Daily Business Headlines – FEBRUARY 12, 2024


Investors Lose N1.4trn As High TB Rates Jolts Stock Market

Stock market investors lost N1.4 trillion on the Exchange last week following sell off in some shares triggered by increase in interest rates Treasury bills, TBs, by the Central Bank of Nigeria. At the TB auction held last week, the CBN raised the stop rate for the 91-, 182-, and 364-day TBs to 17.24%, 18.00%, and 19.00%, respectively, from 5.00%… Read More


FX Crisis Drives Cooking Gas Price To N14,000/12.5kg

It was a rude shock for consumers of Liquefied Natural Gas (LPG), popularly called cooking gas at the weekend as the price of a 12.5 kilogrammes of the commodity was hiked from N12,000 to N14,000. According to industry observers, the hike was as a result of soaring exchange rate which currently stands at $1 to N1,500. This was as industry… Read More


Discos Overbilled 7.1million Customers In Nine Months – Federal Government

Power distribution companies overbilled about 7.1 million unmetered electricity consumers between January and September 2023, an analysis of the latest monthly number of overbilled customers showed. In the various Regulatory Interventions for Non-Compliance with the Order on Capping of Estimated Billing to Unmetered Customers… Read More

NAFDAC, MAN Disagree Over Sachet Alcohol Ban

The Manufacturers Association of Nigeria has countered claims by the National Agency for Food and Drug Administration and Control that the recent implementation of the ban on sachet alcoholic drinks was a collective decision. Speaking at a press conference held in Lagos on Friday, the Director-General of MAN, Segun Ajayi-Kadir, insisted… Read More



Senate Goes Tough On IOC’s Over Poor Investment

The Senate Committee on Local Content has frowned at International Oil Companies (IOCs) over its failure to invest in the nation’s petrochemical sub-sector and other associated manufacturing activities. The Chairman of the Committee, Senator Natasha Akpoti-Uduaghan, stated this during its first interactive session with the leadership… Read More


Federal Government Agencies Partner To Grow Agricultural Export

The Nigeria Agricultural Quarantine Service and the Nigeria Oil and Gas Free Zones Authority, both agencies of the Federal Government, have agreed to collaborate in areas of trade facilitation and to safeguard Nigeria’s agricultural economy and exports. Partners in the deal announced this on Sunday in Abuja, stating that the development was… Read More

Nigeria Facing Worsening Economic Crisis, Says IMF

The International Monetary Fund has said stalled per-capita growth, poverty and high food insecurity have exacerbated the ongoing cost-of-living crisis in Nigeria. The report came amid rising inflation, exchange crisis, weak economic growth and business shutdowns. The global lender said this in a new report titled ‘IMF Executive Board Concludes… Read More



Tinubu: We Are Revolutionising Agriculture Towards Achieving Food Sufficiency For Nigerians

President Bola Tinubu has declared that his administration is revolutionizing agriculture towards making Nigeria self-sufficient in food production and a net exporter of agricultural products. Speaking yesterday while playing host to a delegation from the Global Tijaniyya Movement, led by Khalifa Muhammad Mahe Niass, at the State House in… Read More


SERAP Sues Akpabio, Abbas Over N344.85b National Assembly Budget

Socio-Economic Rights and Accountability Project (SERAP) has sued the Senate President, Godswill Akpabio, the Speaker of House of Representatives, Mr Tajudeen Abbas, and the National Assembly at the Federal High Court, Abuja over failure to disclose, clarify and explain the details of N344.85 billion National Assembly budget, and the… Read More



Minister Laments Widening Gender Gap In STEM

The Minister of Innovation, Science, and Technology, Uche Nnaji has expressed concern over the low representation of women and girls in science-related courses and professions. He described the current situation in Nigeria as worrisome, emphasising that the country has not yet attained gender equality in Science, Technology, Engineering, and… Read More