Daily Business Headlines – DECEMBER 28, 2023


Nigerian Stocks Lose 0.34% In First Post-Christmas Trading Session

The first trading session after the Christmas holidays at the Nigerian Exchange (NGX) Limited ended on a negative note on Wednesday as a result of profit-taking in Dangote Cement, FBN Holdings, UBA, Nestle Nigeria, Oando and others. The selling pressure on 21 equities weakened Nigerian stocks by 0.34 per cent at the close of trading… Read More


Federal Government: We Partnered With Luxury Bus Owners To Implement 50% Discount On Inter-State Trips

The federal government says it partnered with the Association of Luxury Bus Owners (ALBON) and the National Union of Road Transport Workers (NURTW) to implement the 50 percent discount on inter-state road trips on Christmas day. Olujimi Oyetomi, director of press and public relations at the ministry of transportation, disclosed this in a… Read More

Nigeria Government To Spend N23.1 Billion On Airport Rehabilitation In 2024

The federal government has proposed to spend about N23.1 billion on the “rehabilitation and repairs” of airport facilities across the country next year. Details of the proposal are contained in the budget for the 2024 fiscal year presented to the National Assembly by President Bola Tinubu. The budgetary proposal implies that about 36.5 per… Read More


Customs Seize N2.9bn Vehicles, Dealers Blame High Duty

Car dealers have blamed the high duty rate for clearing imported goods, including vehicles, as the reason 533 units of vehicles with duty paid value of N2.92bn were seized by the Nigeria Customs Service between January and November 2023. The dealers, while speaking with The PUNCH separately on Wednesday, said the high duty rate… Read More



Insecurity, Economic Hardship To Worsen In Six States –World Bank

Persistent insecurity, armed conflict, and deteriorating livelihoods will continue to affect local government areas in Borno, Kaduna, Katsina, Sokoto, Yobe, Zamfara states, and the far north of Adamawa State in Nigeria until May 2024, the World Bank has predicted. This is as it disclosed that poor macroeconomic conditions are restricting access to… Read More


Nigeria’s Terms Of Trade Records 4th Consecutive Quarterly Decline

The Nigeria’s Terms of Trade (ToT), for all commodities, recorded a light decline of 0.03 percentage points in the third quarter of 2023, Q3’23. TOT measures the value of the country’s trade with other countries where a decline indicates higher value of imports against exports. The Q3’23 performance indicates a lower rate of decline with the… Read More


LPG Equipment: Stakeholders Laud Tinubu On Import Duty Waiver

Industry experts and stakeholders in the energy sector have commended President Bola Tinubu administration for the full-scale exemptions from Import Duty and Value-Added-Tax (VAT) for Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), and associated equipment. According to the stakeholders and industry experts… Read More



Tinubu Pays Tribute To His ‘Fearless Brother’ Akeredolu, Praises His Legacy

President Bola Tinubu has expressed profound grief over the passing of Governor Rotimi Akeredolu of Ondo State, describing him as a “fearless brother, confidant, political soulmate, and a true statesman.” Akeredolu passed away on Wednesday morning after battling with a prolonged illness. In a statement titled “I Mourn My Fearless Brother, Rotimi… Read More


No Rest Until You Get Justice, Shettima Promises Plateau Communities

Vice President Kashim Shettima, on Wednesday, said the President Bola Tinubu-led government will not rest until victims and survivors of the attacks on communities in Barkin Ladi and Bokkos Local Government Areas of Plateau State get justice. With tensions currently high, Shettima also implored Plateau citizens to resist the lure of… Read More



WRC-23: Nigeria Signs Updated Radio Regulations To Deepen Global Connectivity

At the conclusion of the World Radiocommunications Conference (WRC) 2023, Nigeria joined the rest of the World to sign unto the Final Act WRC-23, which constitutes a record of the decisions taken at the conference. The Final Act comprises both the new and revised provisions of the Radio Regulations, an international treaty governing the use… Read More