Daily Business Headlines – AUGUST 30 2023


Local Bourse Gains N186bn as Banking Stocks Attract Investors

The Nigerian Exchange (NGX) Limited appreciated by 0.51 per cent, as investors reacted positively to the half-year earnings of a few companies, which released the financial statements for the period ended June 30, 2023. One of the latest to drop its earnings is Stanbic IBTC, which is paying an interim dividend to its shareholders… Read More


Nigeria Banks’ Distress Borrowing From CBN Hits N12trn In 8 Months

Nigerian banks’ borrowing from the Central Bank of Nigeria rose to N12 trillion in eight months, an indication that most of the banks are in distress situation and living on the good will of the apex bank. The spate of intense borrowing by merchant and commercial banks from the Central Bank of Nigeria (CBN) has indicated an increasing reliance… Read More


Product Taxes Rise To N1.36tn In Six Months –NBS

Taxes on products in the country rose to N1.36tn in the first six months of 2023 despite worsening hardship across the board. This is a 113.29 per cent increase from the N636.19bn it was in the first six months of 2021, and a 25.00 per cent increase from the N1.09tn it was in the corresponding period of 2022. These figures were… Read More


Engage Stakeholders To Save Ailing Industries, Manufacturers Urge Minister

Stakeholders in the manufacturing and industrial sector have called on the new Minister of Industry, Trade, and Investment, Dr Doris Uzoka-Anite, to actively and sincerely engage them to give life to the ailing industries across the country and address the incessant exit of investment in the sector. Director-General, Manufacturers Association of… Read More



How Federal Government Can Execute Roadmap For Economy — NESG, OPS, Others

The Nigeria Economic Summit Group, NESG, Nigeria Employers Consultative Association, NECA, and other members of the Organized Private Sector, OPS, yesterday rolled out priorities for the successful implementation of the Federal Government’s Roadmap for reviving the Economy. The priorities, they said, include specific national… Read More


LCCI Seek Prudent Fiscal Policy Measures To Manage Inflation

The Lagos Chamber of Commerce and Industry (LCCI) has charged the Federal Government to adopt more prudent fiscal policy measures to effectively manage inflation and address the issue of high interest rate and exchange rate volatility in the country. The chamber made the call following the report by the National Bureau of… Read More


China, India, Mexico, Others Plan Fresh Investments In Nigeria

Ambassadors from the Chinese, Indian, Mexican and Indonesian governments have said that they will continue to deepen investment in the Nigerian economy. The envoys spoke at the International Business Conference and Expo 2023, organised by the Lagos Chamber of Commerce and Industry with the theme, ‘Invest Nigeria’. In his remarks, the… Read More



Subsidy: States Begin Sharing Of Palliatives

Bayelsa, Osun, Ogun, Oyo Borno and Ekiti state governments have reiterated resolve to ensure palliatives received from the Federal Government reach the intended beneficiaries. The Federal Government recently announced release of a N180 billion palliative package to states to cushion the impact of the fuel subsidy removal. Under the… Read More


Army Officers Announce ‘Coup’ In Gabon After Ali Bongo’s Re-Election

Army officers have appeared on national television to say they have seized power in Gabon, after President Ali Bongo was re-elected to a third term in office in the Central African nation. According to the BBC, the officers said they were annulling the results of Saturday’s election which the opposition had denounced as “fraudulent”. Twelve soldiers… Read More



Nigeria’s Digital Growth, 5G Deployment Get Ericsson’s Backing

Swedish technology firm, Ericsson, has reaffirmed its commitment to Africa by concluding its leadership-led delegation engagement with key partners, customers, country stakeholders and industry leaders in Nigeria. Ericsson said it was ready to harness the power of connectivity and technology to drive digitalisation across Nigeria and other… Read More