Daily Business Headlines – December 14, 2022



Penny Stocks Cause Market’s Dip By 0.09%

Nigeria’s equities market on Tuesday failed to sustain previous day’s gain, decreasing by 0.09percent. At the close of trading on the Bourse, penny stocks like SCOA, Chams, Jaiz Bank, Lasaco and University Press topped the decliners league. Analysts had despite positive start to this week expected the market to see a quiet session… Read More

Businesses Squeezed As Faulty Customs Server Creates Backlog At Ports

Getting imports out of the nation’s seaports is becoming a hard nut to crack due to the persistent breakdown of the Customs server, which has created a long list of uncleared cargo at the ports. The development is also creating delays in cargo clearance at the ports, which in turn piles up costs for businesses as there are thousands… Read More


Bank of Industry, IFC Partner to Empower MSMEs

The International Finance Corporation (IFC) and the Bank of Industry (BoI) have partnered to strengthen trade and boost access to finance for micro, small and medium-sized enterprises (MSMEs) in Nigeria. The Managing Director/Chief Executive Officer Bank of Industry, Olukayode Pitan, revealed this during a trade and supply chain… Read More


NGX Seeks Increased Synergies From CSCS

To further drive growth and development in the Nigerian capital market, Nigerian Exchange Limited has urged the Central Securities and Clearing System Plc (CSCS) to further collaborate on initiatives just as it congratulated the firm on its 25th anniversary celebration. NGX held a Closing Gong Ceremony at the Exchange House yesterday… Read More



Nigeria’s Oil Output Rises 17% To 1.2 Mb/D  — OPEC

Nigeria’s oil production increased month-on-month, MoM, to 1.186 million barrels per day, bpd, in November 2022, up about 17 percent from 1.014 mb/d in October 2022, according to the December 2022 Monthly Oil Market Report, MOMR, of the Organisation of Petroleum Exporting Countries, OPEC. This is the second consecutive MoM rise in… Read More


Inflation: Consumer Goods Firms Take Comfort In Smaller Packs

Battling the fallout from rising inflation and soaring cost of doing business, fast-moving consumer goods (FMCG) companies in Nigeria are increasingly turning to smaller packages for solace. FMCG companies are adopting various strategies to prevent prices, which have been on the rise since the start of the year, from adversely impacting their … Read More


FG Hopeful Of $6b Inflow From Seafaring Business

The Federal Government has expressed hope that with continuous progress and better projections in the Nigerian Seafarers’ Development Programme (NSDP), Nigeria will soon be among the major players in global seafaring business that earn over $6billion in forex inflow. This is just as the Nigerian Maritime Administration and Safety Agency… Read More



2023: INEC Vows Prosecution Of Voters Card Buyers, Sellers

The police have said they will launch a manhunt for politicians procuring Permanent Voter Cards for the purpose of rigging the 2023 general elections. This came as the Independent National Electoral Commission vowed that anyone caught buying or selling PVCs would be arrested and prosecuted, warning politicians and political parties that it would… Read More


2023 Census: NPC to Deploy Technology for Credibility

The National Population Commission (NPC) yesterday  said it would  adopt a digital process through the aid of Personal Digital Assistance (PDA), to achieve a successful and credible 2023 population and housing census. Addressing newsmen at the one-day capacity building workshop, in partnership with the National Orientation Agency (NOA)… Read More



‘5G Network Will Enable More Sectors Contribute To Nigeria’s Economy’

Hossam Kandeel is the Vice President of Ericsson Middle East and Africa. In this interview with ADEYEMI ADEPETUN, he spoke on the ability of the 5G network to help other sectors contribute to the economy. He said the technology could help Africa leapfrog into a knowledge economy. To what extent has the African continent embraced ICT?… Read More