as well as inward investing in its business ecosystem. He said this while speaking at the just conclude Doing Business in Nigeria Conference on Saturday, during a panel session. Iwuchukwu emphasized the importance of understanding the nuances of Nigeria’s investment landscape before diving in. He highlighted the need for “inward investing,” stressing that patient capital is what the country requires. He advised investors, both local and foreign, to be patient as quick returns, especially within five years, might pose challenges…
The Nigerian Communications Satellite Limited (Nigcomsat) is seeking to form a partnership with the Lagos Metropolitan Area Transport Authority (LAMATA) to enhance internet connectivity for commuters using the Lagos rail transit system. The Managing Director of Nigcomsat, Mrs. Jane Nkechi Egerton-Idehen, led the organization’s Lagos regional business office on a strategic visit to LAMATA on Monday to discuss this potential collaboration, as reported in a statement on LAMATA’s official X (formerly Twitter) account. The statement highlighted that Nigcomsat, through the proposed partnership, aims to offer a range of services to the commuters of the Lagos Rail Mass Transit (LRMT) system.…
The United States is set to announce an additional $100 million in aid response to the conflict in Sudan as it seeks to spur an international response to the War in the country which marks its one-year anniversary today. According to Reuters, U.S. Agency for International Development Administrator, Samantha Power, in a statement spelled out that the $100 million additional funding would go to emergency food assistance, nutrition support, and other life-saving aid. Power is also set to call on the warring parties to stop hindering humanitarian access and participate in what she called “Good faith negotiations” to end the famine…
The Board of Zenith Bank Plc will request shareholder approval during its forthcoming Annual General Meeting to establish a capital raising programne. This strategic decision reflects the ongoing efforts of banks to strengthen their capital reserves in light of evolving regulatory standards. Notably, the recent introduction of minimum capital requirements by the Central Bank of Nigeria emphasizes the imperative to enhance the resilience of the country’s financial system, facilitating a more substantial role for lenders in fostering economic growth. According to the Bank’s notice of Annual General Meeting seen by The Infostride News, this programme would allow the issuance of…
The CBN conducted another auction of Treasury bills (NT-bills) on April 12, 2024, with the yield on the 364-day bills dropping to 20.7%, from the previous 21.124%. The auction saw the CBN successfully sell N951.83 billion worth of bills, representing a 42% decline from the N1.64 trillion sold during the March 27 auction. The CBN offered N149.64 billion of NT-bills during the auction, offering N2.78 billion of the 91-day bills, N3.02 billion of the 182-day bills, and N143.84 billion of the 364-day bills. More than 1000% Oversubscription The CBN recorded an oversubscription of 1119%, as the total subscription received during…
The Nigerian Exchange Limited (NGX) has listed Royal Exchange Plc’s rights issue of 3.121 billion ordinary shares of 50 kobo each on its Daily Official List. According to the NGX in its weekly report seen by Nairametrics, with the listing of the additional 3,121328,866 ordinary shares, the total issued and fully paid-up shares of Royal Exchange have increased from 5,145,370,074 to 8,266,698,940 ordinary shares of 50 kobo each. The statement reads: “Trading Licence Holders are hereby notified that an additional 3,121,328,866 ordinary shares of 50 Kobo each at N0.50 per share of Royal Exchange Plc (Royal Exchange or the Company)…
South African hospitality group, Sun International Limited has announced plans to sell off 43% of its shares in Tourist Company of Nigeria Plc, the owners and operators of Federal Palace Hotel and Casino. According to a notice accessed by The Infostride, Sun International Limited which owns a 49% shareholding in Federal Palace Hotel and Casino, is divesting 43% of its shares to Rutam Finance Company. Rutam Finance Company is an associate of Oma Investments Limited, another existing shareholder in Tourist Company of Nigeria Plc (TCN). In the notice signed by Lovelyn Aniekwe, TCN’s Company Secretary, it was noted that the…
The NGX continued its bearish trajectory for the second consecutive week as the market recorded a 1.09% decline during the week ending April 12, 2024, to close at 102,314.56 points from the previous week’s 103,437.67 points. Equities also lost N613 billion, as the NGX closed the week with a market cap of N57.865 trillion, representing a 1.08% decline from N58.498 trillion at the start of the week. The market, which was closed for three days during the week, was mostly affected by the continued bearish performance of banking stocks. Among the top weekly losers, Access Holdings lost 14.60%, GTCO had a 13.75%…
