Daily Business Headlines – AUGUST 1 2023


NGX All-Share Index Closes July In Green Territory, Up 5.5%

Equity trading on the Nigerian Exchange Limited (NGX) finished the month of July in the green territory as the NGX All-Share Index appreciated by 5.5% to close at 64,337.52 index points. Despite concerns such as rising inflation, interest rate hikes, and apprehension surrounding the fallout of the 2023 general elections, investor confidence… Read More


NNPCL Plans Aggressive Gas Devt For Affordable, Clean Energy

The Nigerian National Petroleum Company Limited (NNPCL), says it plans to sustain and increase its aggressive gas development and gas transportation projects to achieve affordable and clean energy. This, it said, was in line with the United Nations Sustainable Development Goal (SDG), Goal No. 7, as its strategic energy plan… Read More


Manufacturers Kick At Fiscal, Monetary Policies

On the backdrop of the sustained hike in monetary policy rate as well as lending rates in banks, the chief executives of manufacturing firms have called on the monetary authority to rethink its strategy, saying that exorbitant borrowing cost place a heavy burden on companies and impede their ability to expand operation and invest in… Read More


CBN Exempts PMB’s, MFB’s From Cash Withdrawal Limits

The Central Bank of Nigeria has exempted Primary Mortgage Banks and Microfinance Banks that provide banking services to the poor from its cash withdrawal limit. It gave this directive in a circular tagged, ‘PSM/DIR/PUB/CIR/001/049’, released on Monday to banks and other financial institutions, which was signed by the Director, Payment… Read More



Palliatives: Federal Government To Spend N275bn On Manufacturing, MSMES Sectors

President Bola Tinubu has approved the release of over N275 billion for the immediate resuscitation of the manufacturing and the Micro, Small and Medium-sized enterprises (MSME). In a nationwide broadcast to the nation on Monday, Tinubu said that was part of the Federal Government’s efforts to cushion the effects of the removal… Read More

Economy To Grow By 2.66% By Year End –CBN

The Central Bank of Nigeria (CBN) has projected that the economy will continue to recover moderately by 2.66 per cent at the end of 2023. The apex bank stated this Communique no 149 of the bank’s Monetary Policy Committee (MPC) meeting which held recently in Abuja. Acting Governor, CBN, Folashodun Shonubi, stated that although… Read More


30% CIT On Foreign Tankers Will Affect Govt Revenue – Shipowners

The President of the Nigerian Chamber of Shipping, Mr Aminu Umar, expressed concern over the negative impact that the recently imposed 30 per cent company income tax on members of the International Association of Independent Tanker Owners would have on the revenue of the Federal Government. The President of the Nigerian… Read More



Senate Halts Screening Of 3 Ministerial Nominees Over Alleged Forgery, Age Falsification

The screening of at least three ministerial nominees was put on hold for reasons of age forgery and age falsification, among others, as the Senate commenced the exercise yesterday. Of the 14 nominees listed on the order paper for screening, seven, including immediate past governor of Rivers State, Nyesom Wike, were asked to… Read More


FULL TEXT: Tinubu’s Address To Nigerians

My fellow citizens, I want to talk to you about our economy. It is important that you understand the reasons for the policy measures I have taken to combat the serious economic challenges this nation has long faced. 2. I am not going to talk in difficult terms by dwelling on economic jargon and concepts. I will speak in plain, clear… Read More



NCC Plans Blocking Stolen Sims In Five Minutes

The Nigerian Communications Commission has proposed that the time taken to block the Subscribers Identity Module of a reported stolen phone should be reduced from 30 minutes to five minutes. This was disclosed during the three-day public inquiries of six regulatory instruments at the commission in Abuja. While presenting the Draft Quality… Read More