Daily Business Headlines – JANUARY 03, 2024


NGX ASI Smashes 75,000 Mark On First Trading Day Of 2024

The NGX started the year on a very bullish note as the All-Share Index smashed the 75,000 mark. The All-Share Index gained 1.63%, appreciating by 1,217.11 points to close at 75,990.88 points. On the first trading day of the year, equities gained N663 billion as the market capitalization closed at N41.583 trillion. Gains in the market were… Read More


Clear $7bn Debt, Manufacturers Beg Federal Government

The Manufacturers Association of Nigeria has said that 2024 may not be a good year for manufacturers and that it foresees a challenging first six months of the year for players in the industry. MAN also urged the Federal Government to clear the current $7bn Forex Backlog. The Director-General of the association stated this in its “Manufacturing… Read More

NNPCL, Marketers Clash Over Subsidy, Operators Peg Petrol At N1,200/Litre

The Nigerian National Petroleum Company Limited and fuel marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria, on Tuesday, clashed again over the removal of subsidy on petrol. This came against the backdrop of the depreciation of the naira against the United States dollar at both the official Investors… Read More


NAICOM To Sanction Insurance Brokers Over Premium Delay

The National Insurance Commission (NAICOM) has called on underwriting firms to report insurance brokerage firms withholding premiums beyond 30 days for necessary sanctions. The Commissioner for Insurance, Sunday Thomas, speaking at the Directors conference in Lagos recently, said the Commission would not condone any act that violated… Read More



External Reserves Shed $77m In December

The external reserves of Africa’s largest economy recorded a drop to the tune of about $77.23m or 0.23 per cent in December 2023 due to the lingering foreign exchange instability in the country. As of December 28, 2023, according to figures obtained from the Central Bank of Nigeria,  Nigeria’s external reserves also known as foreign reserves… Read More


Nigeria Slashes Oil Production Target By 1.4m Bpd

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which confirmed the target cut on Tuesday, said the oil and condensates production target of 2.6 million barrels per day (bpd) by 2026, is an ambitious jump from 2023 production levels of around 1.6 million bpd. The 4 million bpd output peg has been envisioned alongside 40… Read More


Stakeholders Urge African Countries On Cocoa Prices

While cocoa is selling between $4,458 and $4,522 per tonne in London and in New York, the President, Federation of Agriculture Association of Nigeria (FACAN), Dr  Victor Iyama, says local cocoa farmers are not smiling to the bank because it has not impacted on their profits. On the average, he said growers receive about six per cent of the price that… Read More



Kalu Urges Nigerians To Be Patient With Federal Government

Abia Chairman, Senate Commit on Privatisation , Dr. Orji Uzor Kalu, has called for patience with the federal government stressing that President Bola Tinubu needed time to fix challenges facing the country. He , however, warned that Nigeria would lose about N289 billion if it failed to conduct the proposed National Population Census… Read More


Plateau Killings Similar To Rwanda Genocide – North-Central Governors

Governors in the six North-Central states on Tuesday lamented the attacks and killings in Plateau State by gunmen, calling on the Federal Government to do everything possible to get to its roots and find a permanent solution. The Chairman of the North Central Governors Forum and Governor of Nassarawa State, Abdullahi Sule, said the Plateau… Read More



ALTON Rules Out Debt Forgiveness On Lingering N200b USSD Crises

The Association of Licensed Telecoms Operators of Nigeria (ALTON) has made it clear that there won’t be any room for debt forgiveness as regards the N200 billion Unstructured Supplementary Service Data (USSD) debts owed by Deposit Money Banks (DMBs). The Chairman of ALTON, Gbenga Adebayo, speaking with The Guardian, said… Read More