Daily Business Headlines – December 05, 2022



Equities Gain N2.1trn In November Amid Buying Interests

Amidst weak macroeconomic challenges bedevilling the country, investors at the Nigerian Exchange Limited (NGX) gained N2.08 trillion in the month of November. Available data obtained from the NGX’s website revealed that the market’s All Share Index (ASI) which opened the month under review at 43,839.08 points, closed at 43,858.34… Read More


Importers, Agents Fret Over 25% Customs’ Debit Note Penalty

Importers and agents have said that the imposition of 25 per cent penalty on Debit Notes (DN) by the Nigeria Customs Service (NCS) was stifling their business. They noted that the increase in exchange rate used to calculate import duties and levies from 409/$ to 422.3/$ had also affected cost of cargo clearing in the port. The stakeholders… Read More


DMO Calls For Efficient Tax Administration

The Director-General, Debt Management Office, Ms Patience Oniha, has called on the need for Nigeria to operate efficient tax administration in tackling revenue challenges. Oniha said this in Lagos while addressing journalists at the 2022 Capital Market Correspondents Association of Nigeria workshop, themed ‘Nigeria’s public debt and the capital… Read More


Dollar Premium, Annuity Lift Insurance Sector Growth To 19%

The Nigerian insurance sector saw its growth more than tripled in the third quarter of 2022 on the back of dollar premium income and growth in annuity business. According to latest data from the National Bureau of Statistics (NBS), the insurance sector rose to 19.09 percent at the end of third quarter 2022, as against 5.10 percent in the same period… Read More



Fuel Scarcity: N4trn Subsidy’ll Ground Economy, Oyebanji Warns

Nigeria has been warned to exit the fuel subsidy regime or be ready to ground the economy, Managing Director, 11 Plc, formerly Mobil Oil Nigeria Plc, Mr.Adetunji Oyebanji, has warned. Oyebanji raised the alarm at the 2022 Annual Dinner of the Institute of Change Management (ICM) with the topic ‘’ Impact of Insecurity and Oil Subsidy on Nigeria’s… Read More


Has Nigeria’s Black Market Exchange Rate Discovered An Anchor Price?

“FG says debt sustainability now threatened by low revenue.” Vanguard, November 18, 2022. Lame duck President Buhari has just received another stab in the back by one of his former staunch supporters. Already, the Central Bank of Nigeria, CBN which bent over backwards and exceeded the boundaries of the operations of any bank… Read More


Fall in Q3 GDP: Economist Speaks on Ways to Grow Economy

The fall in Nigeria’s third quarter (Q3) 2022 real Gross Domestic Product (GDP) growth to 2.25 percent has been attributed to the diverse headwinds that have been bedeviling the country’s economy, and recommendations given to grow the economy.Dr Muda Yusuf, Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE)… Read More



INEC And NCC Are Meeting This Week To Discuss 2023 Elections

The political activities appear to have intensified in the past couple of weeks with major political parties and actors trying to endear themselves to the voting public as the 2023 general elections draw near. Some of these activities which are somewhat controversial will try to shape or become a deciding factor in the outcome of the elections… Read More


All Time Low! World Bank Ranks Nigeria 132 Out Of 137 On Infrastructure

The World Bank has ranked Nigeria 132 out of 136 countries in infrastructural development. While asserting that the country’s infrastructural deficit would likely reach $3 trillion in the next 30 years, the Bank noted that Nigeria’s development index is among the lowest in the world. Going by the current rate of expenditure allocation for infrastructure… Read More



‘Device Financing Crucial To Laptop Ownership’

Device financing is crucial to laptop ownership, ASUS Head, PC Business, System Business Group, English Speaking Africa, Simplice Zaongo, has said. According to him, the cost is a constraining factor in laptop ownership and there is a need for firms to explore device financing to drive laptop ownership on the continent. He added that his firm… Read More