Daily Business Headlines – JULY 21 2023


Nigerian Stocks Continue Bullish Run, Gains N95 Billion

The Nigerian equities market closed on a positive note, as the market capitalization of listed companies increased by N95 billion on Thursday, 20th July 2023. The market closed slightly higher today, with a 0.27% increase in its value to N34,811 trillion. This represented a minor decline of N95 billion from the previous session’s closing value of… Read More


Fuel Contamination: NCAA, FAAN, NMDPRA, Others Move To Forestall Reoccurrence

Worriedby recent incidence of a safety breach  of  water being found in the fuel tanks of some aircraft, the Nigeria Civil Aviation Authority (NCAA) has commenced investigation into the incident to identify its immediate and remote causes. The NCAA has also announced wider consultation with relevant stakeholders to identify the gaps… Read More

NNPCL Moves To Crash Overhead Cost, Boost Production

The Nigerian National Petroleum Company Limited (NNPCL) is taking pragmatic steps to crash overhead costs, boosting oil production and generally running a leaner and smarter outfit. Part of the moves to maintain optimal performance and ensure that its over 200 million stakeholders get the right dividends was to merge some of its… Read More


Businesses Overstretched, Sliding Into Hopelessness – NECA

The Nigeria Employers’ Consultative Association, has said organised businesses are overstretched due to the rising cost of living, which is caused by the hike in the price of petroleum motor spirit. In a statement on Thursday, the Director-General, NECA, Mr Adewale-Smatt Oyerinde, urged the government to take more drastic… Read More



Federal Government, States, Local Government Area’s Share N907bn, Highest FAAC Since January

In what has been described as a revenue windfall, the three tiers of government, the federal, states and local government councils on Thursday shared N907.054bn as FAAC allocation for June 2023. The total sum, is a N120.893 billion increase from N786.161 billion that was shared in May 2023. This is the highest since January when a sum… Read More


FIRS Generates N5.5trn In 6 Months

A revenue-generating figure has been set by the Federal Inland Revenue Service (FIRS), which raked in N5.5 trillion for the half-year period of January to June 2023. This is highest in its history. Mr. Muhammad Nami, Executive Chairman of the FIRS stated this while presenting the 2023-2024 tax revenue outlook to the National Economic… Read More


MAN Trains Exporters As AFCFTA Implementation Begins

The Manufacturers Association of Nigeria’s Export Group has trained local exporters as eight African countries have commenced exports under the African Continental Free Trade Agreement’s Guided Trade Initiative. The Chairman of MANEG, Mrs Odiri Erewa-Meggison, revealed this at a two-day capacity-building training for exporters on… Read More



Africa Bears Heaviest Burden Of Global Food Insecurity, Speaker Abbas Laments

The Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, Ph.D, has decried that the burden of food insecurity in the world is heaviest on African. He, however, noted that the parliaments on the continent could address some of the issues causing food crisis. Speaker Abbas made this known while delivering an address at the third… Read More


ECOWAS Parliament, East African Legislative Assembly Strategize To Enhance Business

The ECOWAS Parliament and the East African Legislative Assembly (EALA) have mapped out strategies to collaborate on how the two regional legislative bodies can initiate active framework to promote integration, through free movement of people in order to grow business, trade and investment  in the continent. Indications to this… Read More



NCC Laments Underutilisation Of ECC’s As Four More Open This Month

The Nigerian Communications Commission (NCC) is worried about the underutilisation of the country’s emergency communications centres (ECC). NCC, which disclosed that there are 27 functional ECCs spread across the country, hinted that four more centres would be added before the end of July. Speaking on behalf of the Executive Vice… Read More