Daily Business Headlines – DECEMBER 27, 2023


Stock Market Finishes Week Strong

Nigeria’s equities market closed the week ended Friday, December 22 on a positive note as buy-side activity on the Bourse continued despite record profit taking. The market recorded four days of positive closes and a day of negative. The NGX All-Share Index and Market Capitalisation appreciated by 2.26percent to close the week at 74,023.27 and… Read More


Customs Agents Explore Alternative Revenue Sources As Imports Crash

The rising cost of clearing goods in Nigerian ports is a big threat to the livelihood of licensed customs agents. ANOZIE EGOLE looks at the new lines of businesses they are exploring to stay afloat. Numerous challenges are stifling the ease of doing business in the maritime sector, ranging from the high cost of clearing goods due to exchange rate… Read More


Banks Acquisition: CBN Says Depositors Funds Are Safe In Their Accounts 

The Central Bank of Nigeria (CBN) has reassured bank users that their funds are secure in their respective accounts, emphasizing that there is no need for panic withdrawals. This was disclosed in a statement signed by the CBN’s acting director of Corporate Communication Sidi-Ali Hakama. According to the apex bank, there have been reports… Read More


Nigerians To Update NIN With NPC Certificate As NIMC Budgets N9.57b For Construction

The National Identity Management Commission (NIMC) said Nigerians applying to change their date of birth on the National Identification Number (NIN) database would henceforth be required to provide an electronic civil registration and vital statistics system (e-CRVS) certificate from the National Population Commission (NPC). The Commission… Read More



Fresh Dollar Supply Will Strengthen Naira In 2024 – Federal Government

An increase in dollar supply to the country in 2024 will strengthen the position of the naira, the Director-General of the Budget Office of the Federation, Ben Akabueze has disclosed. Akabueze revealed this in an interview with Channels TV on Tuesday while reacting to the question of whether the N750 to dollar projected in the 2024 appropriation bill… Read More


Federal Government Will Go After Economic Saboteurs Next Year, Says Senate Leader

The Leader of the Senate, Opeyemi Bamidele has said that the Federal Government would, from next year, go after economic saboteurs who made lives difficult and unbearable for Nigerians. Bamidele, chairman of the Southern Senators Forum in the ninth National Assembly, also said that the National Assembly would pass the 2024… Read More


Africa’s Trade In Intermediate Goods Up By 15%

Africa’s exports of Intermediate Goods (IGs) are estimated at $265 billion in 2021, growing an average of 15 per cent yearly from 2019 to 2021, the global body for trade, the World Trade Organisation (WTO) has revealed. IGs refer to inputs used to produce a final product and are an indicator of the activity in supply chains. Africa’s IG exports… Read More



Bye-Elections: PDP Releases Timetable, Pegs Senate Form At N3m

The Peoples Democratic Party has released the timetable and schedule of activities for the February 3, 2024 bye-elections. The PUNCH reports that the Independent National Electoral Commission approved a timetable for conducting bye-elections resulting from the resignation or demise of members of the National and State Houses of Assembly. The… Read More


Presidency Defends Tinubu’s Intervention In Ondo, Rivers Political Crisis

The Presidency has defended President Bola Ahmed Tinubu following his intervention in the political crisis in states such as Ondo and Rivers. Presidential spokesman, Ajuri Ngelale, in a statement, said the President’s intervention is in the national interest to prevent destabilization and potential national conflicts. Ngelale added that President… Read More



Smartphones Record 12% Growth In Nigeria, Other Countries

Smartphones shipments in Nigeria and other parts of Africa saw 12 per cent year-on-year growth in the third quarter of 2023 amid challenges in the economy. The latest report by the global research firm, Canalys, informed that a total of 17.9 million units of smartphones were shipped to the continent in the period under review. This came despite the… Read More