Daily Business Headlines – FEBRUARY 02, 2024


Banking Stocks Lead Gainers As NGX Bounces Back With 1.63% Gain

After a run of bearish performances in the NGX this week, the market has bounced back, with banking stocks leading the rally. The All-Share Index appreciated by 1.63%, gaining 1,647.79 to close at 102,802.25 points, from yesterday’s 101,154.46 points. The market breadth was positive today, as there were 53 gainers against 18 losers. And… Read More


NDDC To Revive Rivers Rice Mill To Boost Food Security

Niger Delta Development Commission said it would revive its rice mill at Elele Alimini, in the Emohua Local Government Area of Rivers State. NDDC said the revival of the 180 tonnes/day rice mill in Emohua was part of its efforts to ensure food security in the region. The NDDC Executive Director, Projects, Victor Antai, who stated this during… Read More

Federal Government, NICA To Develop Consumer Credit Framework

The Federal Government is working with the National Institute of Credit Administration to develop a framework for consumer credit in Nigeria. According to a statement from NICA on Thursday, signed by NICA Registrar/CEO, Prof. Chris Onalo, the institute will provide advisory, policy drafting, legislative and regulatory advocacy services, while… Read More


Federal Government Deploys Off-Grid Power To Nasarawa, Jigawa

Nigeria Electrification Project (NEP) has signed a grant agreement involving two mini-grid developers, ACOB Lighting Tech. Limited and Offgrid Electric Limited to accelerate off-grid power generation in Jigawa and Nasarawa states. In a statement, the developers met the stringent prerequisites for participation under the Minimum Subsidy Tender… Read More



BOI Partners IFC On Industrial Sector Funding

The Bank of Industry and the International Finance Corporation will host a stakeholder conference to examine the current realities of the operating environment and foster the country’s industrial sector growth. According to a statement, the conference, themed “Empowering Futures: A Collaborative Journey in Financing Nigeria’s… Read More

LCCI Links Forex Crisis To Weak Industrial Capacity

The Lagos Chamber of Commerce and Industry has attributed the country’s lingering foreign exchange crisis to its weak industrial capacity. The President of the chamber, Gabriel Idahosa, stated this during an exclusive interview with The PUNCH. He noted that the country lacked the willpower required to begin an industrial revolution capable… Read More


Relocation: FAAN Spent N1bn On Flight Tickets, DTA In 1 Year –Keyamo

Minister of Aviation and Aerospace Development, Festus Keyamo, has revealed that the Federal Airport Authority of Nigeria (FAAN), has spent close to N1billion on Duty Tour Allowance and flight tickets in one year. He stated this in apparent justification of his decision to relocate the top management of FAAN from Abuja to Lagos to end the… Read More



Bye-Election: INEC Distributes Sensitive Materials To 3 LGAs In Kebbi, 25 Polling Units

Ahead of tomorrow by-election and rerun elections in Kebbi State, the Independent National Electoral Commission (INEC) has completed distribution of sensitive election materials to three local government areas and 25 polling units respectfully, in state. While by-election is taking place in Yauri, Shanga and Ngaski councils federal constituency, rerun… Read More


Abductions: 15 States Enlist 50,000 Vigilantes Against Kidnappers

In a move to push back the rampaging kidnappers and bandits operating freely across the country, 15 state governors have assembled no fewer than 52, 106-man vigilante squads to battle the hoodlums. Officials in Delta, Kano, Plateau, Sokoto, and 11 other states told The PUNCH that their governors had cobbled together a coalition of vigilantes… Read More



Anambra Gets Federal Government Recognition On Digital Revolution

The Federal Government through the National Council on Communication, Innovation, and Digital Economy has recognised Anambra State as the best in digital infrastructure technology development. The state also got three other recognitions on e-government implementation, digital technology human capital development, and digital… Read More