Daily Business Headlines – JULY 06 2023


Investors Buy The Dip As NGX Adds N441 Billion In Value

The Nigerian equity market saw an increase of N441 billion as trading activities closed with a positive sentiment from investors. The All-Share Index attained an uptick of 1.33% to end the day at 61,523.57 points, reversing the previous day’s record of 60,715.04 points. The trading session ended with a remarkable increase of N441 billion (1.33%) in the… Read More


Tariff Hike: More Manufacturers May Exit Country – MAN Warns

Despite persistent assurances to local and international investors by President Bola Tinubu that his administration would guarantee a more conducive operating enviroment for businesses to thrive, the Manufacturers Association of Nigeria (MAN) has raised the alarm that more manufacturing companies may leave Nigeria for other countries if… Read More


Terminal Operator Hikes Tariff On Imported Vehicles By 36%

Months after the Maritime Workers Union of Nigeria requested that terminal charges be reviewed upwards, Ports & Terminal Multipurpose Limited has announced a 36 per cent increase in tariff on imported vehicles with effect from July 1. In a public notice sighted by our correspondent on Tuesday, signed by the management of PTML, the… Read More

Forex Scarcity Stalls Fresh Petrol Importation

The hope of fresh petrol importation into the country may have been dashed, as findings revealed that oil marketers, who have been licensed to import fuel, are currently having difficulties accessing forex. Sources close to the matter told The PUNCH that three of the lincensed downstream firms had yet to source foreign exchange to purchase… Read More



CBN Expends $17.81bn To Bolster Weak Naira

The Central Bank of Nigeria (CBN) drew down  Nigeria’s foreign reserves and expended $17.81billion to defend the nation’s weak currency, at the foreign exchange(forex) markets  in 2022. According to the apex bank in its Annual CBN Activity Report, in 2022, the amount it injected was 7.6 per cent  higher than the $16.55billion injected in 2021 on… Read More

Subsidy: NNPC To Reconcile N2.1trn Deduction With FAAC

The Nigerian National Petroleum Company (NNPC) Limited says it would reconcile subsidy deductions with the federation. The Federation Account Allocation Committee (FAAC) had in May asked NNPCL to refund over N2.1 trillion to the federation account. NNPCL made its position known in a tweet on its official Twitter handle yesterday under a post… Read More


Nigeria Exports N23bn Electricity, Local Consumers Lament Outage

Power consumers, on Wednesday, kicked against the export of about N23.13bn worth of electricity from Nigeria to some neighbouring countries in 2022 despite the widespread darkness witnessed in many Nigerian communities. The latest data on the remittances by international customers, obtained from the Nigerian Electricity Regulatory… Read More



Polls: Tinubu, APC Close Case In Obi, Atiku’s Petitions

President Bola Tinubu and the All Progressives Congress (APC), yesterday, closed the defence of their February 25 election victory with the evidence of the Senate Majority Leader, Opeyemi Bamidele, to deflate allegations and claims contained in the petitions file by Atiku Abubakar and the Peoples Democratic Party (PDP) as well as… Read More


Akpabio Under Pressure, Faces Uproar Over Uneven Distribution Of N500b Loan To SMES

The Godswill Akpabio-led 10th Senate recorded its first rowdy session yesterday, after the Senate President’s rejection of a motion to debate alleged uneven distribution of N500 billion credit facilities to Micro, Small and Medium Scale Enterprises (MSMEs) across the country by the Development Bank of Nigeria (DBN). Chief Whip of the Senate… Read More



Danbatta: TELECOMS Investment Now $75.6bn | Sector Contributed N10trn To GDP In 2022

Umar Danbatta, the executive vice-chairman of the Nigerian Communications Commission (NCC), says the country has attracted $75.6 billion in investment through the telecommunications sector. The amount comprises both foreign direct investment (FDI) and local investment, as at 2021. Danbatta spoke at an interactive session with… Read More