Daily Business Headlines – AUGUST 8 2023


NGX Expands By 0.21% As S&P Upgrades Nigeria’s Outlook

The first trading session of the new week on the floor of the Nigerian Exchange (NGX) Limited finished on a positive note by Monday after it closed higher by 0.21 per cent. The NGX posted the growth yesterday following renewed bargain-hunting in some banking and energy equities trading at prices that give room for appreciation in the… Read More


Pension Investment In Federal Government Securities Up 20.6% To N10.9trn

Indications have emerged that the relatively high interest rate pervading the financial market in the last six months has triggered higher investment in the Federal Government (FG) securities by Pension Fund Administrators, PFAs. Available data from the National Pension Commission, PenCom, shows that the investment in FG securities went… Read More

IOCs Engagement Of Stevedoring Firms Now At 60% —Maritime Workers

AS International Oil Companies, IOCs, begin to adhere to the nation’s labour laws, the Maritime Workers Union of Nigeria, MWUN, has said that the level of engagement of indigenous stevedoring firms on oil platforms across the country currently stands at 60 percent. Speaking to Newsmen in Lagos yesterday, President General… Read More


MATAN To Commence Collection Of VAT From Informal Sector

The Market Traders Association of Nigeria (MATAN) has perfected plans to embark on the collection of value-added tax (VAT) from the informal sector for the Federal Government. The VAT Direct Initiative (VDI) by the Federal Inland Revenue Service (FIRS) is to tackle multiple taxation in the marketplace and curb the activities of touts and self… Read More



Tough Reforms Necessary To Grow Tax Revenues –FIRS Chairman

Chairman, Federal Inland Revenue Service (FIRS) and Chairman, Joint Tax Board (JTB), Mr Muhammad Nami, has said that growing tax revenues in the country was a no mean feat as it requires embarking on tough but necessary reforms by the Federal, States and Local Government to achieve for the long term benefits of the people. Nami made… Read More


Border Closure Threatens $226m Nigeria-Niger Trade

The Nigerian-Nigerien trade worth about $226.34m is at risk of breaking down following a border closure between the two countries. The recent border closure by Nigeria with Niger following a military takeover that overthrew President Mohammed Bazoum’s democratically elected administration, is negatively affecting trade between both countries… Read More


Federal Government, States Begin Harmonisation Of Taxes

To eliminate multiple taxation and increase revenue, the federal and state governments have commenced harmonisation and codification of taxes at the national and sub-national levels. In line with this, President Bola Tinubu is also expected to inaugurate the Presidential Committee on Fiscal Policy and Tax Reforms on Tuesday which will be… Read More



Niger Ultimatum: ECOWAS Leaders Meet Thursday To Ponder Next Steps

Leaders of the Economic Community of West African States (ECOWAS) have scheduled an emergency meeting on Thursday to discuss the crisis in Niger Republic. ECOWAS made the announcement yesterday, a day after its deadline to the military junta in Niger to reinstate the ousted President Mohamed Bazoum. The military government is… Read More


Senate Confirms 45 Of 48 Ministerial Nominees; Fails To Confirm El-Rufai, Danladi, Okotete

ABUJA- THE Senate, has confirmed 45 out of the 48 ministerial nominees of President Bola Tinubu. However, the Senate failed to confirm the nomination of the immediate past  Governor  of Kaduna  State and the ministerial  nominee from Kaduna State, Mallam Nasir El-Rufai as a minister  of the Federal  Republic  of  Nigeria. After its… Read More



Federal Government Set To Launch Digital Hubs In 7 States To Empower 1 Million Youths

The Federal Government, through the Office of the Vice President (VP), Kashim Shettima, is set to launch digital hubs in 7 states of the federation that will empower one million youths across the country with digital and related skills.  The Director of Information, Office of the Vice President, Mr. Olusola Abiola, made the disclosure in a statement… Read More