Daily Business Headlines – AUGUST 16 2023


Stocks Further Shed 0.17% As Investors Lose Confidence In CBN FX Policy

Nigerian stocks received further beatings on Tuesday as investors began to lose confidence in the foreign exchange (FX) policy of the Central Bank of Nigeria (CBN). On Monday, the acting CBN Governor, Mr Folashodun Shonubi, after a meeting with President Bola Tinubu at the State House in Abuja, said plans are being made to stabilise the Naira… Read More


Fuel Marketers Kick As Federal Government Rules Out Price Hike

Oil marketers, on Tuesday, advised President Bola Tinubu to gradually relax the removal of subsidy on Premium Motor Spirit, popularly called petrol, following the inability of importers to access the United States dollars and the impact which this was having on businesses. This came as Tinubu ruled out fuel price hike and reversal of fuel subsidy… Read More


Pension Funds’ Investment In Equities Grows By 36% To N1.4trn

The Net Asset Value, NAV, of Pension Fund Administrators, PFAs, investments in equities has risen by 36.6 % to N1.460 trillion at the end of first half 2023, HI’23, from N1.069 trillion in the corresponding period of 2022, H1’22, while the NAV of their investments in the Federal Government Bonds, FGN Bond, grew by 20.6 % to N10.858 trillion… Read More


Manufacturing Firms’ Profitability Down By 351% In H1 Amid Soaring OPEX

The harsh operating environment has triggered a downturn in the performance of the local manufacturing industry as companies under the sector recorded an average of 351 per cent decline in profitability in the first half (H1) of the year due to high operating expenses (OPEX). Worried by the development, stock market investors have urged the… Read More



Nigeria’s Surging Inflation Rate Devastating –CPPE

Senior research analyst at FXTM, Lukman Otunuga, has predicted that the current inflation which stands at 24.08 per cent, the highest in 10 years may force the Central Bank of Nigeria (CBN) to make serious policy decisions at its September meeting. Otunuga who commented against the backdrop of inflation figures released by the National… Read More


Federal Government Pledges Support For Local Airlines

The Federal government, through the Ministry of Aviation and Aerospace, has promised its commitment to support Nigerian airlines. The Permanent Secretary of the ministry, Dr Emmanuel Meribole, who was represented by the Director of Air Transport Management of the Ministry, Hassan Ejibunu, disclosed this at a reception organised by… Read More


Nigeria Resumes Oil Export At Forcados Terminal

Nigeria has resumed the export of about 220,000 barrels of crude oil per day at the Forcados terminal. The terminal was shut for maintenance on July 12, 2023, after workers saw ‘fumes’ near a single buoy mooring where oil was being loaded onto a vessel. The development contributed partly to the inability of Nigeria to meet the quota… Read More



Job Creation: Nigeria Ready For Business, Shettima Tells Google Delegation

The Vice President, Kashim Shettima on Tuesday in Abuja received some executives of Google at the Presidential villa. Shettima also lauded the N1.2 billion grant provided by the technology giant for the support of the “Tinubu administration’s 1 million jobs initiative.” According to the Vice President, the announcement of a grant of N1.2 billion… Read More


Akpabio: We Need Behavioural Change To Tackle Corruption In Nigeria

Senate President Godswill Akpabio says behavioural change is required to tackle the menace of corruption and failing social norms in Nigeria. Akpabio spoke on Tuesday at the national policy dialogue on corruption, social norms and behaviour change in Nigeria. He was represented at the event by Saviour Enyiekere, his deputy chief of staff… Read More



NITDA To Create Community Of AI Developers –Inuwa

In a bold move towards shaping the future of technology, the Director-General, National Information Technology Development Agency (NITDA), Kashifu Inuwa, has said that NITDA has an ambitious vision to produce a thriving community of artificial intelligence (AI) developers in the country. Inuwa revealed this while receiving instructors… Read More