Daily Business Headlines – AUGUST 24 2023


NGX Index Witnesses Lucky Escape From Bears After Marginal Rise

The bulls struggled to maintain their grip on the Nigerian Exchange (NGX) Limited, with a marginal increase of 0.01 per cent on Wednesday. Sustained bargain-hunting during the midweek session, especially in the insurance and consumer goods sectors, kept hopes alive as investor sentiment was weak. Traders are already weighing and… Read More


Multiple Taxation Stifling Investors’ Confidence –NLNG Tells Tinubu

The Nigeria LNG Limited yesterday told President Bola Tinubu, that multiple taxation from various government agencies and the Finance Act which being amended yearly, distorts corporate planning and puts businesses on backfoot while stifling investors’ confidence and business opportunities in the sector. The company stated this when its… Read More

MAN To Ministers: Manufacturers’ Expectations High Over Business Environment

Manufacturers have for the umpteenth time drawn the attention of the new ministers to the plight of the real sector, calling for revival of collapsed industries and a friendly business environment to save the sector from going into extinction. The business environment, economic hardship and the plight of the masses have been worsened by… Read More


Federal Government connects over 40,000 MSMEs to 103 mini-grids

The Federal Government, on Thursday, announced the electrification of 46,661 Micro, Small and Medium Enterprises, as well as households and public facilities with a total of 103 mini-grids. It announced this through the Rural Electrification Agency, adding that the 103 mini-grids were deployed across the country under the Performance Based… Read More



Nigeria Highly Dependent On Imported Cars, Drugs – UN

Nigeria is highly dependent on the imports of goods, such as refined petrol, cars, smartphones, cereals, and pharmaceuticals, the United Nations has affirmed. This was disclosed by the United Nations Conference on Trade and Development in its recently released report titled, ‘The Economic Development in Africa Report 2023… Read More


Oye Tasks Federal Government On Speedy Operationalisation Of AFCFTA For Economic Integration

President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Otunba Dele Oye, has charged the Federal Government to speed up the operationalisation of the African Continental Free Trade Area (AfCFTA) Agreement to facilitate intra-African trade and boost economic integration. Oye also urged… Read More

NCS To Facilitate Quick Export Of Processed Goods With 100% Local Content

The Free Trade Zones (FTZs) Committee on Nigerian Customs Service (NCS] Operational Remodeling has recommended that the service allows the quick export of finished and processed commodities containing 100 per cent local raw materials with immediate effect. The recommendation, which the NCS promised to adopt, was given by the… Read More



Lagos Assembly Rejects Akin Abayomi, Omotosho, 15 Commissioner-Nominees

The Lagos State House of Assembly on Wednesday confirmed 22 and rejected 17 out of the 39 commissioner-nominees sent by Governor Babajide Sanwo-Olu for screening. Mudashiru Obasa, Speaker of the House, who presided over the day’s sitting, said the confirmation followed rigorous and detailed screening of the nominees by an ad-hoc… Read More


Abbas: We Will Revisit Bill Seeking To Create Extra Seats For Women In National Assembly

Tajudeen Abbas, speaker of the house of representatives, says the lower legislative chamber will amend the constitution to “possibly” increase the number of women in the parliament. Abbas spoke in Abuja on Wednesday at the international conference on women in governance organised by the National Institute for Legislative and… Read More



Local SIM-Card Manufacturing Market Now Worth N55bn –Danbatta

One year after the ban on importation of whole body SIM cards,  the local SIM-cards manufacturing market is now valued at N55 billion. The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, made the disclosure at the second edition of the Nigerian Telecommunication Indigenous, NTICE… Read More