Daily Business Headlines – December 16, 2022



Bulls Persist at NGX as Equities Investors Earn N133.4bn

On Thursday, the Nigerian equities market extended the bullish run as the benchmark index of the Nigerian Exchange Limited (NGX) gained 0.50 per cent to settle at 49,233.02 basis points. Specifically, CAP, Ardova, Cadbury, Stanbic, MTN Nigeria, Zenith Bank and Wapco boost the overall positive trading as the share prices of these stocks… Read More


Ease Of Doing Business; Federal Government Thumbs Up Maritime Anti-corruption

The Federal Government has said that it will continue to enforce strict compliance to end infractions by port users in all Nigerian ports for an optimum economic growth. The Minister of Transportation Mu’azu Jaji Sambo, made this remarks, Thursday in Abuja while delivering a key note address during stakeholders round table appraisal meeting… Read More


Federal Govt Targets 34m Mt Paddy Production By 2030

The Federal Ministry of Agriculture and Rural Development has set a new target of 34 million metric tonnes of paddy production by the year 2030. The target as contained in the new National Rice Development Strategy ( NRDS II, 2020-2030)  and the Competive Africa Rice Platform (CARP), a rice strategic plan launched by the ministry yesterday… Read More

Amid Slow Circulation, Banks Begin Pay Out Of New Naira Notes

Commercial banks in major cities in Nigeria have started paying out the newly redesigned naira notes to over-the-counter customers. However, LEADERSHIP checks showed that circulation of the new notes have been slow on the first day of many branches of commercial banks in Lagos state, Abuja among others, were yet to receive… Read More



In November, Nigeria’s Inflation Rate Reached 21.47%

Nigeria’s CPI increased by 21.47% YoY in November 2022 from 21.09% in October 2022, according to the National Bureau of Statistics’ (NBS) most current Consumer Price Index (CPI) data. This growth may be ascribed to both a general rise in production costs and an increase in the cost of imports as a result of the ongoing currency… Read More


Federal Government’s Airport Concession Plan Stalls Over N120bn Debt

Ongoing plans by the Federal Government to concession four international airports may not be actualised before the administration of President Muhammadu Buhari elapses, as aviation unions have mandated the Federal Government to clear pension arrears of former and present staff of the Federal Airport Authority of Nigeria (FAAN)… Read More


Inflation Erodes Nigeria’s Minimum Wage by 55% – World Bank

Nigeria’s accelerated inflation growth has eroded the N30,000 minimum wage by 55 percent and widened the poverty net with an estimated five million people in 2022, the World Bank has said. The multilateral lender said this on Thursday in Abuja at the launch of the Nigeria Development Update for December 2022, and the Country Economic… Read More



2023: Federal Government, States Budget N19.16trn On Salaries, Pensions, Others

The Federal and 35 of the 36 state governments, including the Federal Capital Territory, Abuja, are to spend the sum of N19.16 trillion on payment of salaries, pensions, emoluments and others in 2023. They have also budgeted a miserly N11.435 trillion for capital projects. The recurrent expenditure could be more because most of the budget… Read More


2023: EFCC Vetting Petitions Against Top Politicians –Bawa

The Economic and Financial Crimes Commission (EFCC) is investigating petitions against top Nigerian politicians. Chairman of the agency, Abdulrasheed Bawa, stated this when he appeared on the Ministerial Media Briefing organised by the Presidential Communications Team at the Presidential Villa, Abuja, yesterday. He said the Petitions… Read More



ALERT: Federal Government Warns Of Malware Attack On 300,000 Android Phones, Tabs

The Nigerian Communications Commission’s Computer Security Incident Response Team (NCC-CSIRT) has warned against a malware attack that steals Facebook account credentials also known as “Schoolyard Bully”. NCC-CSIRT said it had infected over 300,000 android devices, which prompted an advisory reminding users to only… Read More