Daily Business Headlines – JULY 14 2023


Bears Persist At NGX As Investors Lose N706.8bn

On Thursday, the bears continued to dominate the local equities market as the All-Share Index of the Nigerian Exchange Limited (NGX) succumbed to a second successive loss, falling by 2.03 per cent to 62,748.94 basis points. Accordingly, the Month-to-Date and Year-to-Date returns moderated to +2.9 per cent and +22.4 per cent, respectively… Read More


MANEG Partners AFCFTA Secretariat To Train Exporters

An exports-related training organised by the Secretariat of the National Action Committee on the African Continental Free Trade Area (AfCFTA), in conjunction with the Manufacturers Association of Nigeria (MAN) Export Promotion Group, is scheduled to hold on July 18 and 19, at MAN’s National Secretariat in Ikeja, Lagos State. The free training… Read More


Foreign Investments In Manufacturing Drops By 35% – NBS

Foreign investments to the manufacturing sector dropped by 35 per cent from $392.5m in the fourth quarter of 2022 to $256m in the first quarter of 2022, the National Bureau of Statistics’ capital importation report for 2023 Q1 has shown. According to the report, the total capital importation into Nigeria in Q1 2023 stood at $1.1bn, lower than… Read More

Nigeria Development Banks’ Capitalisation Need Improvement – AFDB Boss

The President of the African Development Bank, Akinwumi Adesina, has called for improvement in the capitalisation of development banks in Nigeria to enable them provide funds at affordable interest rates.Adesina said this on Thursday as he delivered the keynote address at the BusinessDay CEO Forum in Lagos. He said, “The Bank of… Read More



Customs Pledge Support For FAAN Aviacargo Committee Over Export Of Nigerian Goods

The Federal Airports Authority of Nigeria (FAAN) Aviacargo Roadmap Committee recently paid a visit to the Lilypond Nigeria Customs Area Command office Apapa, Lagos to seek partnership and suggestions in addressing the challenges mitigating against aviacargo export in Nigeria. The Committee led by its Coordinator, Mr. Ikechi Uko while… Read More

IMTO’s To Pay Out Proceeds Using I&E Window Rate –CBN

The Central Bank of Nigeria (CBN) has directed that all International Transfer Money Operators (IMTOs) to pay out proceeds using the Investors and Exporters’ (I&E) window FX rate as the anchor rate on the day of the transaction. This was even as the apex bank approved the addition of five additional IMTOs to facilitate diaspora… Read More


Oil Earnings Hit N1.68tn As Output Rises

Nigeria’s crude oil earnings rose to over N1.68tn in June 2023 following an increase in the country’s output last month, an analysis of latest oil production figures released by the Federal Government showed. Data obtained on Thursday from the June 2023 crude oil production report of the Nigeria Upstream Petroleum Regulatory Commission… Read More



2023 Elections: Your Demand For My Dismissal, Prosecution Misplaced, INEC Chairman Tells LP

Chairman of the Independent National Electoral Commission ( INEC) Professor Mahmood Yakubu has reacted to the demand for his removal as Chairman of the Commission and prosecution by relevant authorities over the alleged electoral heist. Director – General Labour Party and Obi- Datti Campaign Organisation, Akin Oshuntokun… Read More


$800m World Bank Subsidy Loan: Federal Government To Pay N8,000 Monthly To 12m Poor Nigerians

The Federal government of Nigeria has concluded plans to make a digital transfer of N8000 to over 12 million low-income earners in Nigeria to help cushion the effect of subsidy removal which has seen prices of commodities triple in recent weeks. Earlier, vanguard reported the Senate on Thursday approved $800 million World Bank loan… Read More



Operators Seek Removal Of 5% TELECOMS Tax On Telephony Services

Telecommunications operators have called on the Federal Government not to only suspend the five per cent excise tax on telecoms sector but to remove it completely from the Finance Act. Speaking under the aegis of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), the Chairman, Gbenga Adebayo, said the… Read More