Daily Business Headlines – AUGUST 25 2023


Market Loses 0.14% As Investors Approach Nigerian Stocks With Caution

Nigerian stocks finally succumbed to the bears on Thursday after they closed the trading session 0.14 per cent lower due to profit-taking activities by investors. The Nigerian Exchange (NGX) Limited crumbled during the session as traders were worried about the warning signs about the country’s economy. Even the defence put up by the… Read More


Naira Crumbles To 920/$, Fuel Marketers Push For Fresh Price Hike

Oil marketers, on Thursday, insisted on a possible hike in the pump price of Premium Motor Spirit, popularly called petrol, following a further plunge in the value of the naira against the United States dollar. The local currency weakened against the greenback at the black market from 900/dollar on Wednesday to 920/dollar on Thursday, raising… Read More

Manufacturers Lay Off Workers, Project More Job Losses

The Manufacturers Association of Nigeria has said that the Current Employment Condition (rate of employment) declined from 51.3 points in the last quarter of 2022 to 50.7 points in the first quarter of 2023, projecting the unemployment crisis in the real sector. In its recently released Manufacturers CEOs Confidence Index report, the association… Read More


24 Banks Lose N9.75b In Q2 2023 As Fraud Rises 277%

Deposit money banks in Nigeria have reported a sharp rise in fraud cases and the amount of money lost in the second quarter of 2023, Q2’23. The latest report also shows that the number of insider involvement rose astronomically. The total amount involved in the fraud cases during the period rose to N9.75 billion, up by a whopping 276.98… Read More



Economic Crunch: Better Days Ahead, Says Finance Minister

As Nigerians wail over severe economic crunch, the  Minister of Finance and the Coordinating Minister of the Economy, Mr. Wale Edun, has asked frustrated citizens not to despair as better days are on the horizon with the implementation of the Renewed Hope Agenda of President Bola Ahmed Tinubu. Edun gave the assurance at… Read More


FIRS Blames NIMASA, NPA For International Shipping Lines’ Tax Default

The Federal Inland Revenue Service (FIRS) has said most mainstream shipping companies that refuse to comply with their tax obligations get away with their actions due to poor enforcement of relevant laws by the Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Ports Authority (NPA) and other government agencies… Read More


E-Commerce Vital To $3.4tn AFCFTA Market

Stakeholders have stated that e-commerce has the potential to boost the $3.4tn African Continental Free Trade Area market. They said this at a workshop in Lagos on Wednesday, which was aimed at examining how Nigeria can take advantage of the free trade initiative. The workshop, themed “Operationalising the AfCFTA Agreement for… Read More



Tinubu Sends Muslim Clerics For More Talks With Niger Junta

A delegation of Nigerian Muslim leaders led by Sheikh Dahiru Bauchi, yesterday, met with President Bola Tinubu in Abuja to brief him on their dialogue with the military junta in Niger Republic on behalf of the Economic Community of West African States (ECOWAS) President Tinubu, chairman of the ECOWAS’ Authority of Heads of State… Read More


Abuja-Kaduna-Kano Road project to be completed by 2025 — Umahi

The Minister of Works, David Umahi, has disclosed that the Abuja/Kaduna/Zaria/Kano rehabilitation road project will be completed by 2025. Speaking in Kaduna after the inspection of the road at Sir Kashim Ibrahim Government House on Thursday, Umahi noted that they were in Kaduna as a result of a directive by the President, Bola… Read More



Nigeria Rated 11th In Global Internet Penetration –NCC Boss

Nigeria is now ranked 11th in internet penetration and 7th in mobile phone usage globally. Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof Umar Danbatta, disclosed this on Thursday in Abuja at the opening ceremony of a two-day Emerging Technology Forum for the Telecommunications Industry, themed… Read More