Daily Business Headlines – AUGUST 23 2023


Stocks Gain 0.44% As Investors Wave Off JP Morgan’s Revelation On Nigeria’s FX Reserves

The Nigerian Exchange (NGX) Limited maintained its upright posture on Tuesday as it was not moved by the revelation that the country’s foreign exchange (FX) reserves were at 3.7 billion as against almost $34 billion quoted by the Central Bank of Nigeria (CBN). In a report dated August 17, 2023, an American investment firm, JP Morgan, said the… Read More


Subsidy: Maritime Workers’ Union Demand Equitable Palliative

The Maritime Workers’ Union of Nigeria (MWUN) has called on the Federal Government to provide equitable palliative for its members to cushion the effects of subsidy removal. In a statement signed issued and signed by Head of Media, MWUN, Com. John Kennedy Ikemefuna, on behalf of President General of the Union, Comrade Prince… Read More


Lending, Savings Rates Widened By 22.14% In July

The gap between the maximum lending rate and savings deposit rate in the banking sector widened by 22.14 per cent in July. Banks savings deposit rate rose slightly to 5.24 per cent in July from 5.18 per cent and 5.13 per cent in June and May, according to figures from the Central Bank of Nigeria. Figures obtained by The PUNCH on money market… Read More

Naira Slump: Manufacturers’ Raw Material Imports Hit N8tn

Manufacturers have spent at least N7.9tn to import raw materials in the past three years, according to findings by The PUNCH. According to manufacturers, the high raw materials imports bill is due to operators’ decision to source foreign exchange from the parallel market at high rates following the shortage of FX at the official market. An analysis… Read More



Government’s Revenue Rose To N1.746trn In July, Says FAAC

It was another jumbo package for the three tiers of government in July as the Federation Account Allocation Committee (FAAC), shared N966.110 billion to them from a gross revenue of N1746.491 trillion. The money was N59.065 billion higher than the N907.054 billion that was distributed to the three tiers of government in June. This… Read More


Federal Government Promises Social Protection Policy As Hardship Worsens

The Federal Government, through the Minister of Budget and Economic Planning, Abubakar Bagudu, has said the ministry will pay special attention to the implementation of the newly approved Social Protection Policy. He said this in his address delivered at the resumption ceremony organised by the ministry in Abuja on Tuesday. Bagudu said… Read More


Gas Flaring: Nigeria Loses N34.1bn As Oil Firms Flare 12.7 MSCF

DESPITE Nigeria’s dwindling revenue, oil and gas companies operating in the country flared 12.7 million standard cubic feet (mscf) of gas in July 2023, according to the latest data from the National Oil Spill Detection and Response Agency (NOSDRA). This represents a 35 percent increase when compared to 9.4 mscf of gas flared in the… Read More



There Is No Turbulence, Tinubu Is Capable, Says Akume At Grand Reception

One of Nigeria’s cerebral and edifying public commentators, Okey Ikechukwu, recently in his back page column of Thisday Newspaper, advised the Tinubu Administration to: “Watch out for clear air turbulence”. This, to all intents, looks like sound advice. But as it were, the top echelon of the Tinubu Administration are not sleeping. While Okechukwu… Read More


Niger: AU Plans Fresh Sanctions, Abdulsalami Warns Against War

The African Union has suspended the Republic of Niger from all its activities following last month’s military coup in the country. In a communiqué issued on Tuesday, the union noted that its decision to suspend Niger followed the failure of the military junta to hand over power to the democratically elected President, Mohamed Bazoum. “The AU… Read More



Jitters, As New Data Reveals Investment In Nigeria’s Telecom Sector Is Declining

Stakeholders in Nigeria’s telecom are currently worried over the continuous decline in investment in the industry. They are worried that the decline may continue for years to come if measures are not put in place by the government to stem the tide. The decline has also been limiting the operators’ annual capital expenditure and expansion of… Read More