Daily Business Headlines – JANUARY 16, 2024


Bulls Sustain Dominance As Index Rises By 1.92 Percent

The bulls maintained dominance at the reopening of transactions yesterday on the equities sector of the Nigerian Exchange Limited (NGX)as increased demand for Geregu Power Plc and 67 others lifted the All-Share Index (ASI) by 1.92 per cent. At the close of transactions yesterday, the index gained 1,597.93 points, representing a gain of 1.92%… Read More


Manufacturing Trade Deficit Hits N9.4tn In 9 Months

Nigeria’s trade balance of manufactured goods hit a deficit of N9.4tn in the first nine months of 2023. This is according to analysis of various Foreign Trade Statistics reports published by the National Bureau of Statistics. According to the data, in the first quarter of 2023, Nigeria’s imports of manufactured goods stood at N2.5tn. In the second… Read More


Federal Government Issues 13 New Power Generation, Distribution Licences

The Federal Government through the Nigerian Electricity Regulatory Commission has issued 13 new licences for the generation of off-grid and embedded power, independent electricity distribution, as well as for the trading of electricity. It said the new licences were issued in the third quarter of 2023, as the cumulative quantum of electricity to be generated… Read More


Electricity: Discos’ Revenue Collection Rises 30% To N782.74bn

In spite of ongoing epileptic power supply across the country, revenue collection by eleven electricity distribution companies, DisCos rose by 30 percent in the first nine months of 2023 to N782.74 billion when compared to N598.13 billion collected over similar period in 2022, latest data from the Nigerian Electricity Regulatory Commission, NERC, has… Read More



NNPCL Mulls Port Harcourt Refinery Handover To Private Operators

As the Port Harcourt oil Refinery comes to life, the Nigerian National Petroleum Company Limited has concluded plans to hand over the government refinery to private operators. The NNPCL said it was seeking to engage reputable and credible operations and maintenance companies to operate and maintain the Port Harcourt Refining Company… Read More

Nigeria Requires $80bn Investments For Agenda 2050, Says Minister

The Minister of Budget and Economic Planning, Sen. Atiku Bagudu said Nigeria needs at least $100bn in investments to achieve Nigeria Agenda 2050, with over 80 per cent expected from the private sector. The minister disclosed this while speaking on the 2024 budget at the KPMG Arise TV Budget Day program monitored by The PUNCH… Read More


Credit To Government Falls 45% To N5.16trn

Credit to the government fell for the second consecutive months by 45 percent to N5.16 trillion in November 2023 from N9.39 trillion in October in 2024. Data obtained from the Central Bank of Nigeria, CBN, Money and Credit Statistics for the review period showed that credit to the government had declined by 72.4 percent in October to N9.39… Read More



Uzodimma Vows To Execute More Projects, Takes Oath Of Office

Imo State Governor, Hope Uzodimma, has vowed to execute more projects in his second term in office that will dwarf his first term performance. He also promised the people of Imo of his determination to ensure his economic and developmental plans which is anchored on the 3Rs mantra are deepened in what he called his second ‘missionary… Read More


2027: I’m Ready To Lead Coalition Against Against Tinubu, APC – Atiku

The Peoples Democratic Party (PDP) presidential candidate in the 2023 election, Atiku Abubakar, has declared readiness to lead a coalition of opposition parties to remove the ruling All Progressives Congress (APC) come 2027. Atiku disclosed this in a congratulatory message to governors of the PDP, whose elections were upheld by the… Read More



Security Agencies Not Utilising NIN-SIM Data Tracking – Pantami

The former Minister of Communications and Digital Economy, Isa Pantami,  expressed disappointment over security agencies’ failure to use the National Identity Number linked to Subscriber Identity Module data to combat crime, especially kidnappings and phone-related offences. This criticism follows the 2020 directive by then-President… Read More