Daily Business Headlines – JANUARY 02, 2024

PUNCH

Foreign Firms Raise Stake In NGX To N71.4bn

The total foreign transactions on the Nigerian Exchange Limited jumped by 113.94 per cent to N71.37bn (about $75.76m) in November compared to N33.36bn a month earlier. This was revealed in the latest Domestic and Foreign Portfolio Investment Report for November published by the Nigerian Exchange Limited. There has been a consistent… Read More

Dangote Refinery Gets Another One Million Crude Barrels

The Dangote Petroleum Refinery, on Monday, received the fourth shipment of one million barrels of bonny light crude oil, supplied by the Nigeria National Petroleum Corporation Limited. A statement from tne $20bn firm stated that the oil company was expecting the fifth crude oil shipment soon. The plant had earlier received three shipments of… Read More

SUN

Tinubu Promises Affordable, Better Food Supply

President Bola Ahmed Tinubu has assured Nigerians of improved food availability, security and affordability in the new year. The assurance is part of his promises in his new year address to Nigerians yesterday. Tinubu, in his address, said, “to ensure constant food supply, security and affordability, we will step up our plan to cultivate 500,000… Read More

SON Intensifies Product Testing To Combat Substandard Goods

The Standards Organisation of Nigeria (SON) has said it is intensifying the fight against fake and substandard goods in the country. The Director General, Standard Organisation of Nigeria (SON), Dr. Ifeanyi Okeke, made this known when he appeared before a joint National Assembly committee on Industry while giving his opening remarks at… Read More

ECONOMY HEADLINES

PUNCH

Federal Government Insists On Electricity Subsidy Amid Tariff Review

The Federal Government, on Monday, announced that it was currently reviewing the implementation process for a cost reflective electricity tariff, but stated that it would continue to subsidise power supply for vulnerable citizens in Nigeria. It also announced that it would unbundle the Transmission Company of Nigeria by separating Transmission… Read More

President Signs Budget As National Assembly Raises Lawmakers Allocation To N344bn

The National Assembly has raised its 2024 budgetary allocation by 74.23 per cent to N344.85bn. This will be the highest-ever budgetary allocation to the National Assembly whose initial allocation in the 2024 budget proposal was pegged at N197.93bn. The increase in allocation to the Senate and House of Representatives is happening amidst… Read More

GUARDIAN

Federal Government Launches Irrigation Project To Boost Wheat Production

The Federal Ministry of Agriculture and Food Security has commenced the 2023/24 dry season farming to boost production and enhance national food security. The irrigation project targets 200,000 to 250, 000 hectares of arable land, which is projected to produce 1.25 million tons of wheat. Unveiling the irrigation scheme in Gashua, Yobe… Read More

POLITICAL HEADLIINES

SUN

Plateau Massacre: May God Save Nigeria From Horrors –Pope

Pope Francis has prayed for Nigerians and thousands of lives across the worlds that were shattered by violence and war in 2023. Speaking on violence across the globe yesterday, Pope Francis reflected on the killings that took place in Plateau State on Christmas Eve. He said: “Sadly, the celebration of Christmas in Nigeria was marked by serious… Read More

VANGUARD

Edo LP: Abure Carpets Apapa Over Plans To Conduct Gubernatorial Primary

THE National Chairman of the Labour Party, LP, Julius Abure, yesterday carpeted the plan by Lamidi Apapa-led faction of the party to conduct governorship primary election in Edo State, saying all the decided court cases across the country on the leadership crisis in the party point to the fact that he remains the authentic national chairman of the… Read More

TECHNOLOGY HEADLINE

PUNCH

Telecom Investments Fall By 61% To $111m, Says NBS

Investment in the telecommunications sector dropped to $111.91m in the first three quarters of 2023, down 61.22 per cent from $288.55m in the same period of 2022, according to the National Bureau of Statistics. This coincides with a dry period for foreign investments in Nigeria, as total foreign investments into the country fell by 33.99 per cent to… Read More