Daily Business Headlines – DECEMBER 20, 2023

BUSINESSPOST

Equity Market Gains N36bn as Investors Rebalance Portfolios

Portfolio rebalancing by investors raised the Nigerian Exchange (NGX) Limited by 0.09 per cent on Tuesday as traders prepare for Christmas next Monday. It was observed that investors were interested in stocks that could appreciate in price in the short and medium term, irrespective of their market cap size, leaving Caverton and Infinity Trust… Read More

PUNCH

Cash Crunch: NLC Warns Federal Government Of Mass Protest, Again, Banks Cut Withdrawals

The Nigeria Labour Congress, on Tuesday, expressed concerns over the lingering cash scarcity in the country. Five days to the Christmas Day celebration, the congress said in a statement by its National President, Joe Ajaero, that the situation had serious implications for citizens, insisting that urgent steps must be taken to address it. Bank… Read More

Car Owners Lament As Spare Part Prices Surge

The escalating prices of auto spare parts are compounding car owners’ financial burden. This surge in costs is not only affecting routine maintenance but also adding strain to overall ownership expenses. During a recent visit by our correspondent to Ladipo Market, one of Africa’s largest spare parts hubs in Lagos, car owners expressed frustration… Read More

SUN

British International Investment Votes $26.5m For Food Security In Nigeria, Others

The Presidency, in collaboration with the Bank Of Industry (BOI) is set to commence the disbursement of loans to the Micro, Small and Medium Enterprises (MSMEs) by January 2024. The Senior Special Assistant to the President on Job Creation and MSMEs, Office of the Vice-President, Mr. Temitola Adekunle-Johnson, made this known in a… Read More

ECONOMY HEADLINES

PUNCH

Banks Need Higher Capital To Support Economy – Cardoso

The Governor, Central Bank of Nigeria, Mr Olayemi Cardoso, has said the banks need increased capital to support the economy. Cardoso spoke during Nigeria Sustainability Summit 2023 event at Access Bank Towers in Lagos on Tuesday, with the theme, ‘Crisis-resilient and new Nigerian economy’. The summit which was facilitated by the… Read More

‘Africa Records 2% Of Global Passenger Traffic’

The Vice President of Africa, Qatar Airways, Hendrik du Preez, has disclosed that Africa’s share in the global travel demographic stands at only 2 per cent, despite having about 17 per cent of the world’s population. Preez stated this in a press statement made available on Monday. Preez said, “Competition is not always negative; often, it stimulates… Read More

BUSINESSDAY

Brent Nears $80 On Red Sea Disruptions

Oil prices traded higher Tuesday as tankers shun the Red Sea on the back of heightened attacks by Iran-backed Houthi militants which have disrupted international shipping routes. Brent, the benchmark for Nigeria’s crude oil, rose 1.62 percent to $79.21 per barrel as of 7:30 pm Nigerian time, while the US West Texas Intermediate futures gained… Read More

POLITICAL HEADLINES

VANGUARD

No Price Too Big For Peace In Rivers — Fubara

By Clifford Ndujihe, Henry Umoru, John Alechenu, Daniel Abia, Davies Iheamnachor & Dickson Omobola Governor Siminalayi Fubara of Rivers State, yesterday, said no price was too big to ensure peace in the state. Fubara spoke as stakeholders rejected the truce brokered between him and Chief Nyesom Wike, his immediate predecessor… Read More

GUARDIAN

Uzodimma Suspends Approval, Issuance Of Building Plans, Others

Dissatisfied by alleged discrepancies in the lands administration sector in the state, the Imo State Governor, Hope Uzodimma, has suspended approval, recertification of land and issuance of building plans and Certification of Occupancy (C of O) till further notice. Also, the governor has directed a forensic audit of land documents issued between… Read More

TECHNOLOGY HEADLINES

PUNCH

DBN, Others Promote Tech For SMEs

The Managing Director, Development Bank of Nigeria Plc, Dr Tony Okpanachi, and other regulators have said there is need to promote technology among businesses to overcome challenges in the operating environment. In a statement, they spoke at the fourth edition of the annual lecture series organised by the DBN in Abuja. Okpanachi… Read More