Daily Business Headlines – JULY 13 2023


63 Equities Plunge NGX By 2.47% As Investors Take Out N884bn

The bears dislodged the bulls at the Nigerian Exchange (NGX) Limited on Wednesday after days of unsuccessful attempts supported by bargain-hunting. Yesterday, the bourse fell by 2.47 per cent as a result of profit-taking across the main sectors of the market, with sell-offs in some large and mid-cap equities. Business Post reports that 63 shares… Read More


57.96 Million BVN Issued As CBN Threatens Accounts Closure

The total number of issued Bank Verification Numbers rose to 57.96 million as of July 3, 2023, according to data obtained from the Nigeria Inter-Bank Settlement System Plc. This was as the Central Bank of Nigeria planned to the close bank accounts without BVNs. According to the NIBSS, the increasing incidents of compromise on… Read More


MAN, NACCIMA Ask Government To Incentivise Raw Materials For Non-Oil Export Growth

The national umbrella bodies of manufacturers – the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Manufacturing Association of Nigeria (MAN) – have called on the Federal Government to incentivise raw materials to boost non-oil exports. Speaking at an employment summit organised by the… Read More


Nigeria Repays $500m Eurobond Debt

The Debt Management Office (DMO) says Nigeria has redeemed a $500 million Eurobond on its due date, July 12, 2023. Eurobond is a debt instrument that’s denominated in a currency other than the home currency of the country or market in which it is issued. In a statement on Wednesday, the DMO said the successful redemption of the… Read More



Energy Security: FG To Attract $18bn Investments To Petroleum Sector

As the quest to achieve energy security hots up, the Federal Government plans to attract fresh $18 billion investments into the petroleum sector, with special interest in gas and other cleaner energies. The Chief Upstream Investment Officer of the NNPC Upstream Investment Management Services (NUIMS), Mr Bala Wunti, made the disclosure in Abuja… Read More


Forex Inflows Hit $2.55bn In Two Months

The total inflows into the Investors and Exporters Window rose to $2.55bn in the months of May and June, according to data obtained from the FMDQ. The data indicated that total inflows into the 1&E window increased for the second consecutive month in June to $1.41bn from $1.14bn in May, following the unification of naira rates. A breakdown of… Read More

NNPCL, Partners To Add 192,000bpd To Crude Production

The Nigerian National Petroleum Company Limited and its joint venture partners plan to add about 192,000 barrels of crude oil per day to Nigeria’s oil production between the third quarter of this year and the first quarter of 2024. NNPCL announced this on Wednesday at the ongoing Nigeria Oil and Gas international conference in Abuja. It stated… Read More



2022 Budget: Tinubu Seeks Reps Approval On N500bn Subsidy Palliatives

President Bola Tinubu yesterday on Wednesday requested the House of Representatives to amend the 2022 supplementary appropriation act for subsidy palliatives for the citizens. The President, in a letter addressed to the Speaker of the House, Hon Tajudeen Abbas Abba, which he read at plenary,   said that the amendment was to extract N500… Read More


Detention: Court Rules On Emefiele’s Case Today

The detained suspended governor of the Central Bank of Nigeria, Godwin Emefiele, will today, know his fate concerning the fundamental human rights suit he filed to challenge his arrest and detention by the Department of State Services. Recall that on June 10, the DSS arrested the governor of the apex bank shortly after President Bola Tinubu… Read More



NITDA Leading Africa’s Digital Economy Drive – Zambian Government

A Director in the Zambia Information and Communications Technology Authority, ZICTA, Mr Austin Sichinga, has identified the National Information Technology Development Agency, NITDA, as the government agency leading Africa’s technological growth and digital economy actualization. When he led a working delegation from ZICTA to Abuja, the… Read More