Daily Business Headlines – AUGUST 31 2023


Bears Return As Equity Market Dips By N28bn

Transaction on the floor of Nigerian Exchange on Wednesday returned to negative trend, shedding N28 billion following a decline in the share price of Transnational Corporation of Nigeria (Transcorps), Zenith Bank, FTNCocoa among impacted negatively on the market. Market capitalisation of listed equities went down by 0.08 per cent to N36.362… Read More


Documentation: Pencom Gives Deadline To Employers

The National Pension Commission (PenCom) has given employers with incomplete remittance documentations till December 31, 2023 to provide their Pension Fund Administrators (PFAs) requisite information to facilitate the crediting of pension contributions into the employees RSAs or face regulatory actions. PenCom stated this in a… Read More


Manufacturers’ Confidence Slides Further In Q2’23

More than 63 percent of manufacturers in Nigeria under the aegis of the Manufacturers Association of Nigeria (MAN) have said that capital expenditure by the government does not encourage productivity, even as the confidence of the sector’s chief executive officers (CEOs) in the economy sustained a downward trend in the second quarter of… Read More


Vandalised Pipelines: Marketers Predict More Fuel Queues

Petrol queues lingered across Lagos and Ogun states on Wednesday, just as oil marketers predicted tougher days ahead in terms of product availability. Several motorists were seen on queues at filling stations across the states with some oil sector operators saying the fuel scarcity might not go away any time soon. In an update on the prevailing… Read More



Federal Government, Firm Train Exporters To Boost Trade With China

The Federal Government in partnership with an indigenous firm, has trained Nigerian exporters on the operations of the Nigerian Export Trade House in China/Far-East region, as well as on the general administration of Chinese customs. Partners in the deal said the one-day enlightenment exercise, which was held in Kano State, covered a large… Read More


LCCI To Tinubu: Remove Regulatory Obstacles For Sustainable Growth

The Lagos Chamber of Commerce and Industry (LCCI) has urged President Bola Tinubu-led administration to remove in- herent regulatory and administrative obstacles in the country’s business environment in order to allowed the country’s gross domestic product (GDP) thrives. Similarly, the chamber also stated that Nigeria could become Africa’s… Read More


AFREXIM Bank, China Development Bank Sign $400m Deal To Finance African Smes

The African Export-Import Bank (Afreximbank) says it secured a $400 million loan facility after a development-focused agreement was made with the China Development Bank (CDB). The agreement, according to a statement on Monday, was signed by Benedict Oramah, president and chairman of the board of directors, Afreximbank, and… Read More



Gabon: UN, Commonwealth, Others Condemn Coup, Tinubu Warns Of Spread

President Bola Tinubu has expressed concern over the rising cases of coups in African countries, calling for a comprehensive consensus against the spread of “contagious autocracy” across the continent. The President said he was committed to working with other African leaders to defend democracy on the continent. Tinubu stated this in… Read More


Art And Culture Minister Moves To Reform Sector, Rolls Out 8 Points Agenda

Minister  of  Art, Culture and Creative Economy, Hannatu Musawa, has outlined an eight-point plan to reposition the creative industry. “It is a mandate from the presidency and the people to grow this sector, creating new jobs, new revenue, a firmer policy framework, and supporting new creations & artistic expressions of our greatest resource… Read More



Digital Transactions See 86% Growth As Stakeholders Canvass Fintech Collaboration

Participants at the 2023 edition of the Nigeria Fintech Forum held in Lagos have stressed the need for collaboration to enhance financial inclusion. The forum addressed critical developments in the African fintech ecosystem, while uncovering countless opportunities within the Nigerian and African Fintech markets. There were also… Read More