Daily Business Headlines – AUGUST 9 2023


Downturn In Equities: Market Cap Shrinks By N15 Billion

The Nigerian Stock Exchange (NSE) ended the day with a negative performance as it lost N15 billion (0.04%) in its market capitalization to settle at N35,540 trillion. Following the same trend, the All-share Index (ASI) dropped 27.06 points to close at 65,309.65 points from the 65,336.71 points recorded on Monday. The stock market has seen… Read More


NDIC Commences Payment Of Depositors In 183 Banks Closed By CBN

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of payment of depositors in 179 microfinance banks and four primary mortgage banks across the country. This was even as  it gave the assurance that depositors of the closed banks of speedy payment of their insured sums. This was contained in a statement… Read More

NAICOM To Explore $2trn Global Takaful Insurance Prospect

The National Insurance Commission (NAICOM) has expressed its readiness to explore the global Takaful insurance market, which is expected to grow to $25 trillion by 2025. Represented by the Deputy Commissioner, Sabiu Abubakar, NAICOM boss, Sunday Thomas, made this known at a two-day conference with the theme… Read More


Manufacturers Decry Hardship As Output Declines By N720bn

The Manufacturers Association of Nigeria has said due to a harsh economic environment, the value of manufacturing production decreased from N7.39tn in 2021 to N6.67tn in 2022, indicating a decline of N720bn. The Chairman, MAN, Apapa branch, Frank Onyebu, made the revelation on Tuesday during the annual general meeting of the branch… Read More



3.2% Growth Projection Not Enough For Nigeria –CBN

The Central Bank of Nigeria (CBN) has stated that the 3.2 per cent growth projection by the International Monetary Fund (IMF) is not enough considering the poverty rate which is currently standing at 31 per cent. This is even as the apex bank urged the FG as well as stakeholders to focus more on non-oil exports to ensure the country grows… Read More


Floods Caused $7bn Economic Damage In 2022 – Federal Government

The Federal Government has said the financial worth of direct economic damage in Nigeria caused by floods in 2022 is $7bn. On Tuesday, the government also said over 600 lives were lost as a result of the disaster. It described the situation as the worst effect of climate change in Nigeria. Vice President Kashim Shettima disclosed this at an… Read More


Manufacturers, Adesina Urge Govt To Prioritise Non-Oil Exports

The Manufacturers Association of Nigeria Export Promotion Group (MANEG) has reiterated its call on the Federal Government to prioritise non-oil exports as a strategic move to boost the economy. This call was made at the Nigeria Employers Consultative Association (NECA) yearly summit held in Abuja. Speaking at the summit, themed, ‘Trade and… Read More



Wamakko, Lawan, Yari, Named Chairmen As Akpabio Unveils 79 Committees

The Senate President, GodsWill Akpabio, on Monday, unveiled the chairmen of the 79 full-standing committees of the 10th Senate. The Senate committees were formed after hours of closed-door sessions. Some of the landlords of the National Assembly who were named committee chairmen include Housing and Urban Development, Aminu… Read More


Subsidy: NLC Rejects Gbajabiamila’s Leadership Of Negotiation Committee

President of the Nigeria Labour Congress, Comrade Joe Ajaero, has expressed strong reservations about the capacity of Chief of Staff to the President, Femi Gbajabiamila to lead a meaningful deliberations on the Panel set up to discuss concrete plan to mitigate the effect of fuel subsidy removal. Ajaero made the declaration on Tuesday at a… Read More



NITDA Empowers Over 3 Million Nigerians With Digital Literacy Skills

The National Information Technology Development Agency (NITDA) has empowered over three million Nigerians with several digital literacy and skills through multi-sectoral capacity building programmes. Director-General, Mr Kashifu Inuwa, said this in a statement issued in Abuja recently by the agency’s Head of Corporate Affairs and External… Read More