Daily Business Headlines – DECEMBER 15, 2023


NGX Bulls Charge Ahead, As ASI Climb 72,400 Mark

The NGX All-Share Index (ASI) continued its upward trend with an increase of 156.04 points, reaching a new record high of 72,455.83, reflecting the positive mood of the investors. The market capitalization increased by N85 billion and ended at N39.649 trillion. The main contributors to the market’s rise were the top-tier banks, with ACCESSCORP… Read More


Fuel Price: Reject World Bank N750/Litre Proposal, NLC Warns Federal Government

The Nigeria Labour Congress, on Thursday, warned the Federal Government against heeding the advice of the World Bank to increase the pump price of Premium Motor Spirit popularly called petrol to N750/litre. The NLC’s Head of Information, Benson Upah, in an interview with The PUNCH, said any further increase in the price of petrol… Read More

Power Sector Cashflow Grows To N900bn – Federal Government

The Federal Government, on Thursday, announced that the liquidity in Nigeria’s power increased from N282bn in 2015 to N900bn currently, adding that its financial burden in the industry had been reduced by about N373bn. It disclosed this through the Nigerian Electricity Regulatory Commission at the Ministerial Retreat on the Integrated National… Read More


MAN Seeks New Industrial Policy, End To Tax Multipolicy

The Manufacturers Association of Nigeria (MAN) has urged President Bola Tinubu to create new industrial policies for the country’s manufacturing sector as part of efforts to achieve the country’s industrialisation agenda. MAN president, Francis Meshioye, said this, noting that there is an urgent need to inject new policies into the country’s industrial … Read More



Stronger US Dollar To Impact Nigeria, Others’ Debt Service Payments –World Bank

The World Bank has hinted that a stronger US dollar is likely to exacerbate debt service payments for developing countries, making it more expensive for them to make payments. The bank in its International Debt Report for 2023, disclosed this recently whilst revealing that Nigeria was a top recipient of its fresh loans in 2022, with about $2.9… Read More


Customs Generate 70% Revenue From Lagos, Says Comptroller-General

The Comptroller General of the Nigeria Customs Service, Adewale Adeniyi, has disclosed that 70 per cent of the service’s revenue comes from Lagos State. According to him, the Lagos State Government are planning new collaboration to enhance the economic growth and prosperity of the entire country. He said this on Thursday in Lagos during… Read More


Inflation, Exchange Rate To Decline In 2024 – CBN

The Central Bank of Nigeria (CBN) declared in Abuja on Thursday that the soaring inflation and exchange rates will drastically decline  in 2024. It also projected less revenue from  oil exports in the fiscal year, just as it declared that total trade from Nigerian Foreign Exchange Market (NFEM) , stood at N18.804billion in the third quarter (Q3) of 2023… Read More



Akpabio, Abbas’ Support Will Make Me Succeed, Says Tinubu

President Bola Tinubu on Thursday in Abuja, having the President of the Senate, Godswill Akpabio, as a partner and Tajudeen Abbas as Speaker of the House of Representatives was good enough to make him succeed. This was just as he said the sense of brotherhood and the belief belief in one country will put the country on the right path… Read More


Rivers Crisis: Assembly Factions Flex Muscles

The two factions of the Rivers State House of Assembly flexed muscles yesterday, with both holding parallel sittings and passing bills. The group of 27 lawmakers, who defected from the Peoples Democratic Party, PDP, to the All Progressives Congress, APC, yesterday, fought against the declaration of their seats as vacant by holding a parallel sitting… Read More



Our Telecom Regulation Is Technology-Neutral, Says Maida

Executive Vice Chairman of the Nigerian Communications Commission has upheld the principle of technology neutrality in the regulation of the telecom industry. Technology neutrality is a principle in which service providers licensed to provide services are at liberty to adopt any technology for cost-effective deployment of services at no lets… Read More