DAILY BUSINESS HEADLINES
THIS DAY
Market Cap Down N134.25bn on Sell-off In Airtel, 15 Others
The stock market of the Nigerian Exchange Limited (NGX) yesterday closed on a bearish note as the capitalisation dipped by N134.25 billion, triggered by losses in Airtel Africa Plc and 15 others. In summary, the overall market capitalisation value shed N134.25 billion to close at N28.022 trillion, while the NGX All-Share Index (ASI) declined… Read More
PUNCH
Rising Energy Cost Affecting Broadcasting Business – BON
The Broadcasting Organisations of Nigeria has hinted that erratic electricity supply, the continued collapse of the national grid, and the high cost of procuring diesel and Premium Motor Spirit were responsible for the poor performance of broadcast stations in the country. In a statement, BON said the dwindling advertising budget of advertisers… Read More
FG Disburses N173bn For Uniform Fuel Price Nationwide
The Federal Government disbursed about N173.2bn for the equalisation of over 11.6 billion litres of Premium Motor Spirit, popularly called petrol, between 2019 and 2022, data obtained from the Federal Ministry of Petroleum Resources on Tuesday showed. PMS price equalisation is done by the Federal Government through the Nigerian… Read More
BLUEPRINT
Naira Stabilises As Forex Transactions Fall By 21%
Following less demand pressures at the foreign exchange (forex) market, the naira appears to have stabilized at N461.67 per the United States (US) dollar in the Investors & Exporters window of the market. The rate became steady after market data shows that the dollar volume transacted at the Nigerian Autonomous Foreign Exchange Fixing… Read More
ECONOMY HEADLINES
THIS DAY
W’Bank Revises Nigeria’s Growth Projection for 2023, 2024 Downward to 2.9%
The World Bank Group has downgraded Nigeria’s growth projection for 2023 and 2024 to 2.9 per cent, as against the 3.1 per cent it had predicted for the country in June 2022. The Washington-based institution made the projection in its latest Global Economic Prospects (GEP) released yesterday. The bank noted that the downgrade… Read More
Economy: Federal Government Urged to Strengthen Oversight on Revenue Agencies, Unlock Opportunities for MSMEs
Analysts yesterday urged the federal government to focus on dealing with the current revenue constraints by paying attention to all revenue-generating agencies, particularly the Nigerian National Petroleum Corporation (NNPC) and the Federal Inland Revenue Service (FIRS). They said the country needed to ensure that revenue-generating… Read More
PUNCH
Export Intervention Loans Hit N44bn
The Central Bank of Nigeria’s intervention funds under its Export Facilitation Initiative rose to N44.58bn in October 2022. The bank disclosed this in statements released on its last Monetary Policy Committee meeting in 2022. “Under the Export Facilitation Initiative, the Bank provided support for export-oriented projects to the tune of N5.34bn… Read More
POLITICAL HEADLIINES
THIS DAY
General Election Won’t Be Postponed or Cancelled, Federal Government Assures Nigerians
The federal government yesterday said the 2023 general election would not be postponed or cancelled because of insecurity. The Minister of Information and Culture, Lai Mohammed, said this in Abuja at the 17th edition of President Muhammadu Buhari scorecard series from 2015-2023, adding that nothing has happened to alter the election timetable… Read More
PUNCH
2023: N’Assembly Candidates Take Back Seat As Campaigns Hot Up
In the forthcoming general elections, most eyes seem to be on the presidential poll, even though the exercise is to fill vacancies in over 4,500 public offices. The myriad challenges confronting the country have largely been blamed on leadership — and partly on followership. However, pundits have noted that only the president… Read More
TECHNOLOGY HEADLINES
THE CABLE
Airtel completes deal for acquisition of 4G, 5G spectrum at $316.7m
Simon O‘Hara, Airtel Africa’s secretary, made this known on Monday in a corporate filing on the Nigerian Exchange Limited (NGX). The telco said it purchased 100 MHz of spectrum in the 3500MHz band and 2x5MHz of 2600MHz from the NCC for a gross consideration of $316.7 million, “payable in local currency”. “This additional spectrum… Read More