Daily Business Headlines – DECEMBER 11, 2023


Banking Index Rises By 6% Despite Concerns Over Capital

During the past week, the banking index of the Nigeria Exchange Limited recorded the highest gain of 6.08 per cent week-on-week compared to other indexes on the local bourse as investors’ wealth grew by N66bn. Banking stocks enjoyed considerable patronage from investors during the week which pushed the industry to a 5.01 per cent gain… Read More

Dangote Refinery: Diesel, Jeta1 Hit Market January, Petrol Delayed

The Dangote Petroleum Refinery is set to start producing Automotive Gas Oil, also known as diesel, and JetA1 or aviation fuel in January 2024, while the production of Premium Motor Spirit, popularly called petrol, is being delayed by the supply of crude oil in installments. It was gathered on Sunday that the facility would require a minimum of six… Read More


Naira Notes: We Have Sufficient Stock, CBN Assures Nigerians

Amidst complaints by some Nigerians about scarcity of Naira notes, the Central Bank of Nigeria (CBN) at the weekend assured Nigerians of sufficient supply. The apex bank gave  the assurance against the backdrop of complaints by some bank customers  on scarcity of Naira notes at the counters, Automated Teller Machines (ATMs) Points of… Read More


Manufacturing Sector Bleeds As Forex Loss Rises 400% To N466bn

The manufacturing sector suffered a 400 percent increase in net foreign exchange loss to N466 billion in nine months ending September, reflecting the severe impact of the foreign exchange (Forex) market regime. Sector operators said the current forex situation has compounded the pressures emanating from the removal of oil subsidy, Russia… Read More



Shell Plans $1bn Investment In Nigeria’s Gas Production

Oil super major, Shell has pledged to spend $1 billion within the next 10 years to boost natural gas production for domestic supplies and exports. The commitment is part of a $5 billion investment opportunity in Nigeria’s offshore Bonga North oil project and is coming after President Bola Tinubu held talks with Shell executive Zoe Yujnovich in… Read More


External Reserves Fall By $520m In Five Weeks – CBN

The country’s external reserves fell by $520.22 in five weeks, figures obtained from the Central Bank of Nigeria revealed. According to CBN’s data on movement in reserves, the figures which stood at $33.396bn as of October 31, 2023 fell to $33.004bn as of December 7, 2023. The CBN had earlier revealed that the reserves which commenced… Read More

Nigeria Not Generating Enough Revenue To Support Development – IMF

Nigeria is not earning enough revenue to support its developmental needs, the International Monetary Fund has disclosed. According to the IMF, the country’s nine per cent revenue to Gross Domestic Product ratio is very low and not enough to support the country’s social safety nets, development spending, and protect its vulnerable households… Read More



My Earnest Desire Is To Make Nigerians Happy –Tinubu

President Bola Armed Tinubu has said he is desirous of making Nigerians happy by providing good and responsive governance. He, therefore, pleaded with the people to give him the benefit of the doubt by availing his administration the needed support. Speaking at a graduation ceremony of Senior Executive Course (SEC) 45 of the National… Read More


Clark To Tinubu: Adopt Doctrine Of Necessity To Solve Ondo Impasse

LEADER of Pan-Niger Delta Forum, PANDEF, Chief Edwin Clark, yesterday, urged President Bola Tinubu to adopt former Head of State, Gen. Yakubu Gowon’s eminent persons’ doctrine of necessity as the only way of resolving the political crisis in Ondo State. Clark, in an open letter to President Tinubu, urged him to act fast to curb the… Read More



4G Remains Dominant Despite 5G’s Rollout – Ericsson

Despite the recent rollout of 5G in Nigeria and some other Sub-Saharan African countries, 4G network is expected to continue to be dominant, according to Ericsson. The firm in its latest mobility report noted that from now until 2029, 4G subscriptions are expected to account for 49 per cent of total mobile subscriptions in the region. It stated… Read More