Daily Business Headlines – JULY 05 2023

VANGUARD

Investors Lose N672bn As Stock Market Records First Decline In H2’2023

Investors yesterday lost N672 billion as the stock market recorded its first day decline in the second half of the H1’23. This came as the Nigerian Bar Association, NBA Section on Business, on Tuesday were honoured to close the trading session with the historical ringing of bell. Another major stock market indicator, NGX All Share Index also… Read More

PUNCH

Frustration Mounts As DISCOS Consider 40% Electricity Tariffs Hike

While it is mandatory for electricity distribution companies to regularly evaluate tariffs every six months, the recent speculation that there might be another increase in tariffs in July was met with dissatisfaction from customers. They are worried that they have yet to recover from the removal of the petrol subsidy at the end of May, which shot prices up from… Read More

SUN

NASME To Inaugurate N1bn Youth, Women Empowerment Fund

President and Chairman Governing Council of NASME, Dr Abdulrashid Yerima, said this on Tuesday in Abuja at the commemoration of the 2023 MSME Day. The day was organised by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). Represented by Mr Victor Joseph, the Chairman FCT Chapter of NASME… Read More

LEADERSHIP

Banks’ Credit Rises By N4.54trn In 1 Year

Total credit in the banking industry increased by N4.54 trillion or 17.40 per cent by  end of April 2023 compared the level as at April 2022. The increase, according to experts,  reflects the improvement in industry funding base and adherence to the Central Bank of Nigeria (CBN)’s Loan to Deposit Ratio (LDR) directive. The sector’s total gross credit… Read More

ECONOMY HEADLINES

PUNCH

WTO Canvasses Improved Collaboration On Trade

The World Trade Organisation has stated that there is a need for improved collaboration among developing countries to boost services trade. A report titled “Trade in Services for Development”, which was sponsored by WTO and World Bank, said the growth of developing economies’ services exports had exceeded the world average… Read More

GUARDIAN

Development Group To Facilitate $1.6b Investments In Nigeria, Others

The Private Infrastructure Development Group (PIDG) said its new strategic framework for 2030 aims to attract $1.6 billion in funding to emerging markets and developing countries (EMDCs, including Nigeria, as well as deliver $9 billion in commitments. The group said the framework is expected to mobilise $25 billion in additional finance over… Read More

NBS, Stakeholders On Collision Course Over New Labour Survey Template

Ahead of the release of the Labour Force Survey by the National Bureau of Statistics (NBS), stakeholders have queried the accuracy of the new methodology, expected to reduce Nigeria’s unemployment figure. They argued that the report, which gave the basis for how labour surveys should be conducted, restricted those to be surveyed because… Read More

POLITICAL HEADLIINES

SUN

2023 Election: INEC Admits Facing Structural, Infrastructural, Human Challenges

Independent National Electoral Commission (INEC) has admitted that it faced structural, infrastructural and human challenges during the conduct of the 2023 general election. It, however, claimed that it deserved commendations judging by the landmark successes recorded in the poll and insisted that the era of single party dominance of… Read More

TRIBUNE

10th NASS: We Must Be Accountable To Nigerians — Speaker Abbas

The Speaker of the House of Representatives on Tuesday pledged to ensure that the 10th National Assembly is accountable to the people and hold the Executive Arm of Government accountable for their actions. The Speaker who gave the charge while delivering his welcome address from the Sallah holiday, tasked members of the need for… Read More

TECHNOLOGY HEADLINES

GUARDIAN

Telecoms Sector Mulls Data Regulation As Defaulters Risk N10m Fine

The Nigerian Communications Commission (NCC) has mulled introducing data regulation for the telecommunications sector. Though, currently at a draft stage, NCC said the regulation would provide a regulatory framework for the protection and privacy of data in the Nigerian Communications Sector. In the 25-page document, titled, ‘Data Protection… Read More