Daily Business Headlines – December 06, 2022



Presco, Guinness, Eterna, Others Cause Market’s Positive Start To New Week

Nigeria’s equities market opened the new week on a positive note, thanks to counters like Presco, Guinness and Eterna. Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its Market Capitalisation appreciated on Monday by 0.24percent or N62billion to close at 48,270.23 points and N26.291trillion respectively, from preceding day’s… Read More

Explainer: What To Know As China-Nigeria Currency Swap Record N436.67bn

The bilateral currency swap agreement between Nigeria and the People’s Bank of China (PBoC) has recorded N436.67 billion (CNY7.04 billion) from inception in 2018 to June 2022. According to the Central Bank of Nigeria (CBN), the currency swap agreement, which commenced in July 2018, was renewed in April 2021 for another three-year… Read More


Nigeria’s Connected Mobile Lines Hit 319.6 Million In October 2022

The number of connected lines across the mobile networks of MTN, Globacom, Airtel, and 9mobile rose to 319.6 million in October. This is according to the latest subscriber data released by the Nigerian Communications Commission (NCC). However, only 244.3 million of these lines were in active use, according to the NCC data seen…  Read More


Effective Controls, Key To Investor Protection ― SEC

Effective internal controls over financial reporting have been described as necessary steps required for companies to provide investors with accurate financial statements, which will in turn boost investor protection and confidence. The Executive Commissioner Legal and Enforcement of the Securities and Exchange Commission (SEC)…  Read More



Nigeria’s Foreign Trade Declines By N1.24tn

Nigeria’s total merchandise trade fell by N1.24tn, from N12.84tn in the second quarter of 2022 to N11.59tn in the third quarter of 2022. This is according to the ‘Foreign Trade in Goods Statistics (Q3 2022)’ report released by the National Bureau of Statistics released on Monday. The fall in foreign trade was influenced by the decline in crude… Read More

3.24m Buildings Connected To Power Grid, Says Federal Government

The Federal Government, on Monday, said a total of 3.24 million buildings in 3,937 settlements have been mapped and currently connected to the country’s power grid. It disclosed this in Abuja at the 5th National Council on Power, which had the theme, ‘Sustaining and Improving Electricity Supply through the Power Sector Value… Read More


Federal Government Target 1.8m Barrels Oil Production Target By May 2023

The Federal Government (FG) on Monday set May 2023 target to meet the Organisation of Petroleum Exporting Countries (OPEC) oil production quota of 1.8 million barrels per day (mbpd).This is coming despite its inability to produce above 1.2 million barrels… Read More



Attack On INEC Facilities: Why Security Agencies Are Blackmailing Us -IPOB

The Indigenous People of Biafra (IPOB) on Monday disassociated themselves from the recent attacks on the office of the Independent National Electoral Commission (INEC) offices in Oru West and Orlu local government areas (LGAs) of Imo State. IPOB spokesman, Comrade Emma Powerful alleged that there is a conspiracy among… Read More


Budget Padding: Ahmed Blames Budget Office For Error

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has cleared the air over the N424bn that was said to have been padded by the minister in the 2023 Appropriation Bill, blaming the Budget Office of the Federation for selecting a wrong code for the project. Ahmed has been accused by the Humanitarian, Health, Power… Read More



Jeffrey Wu Explains How Nigeria Can Boost Blockchain For Cashless Growth

As the rise of Blockchain accelerates digital payments in Nigeria with the introduction of Central bank digital currencies, regulation is a key infrastructure tool in Nigeria for seamless adoption. This was disclosed by Sam Lee, founder of Blockchain Center, and Jeffrey Wu, CEO of Actionable Strategies on Monday, during the 2nd Edition… Read More