Daily Business Headlines – DECEMBER 12, 2023


Banking Stocks, MTN Drive Bullish Run On NGX

The Nigerian Exchange Limited, on the first day of trading this week, opened on a bullish note as investors gained N70bn. The trend of the local bourse was primarily driven by the stocks of AccessCorp, United Bank for Africa, Zenith Bank, First Bank of Nigeria Holdings and MTN Nigeria. The All-Share Index closed in the green by 0.18 per cent… Read More

Zungeru Plant Begins Operation December, Mambilla Suffers Fresh Setback

The Minister of Power, Adebayo Adelabu, has justified why the Mambilla Power project did not get any allocation in the ministry’s 2024 budget proposal. Speaking during a session with a joint committee of the Senate and House of Representatives Committee on Power chaired by Senator Enyinnaya Abaribe, Adelabu said legal disputes had continued to… Read More


Banking Industry Strong, Resilient –CBN

Amid growing concerns over Nigerian banks’ capacity to survive  in the face of raging local and global headwinds, the Central Bank of Nigeria (CBN) has declared them sound and resilient, and urged the banking public not to entertain any fears. CBN’s spokesperson, Mrs Sidi Ali Hakama, in a statement on Tuesday, dismissed media reports that… Read More

Import Duty: Increasing Exchange Rate To N952/$ For Computation Will Hurt Businesses –CPPE

The Centre for the Promotion of Privat Enterprise (CPPE) has warned that the recent decision of the Central Bank of Nigeria (CBN) to raise the customs exchange rate from N783 to N952/$ could worsen the already prohibitive production and operating costs for businesses in the country. Chief Executive Officer of the centre,  Dr Muda… Read More



Federal Government May Prepare Supplementary Budget, Says Edun

The Federal Government has said that it may consider returning to the National Assembly to seek the federal lawmakers’ approval for a supplementary budget next year if the government surpasses its revenue projections. President Bola Ahmed Tinubu’s N27.5tn 2024 national budget is currently being considered by the federal parliament… Read More


Federal Government To Accelerate FDI Inflows From Europe

The Federal Government, FG, has announced plans to accelerate Foreign Direct Investment (FDI) inflows from Europe to bolster economic growth and strengthen international partnerships. Bolaji Akinremi, Director of Economic, Trade and Investment at the Ministry of Foreign Affairs, announced this during a dialogue of a private sector delegation… Read More


1% Of GDP Given Out As Tax Waivers, Incentives – Federal Government

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has stated that as the federal government strives to increase revenue, one per cent of the nation’s Gross Domestic Product (GDP) is being given out as tax waivers and incentives. He made the remark at the resumed interactive session organised by the House… Read More



Labour Fumes As Federal Government Stops N35,000 Award Payment

The organised Labour and the Federal Government are on a collision course over the government’s failure to sustain the payment of N35,000 wage award to workers. Workers in the Federal Civil Service, in separate interviews with our correspondent on Monday, noted that the Federal Government only paid N35,000 wage award for September… Read More


2024 Budget: Betta To Construct N3trn Houses For Poor, IDPs, Refugees

The Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu, unveiled plans on Monday for the construction of N3 trillion houses for one million internally displaced persons (IDPs) and refugees across the country. Dr Edu, who disclosed this during the inspection of the prototype houses at Idu Industrial Estate, Abuja, which were built within… Read More



ICT Consumers, Firms Pay N706bn Tax In Nine Months – NBS

Consumers and firms operating in the information and communication space paid N706.44bn tax in the first nine months of 2023. This is a 37.91 per cent increase from what they paid in the corresponding period of 2022, according to Company Income Tax and Value Added Tax data from the National Bureau of Statistics. The IT industry… Read More