Daily Business Headlines – JANUARY 18, 2024


NGX Crosses 90,000 Points Amid Rally In Dangote Cement, 46 Stocks

The Nigerian Exchange Limited (NGX) sustained rising profile at the end of yesterday’s transactions as the All-share index crossed 90,000 mark, occasioned by bargain hunting in Dangote Cement Plc and 46 others. The All Share Index (ASI) rose by 2,092.15 points, representing a gain of 2.38 per cent to close at 90,063.25 points. Also, market… Read More


Federal Government To Clear N35,000 Wage Award Arrears, Resume Payment

The Federal Government has assured workers that it will clear the arrears of the N35,000 wage award just as it also said the government had resumed the payment of the wage award. The government also reiterated its commitment to addressing issues in the National Minimum Wage agreement reached with the Organised Labour in 2023… Read More

Federal Government Suspends Electricity Tariff Hike, Power Subsidy Hits N1.6tn

The Nigerian Electricity Regulatory Commission, on Wednesday, released the 2024 electricity tariffs which showed that the Federal Government is to shoulder about N1.6tn subsidy this year to avert electricity tariff hike. In the tariff review applications of the 11 power distribution companies in Nigeria, the NERC revealed what it approved as… Read More


NNPC Destroys 5,686 Illegal Refineries, 4,480 Unauthorised Connections In 3 Years

The Nigerian National Petroleum Company Limited (NNPC Limited) has said that the establishment of a command-and-control centre which provides livestreaming surveillance data to security forces, has aided the detection and destruction of  5,686 illegal refinery sites and removal of 4,480 illegal connections, thereby addressing vandalism… Read More



Federal Government In Talks With World Bank For $1.5bn Fresh Loan

At the backdrop of the sustained revenue pressure and scarcity of foreign exchange the Federal Government, FG, has opened talks with the World Bank to secure a $1.5 billion loan. Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, who disclosed this yesterday in an interview with Bloomberg, linked the borrowing… Read More


Nigeria’s Crude Oil Production Rises To 1.4mbd – OPEC

Nigeria’s crude oil production rose to 1.418mbpd in December 2023, a report by the Organisation of the Petroleum Exporting Countries has said. OPEC, in its Monthly Oil Market Report for January 2024, said Nigeria’s crude oil production increased by 100mb/d, from 1.319mbpd in November, according to secondary sources. In the report… Read More

FAAC: Customs, others shared N54bn in November

Revenue generating agencies, Nigeria Customs Service, Federal Inland Revenue Service and Nigerian Upstream Petroleum Regulatory Commission shared N53.5bn as cost of revenue collection in November. The Federation Account Allocation Committee disbursed the sum of N1.35tn to the three tiers of government in November 2023 from… Read More



Government set to crash prices of medicines, reverse brain drain

President Bola Tinubu at yesterday’s Federal Executive Council (FEC) meeting approved three resolutions to strengthen the health and social welfare sector for Nigerians. The Coordinating Minister of Health and Social Welfare, Prof. Ali Pate, announced this while addressing reporters after this year’s first FEC meeting presided over by… Read More


Kidnapping: We Will Make Abuja Hot For You, Wike Tells Criminals

The Minister of Federal Capital Territory, FCT, Ezenwo Nyesom Wike, yesterday commenced confidence-building visits to area councils in the territory, declaring that security agencies would, henceforth, make it hot for bandits. His visit came against the backdrop of incessant kidnap and killing of victims by bandits in the area. Wike, who… Read More



AI Threatens 40% Of Global Jobs — IMF

The International Monetary Fund has disclosed that 40 per cent of global employment is at risk due to the continued growth of artificial intelligence. The Washington-based funds revealed this in a report titled, ‘Gen-AI: Artificial Intelligence and the Future of Work’. It noted that employments in advanced economies were at greater risk with 60 per… Read More