Daily Business Headlines – AUGUST 10 2023


Investors Pull Out N622bn From Stock Market After Tax Team Inauguration

The bears consolidated their control of the Nigerian Exchange (NGX) Limited on Wednesday by 1.75 per cent following heavy selling pressure by investors. This came a day after President Bola Tinubu inaugurated the Presidential Committee on Fiscal Policy and Tax Reforms headed by a tax guru, Mr Taiwo Oyedele, who resigned from… Read More


BOI Pledges More Support For Manufacturers

The Bank of Industry (BoI) has said it is  wired to support manufacturers in Nigeria to improve and remain in business. Its Managing  Director and Chief Executive Officer, Mr Olukayode  Pitan, made the remark yesterday, at the 52nd Annual General Meeting of the Manufacturers Association of Nigeria (MAN), Apapa branch, themed… Read More


Cooking Gas Price To Rise Next Week, Say Marketers

Tougher times are ahead of gas consumers, as marketers have hinted that prices will go up next week. The President of the Nigerian Association of Liquefied Petroleum Gas Marketers,  Olatunbosun Oladapo, said gas consumers should brace themselves for price hikes starting next week. He cited rising international prices, high tax rates and prices… Read More

We Buy All Local Wheats – Flour Millers

The Flour Milling Association of Nigeria, on Wednesday, said its members are now buying all the wheat produced in Nigeria. It said this has provided a guaranteed market for wheat farmers across the country. FMAN stated that the association had invested about N200m to support the production of quality grains in Nigeria, and called on the… Read More



N20trn Tax Gap: FG Names FIRS As Sole Revenue Collection Agency

The Federal Government through the Presidential Committee on Tax and Fiscal Policy Reform, on Wednesday, announced that the Federal Inland Revenue Service (FIRS) will be the sole agency to collect taxes which was usually operated by 62 other Ministries, Departments and Agencies (MDAs). This is even as the government… Read More

West African Economies Experiencing Slower Growth In 2023 –AFDB Report

West Africa countries are experiencing slower economic growth in 2023, except for Cape Verde, The Gambia, Guinea, Mali, and Niger, says the African Development Bank (AfDB). AfDB said this in its 2023 West Africa Economic Outlook report which was released on Wednesday in Abuja. The report entitled “Mobilising Private Sector… Read More


Export Cargoes Up By 35% In One Year – NPA

The Managing Director of the Nigerian Ports Authority, Mr Mohammed Bello-Koko, has disclosed the country recorded a 34.5 per cent increase in the metric tonnes of export between 2021 and 2022. Bello-Koko, who spoke during a webinar on the export of non-oil products at the 2023 Zenith Bank International Trade Seminar in Lagos… Read More



Constitution Review: NASS’ll Be Fair To All, Senate Assures Promoters Of Tiga, Gari States In Kano

AHEAD of the commencement  of another  round of  the review of the 1999 Constitution  by the National  Assembly,  the  Deputy President of the Senate, Senator Barau  Jibrin, has assured members of the movement for the creation of Tiga and Gari states from Kano State that the Senate  and the  House  of  Representatives would be just to all… Read More


Niger: UN, AU, ECOWAS Meet On Next Move, NSCIA Warns Federal Government

Top diplomats from the United Nations, African Union and the Economic Community of West African States will Thursday (today) storm Abuja, the nation’s capital, to take major decisions at an Extraordinary Summit on the political development in the Niger Republic. The summit, which is expected to plot the ouster of the junta, will be hosted by the… Read More



Mobile Subscriptions Drop By Six Million, Telcos Lose N485bn

Mobile subscriptions have dropped by 6.1 million mobile subscriptions in the second quarter of 2023. This is as MTN Nigeria and Airtel Africa declared a loss of N485.69 billion in the same period. According to data obtained from the Nigerian Communications Commission,  the total number of mobile subscriptions in the country fell to 219.77… Read More