The Lagos State Government through the Lagos State Fire and Rescue Service has moved to enforce proper safety measures across all markets in the state. This is as the Lagos State Fire and Rescue Service has launched an extensive plan to bolster fire safety measures in markets across the state. This follows a recent fire outbreak at Dosunmu market on Lagos Island and a subsequent on-the-spot assessment by Governor Babajide Sanwo-Olu. This disclosure is contained in a statement issued by the Deputy Director, Public Affairs, Lagos State Fire and Rescue Service, Ololade Agboola, where he stated that under the directive…
The Nigerian Copyright Commission (NCC) has recently made a significant seizure, intercepting three shipping containers laden with 3000 cartons of pirated books at Onne Port, Rivers State worth about N300 million. Dr. John Asein, the Director-General of the commission, revealed this development in a press statement released to the public. According to Asein, the intercepted containers, with an estimated market value exceeding N300 million, contained pirated books belonging to prominent Nigerian publishers, including Africana First, Bounty Press, Evans, Learn Africa, Macmillan, Metropolitan, and University Press Plc. This seizure shows the persistent threat of piracy facing the nation’s publishing industry. What…
The Federal Competition and Consumer Protection Commission (FCCPC) has told Nigerian citizens to report instances of unfair trade practices, emphasizing its resolve to take decisive actions against businesses found engaging in price fixing. In a tweet posted on Sunday, April 14, 2024, the commission reaffirmed its commitment to safeguarding consumer interests amidst mounting concerns over escalating prices despite a decline in dollar rates. This was in response to complaints by Nigerians on X (formerly Twitter) who lamented the rising cost of goods despite dollar rates falling. FCCPC’s response “The FCCPC acknowledges that the rising cost of essential goods impacts consumers’…
The number of food insecure people in West and Central Africa is projected increase by 400% to a five year high of 55 million for the 2024 June to August lean season. The March 2024 Cadre Harmonisé food security analysis projects a four million increase in the number of food insecure people in the region during the period. According to the report, currency devaluation, restrictive trade practices and heightened inflation were the factors responsible for the worsened food situation across the region with Ghana, Mali, Nigeria and Sierra-Leone the most affected. It stated, “Nearly 55 million people in West and Central…
Across the local food markets in Lagos, there is a noticeable fall in the prices of foreign-produced foods or foods with foreign raw materials, while the prices of locally produced foods continue to rise. This is based on a survey conducted by Nairametrics across major food markets in Lagos. The survey was for a period of one month, covering from March 12th to April 11th. A bag of foreign rice in Igando Market, which sold for N88,000 two weeks ago, now sells for N78,000. In Iyana Ipaja Market, the same bag of rice was sold at N90,000 three weeks ago,…
The Central Bank of Nigeria (CBN) increased the monetary policy rate (MPR) by 400 basis points, elevating it to a historic high of 22.75% to combat inflation and foster economic stability. This pivotal adjustment signifies a major shift from the previous rate of 18.75%, which had been in effect since the Monetary Policy Committee’s (MPC) meeting on July 24th and 25th, 2023. The recent announcement, made by CBN Governor Yemi Cardoso, highlights the central bank’s proactive approach towards monetary tightening amidst challenging economic conditions. This unprecedented move has not only set the MPR at its highest level to date but also reflects…
The Manufacturers Association of Nigeria (MAN) has urged for equitable regulatory frameworks to safeguard the interests of both consumers and manufacturers. Ajayi-Kadir, the Director General of MAN made this call-in response to the viral social media incident involving Erisco Foods and a dissatisfied customer, Mrs. Chioma Egodi, who criticized Nagiko Tomato Mix, a product of Erisco Foods, for its sweetness in a Facebook post on September 17, 2023. What he said Addressing the need for protective measures, Ajayi-Kadir emphasized, “While we acknowledge and encourage consumers’ right to voice legitimate complaints through appropriate channels, it is important to hold consumers accountable…
President Nayib Bukele of El Salvador has launched a groundbreaking program, allocating 5,000 free passports to accomplished professionals globally from various disciplines. This initiative, which is valued at $5 billion, aims to attract scientists, engineers, doctors, artists, and thinkers, who will be granted full citizenship privileges, including voting rights with the goal of fostering the nation’s progress and prosperity. This landmark scheme offers complete citizenship benefits and assures seamless migration with zero tax and duty charges. What he said President Bukele has highlighted the inclusiveness and strategic intent of this policy, pointing out the manageable scale of passport distribution, which is less…