Daily Business Headlines – JULY 10 2023


NGX Banking Index Gains 9.82% To Emerge Best Performing Index Of The Week

The banking index closed the week on a positive note to emerge as the best-performing sectorial index with a gain of 9.82%. On a general note, the NGX All-Share Index and Market Capitalization appreciated by 3.40% to close the week at 63,040.41 and N34.326 trillion respectively. Similarly, all other indices finished higher except NGX… Read More


Suspension Of Taxes Will  Remove Looming Clog On Operations, Productivity –MAN

The Manufacturers Association of Nigeria (MAN)  has hailed the suspension of the obnoxious aspects of the 2023 Fiscal Policy Measures, which arbitrarily imposed additional tax burden on the sector, saying the development  has removed looming clog on its operations and productivity. Director General of the association, Segun… Read More


Monthly Fuel Consumption Drops By 18.5million Litres After Deregulation – Federal Government

The volume of Premium Motor Spirit, popularly called petrol, that was consumed across the country in the first half of 2023 is 11.26 billion litres, the Federal Government has said. It was, however, observed that after the removal of subsidy on petrol, following the pronouncement by President Bola Tinubu on May 29, 2023, PMS… Read More


Banks In Earnings Windfall Under High Interest Rate Regime

There are indications that banks are reaping huge returns from the rising interest rate environment following Central Bank of Nigeria, CBN, inflation targeting interest rate regime. Already the first quarter 2023, Q1’23, results of some of the leading banks are pointing in this direction as their earnings from lending activities rose Year-on-Year… Read More



Tackle Multiple Taxations, Policy Implementation Challenges, NBA –SBL Urge Federal Government

With a raft of policy reforms sweeping in the economy currently, the Nigerian Bar Association Section on Business Law (NBA-SBL) has called on the new administration to tackle the rising incidence of multiple taxation and challenges around implementing its policies. This, the association said, will ensure that the economy is geared towards growth… Read More

Capital Importation Into Nigeria Down 28% In Q1 2023

National Bureau of Statistics (NBS), yesterday, said total capital importation into Nigeria in Q1 2023 stood at $1,132.65 million, lower than $1,573.14 million recorded in Q1 2022, indicating a 28.00 per cent drop. When compared to the preceding quarter, capital importation rose by 6.78 per cent from $1,060.73 million in Q4 2022. This… Read More


Nigeria’s Food Import Bill Hits N7.8trn In 6 Years

Despite being touted as the food basket of Africa, Nigeria has spent over N7.8 trillion in the past six years on food import, THISDAY findings has revealed. The staggering sum, experts say, is a clear demonstration that the Nigerian government is yet to put the nation on the right path of eradicating hunger by 2030 as stipulated by the United Nations… Read More



Ex-President Buhari Congratulates Tinubu For Emerging ECOWAS Chairman

Former President, Muhammadu Buhari has congratulated President Bola Tinubu for emerging as the new Chairman of the Economic Community of West African States, ECOWAS. The spokesman of former President Muhammadu Buhari, Mallam Garba Shehu made this known in a statement. This comes as he debunked a story by… Read More


Court Orders Federal Government To Account For $5bn Recovered Abacha’s Loot

The Federal High Court in Abuja has ordered the Federal Government to provide the details of how it spent about $5bn loot recovered from the late General Sani Abacha. Justice James Omotosho gave the order last week while delivering judgment on a Freedom of Information suit marked, FHC/ABJ/CS/407/2020, filed by the Socio-Economic Rights… Read More



5% Excise Duty On TELECOM Is A Burden Lifted But There Are More – ALTON

The Association of Licensed Telecommunications Operators of Nigeria (ALTON) has said that the suspension of the 5% excise duty on telecom services has taken away the burden of collections off the telecom operators and the weight of the subscribers, but there are more tax issues that need to be addressed by the government.  Chairman of the… Read More