Daily Business Headlines – JULY 24 2023


Bullish Sentiment Prevails: Nigerian Stocks Gain N584 Billion At Close Of Week

The Nigerian stock market closed the week with a strong performance, as investors witnessed a N584 billion increase in market capitalization on July 21, 2023. The week ended on a positive note for the market, as it recorded a 1.68% gain rising to N35,395 trillion. This was a significant improvement of N584 billion from the last session’s closing… Read More


MAN, NECA, Pensioners Lament High Cost Of Living

Nigeria’s  Organised Private Sector (OPS) at the weekend joined other stakeholders in the economy to take a swipe at the economic policies of the Bola Tinubu administration, blaming it for the rising cost of living across the country. In their separate reactions to the outcry by the Afenefere, the Yoruba socio-cultural group alongside other ethnic… Read More


NNPCL Positions For Global Play With 183% Rise In Profit

For NNPC Limited, the past three years have been remarkable as it moved from a loss-making government controlled entity in 2018 to a vibrant, commercially driven conglomerate with a N674.1 billion profit in 2021. The company which had posted losses of N807 billion in 2018 and N1.7 billion in 2019 became profitable for the first time in 44 years… Read More


Nigerians Reduce Trips, Other Expenses As Fuel Price Increase Bites Harder

Following the astronomical rise in the pump price of fuel coupled with the rising inflation in the country, many Nigerians have adjusted to the new realities, and are cutting back on unnecessary trips, and when necessary, go for the public transport system. Consequently, most private vehicle owners in Lagos have decided to board public… Read More



Federal Government To Halt Multiple Revenue Agencies

Following persistent outcry of the Nigerian Organised Private Sector against multiple taxation from the three tiers of government, has hinted of an impending plan  to shrink  the number of revenue collection agencies in a bid to boost ease of doing business and reduce tax leakages in the economy. This is even as it noted that the Federal Inland… Read More


Currency Outside Banks Stood At N2.1trn In May 2023

The recent Money and Credit Statistics Data published by the Central Bank of Nigeria (CBN) has revealed that currency outside banks stood at N2.1 trillion in May from N2 trillion at the end of April 2023. Currency outside the vaults of the banks was N2.57 trillion, representing 85.2 percent of the total currency in circulation as at the end of 2022. The total… Read More


Come Up With Interventions To Moderate Naira Volatility, CPPE Tasks CBN

The Centre For the Promotion of Private Enterprise (CPPE) has charged the Central Bank of Nigeria (CBN) to come up with a sustainable intervention to ensure the moderation of the current volatility in the forex market. CPPE, while recognising the forex supply limitations, said the system needs to be managed in a way that would not undermine… Read More



Presidential Polls: Anxiety Mounts As Judgment Day Beckons

Anxiety has started building up in the camp of President Bola Tinubu and the presidential candidates of the Peoples Democratic Party(PDP), Atiku Abubakar and Peter Obi of the Labour Party (LP) as judgment day beckons at the Presidential Election Petition Court (PEPC) where the declaration of the president as winner of the February 25… Read More


Akume To Nigerians: We’ll Ease Pain Of Petrol Price Hike

SECRETARY to Government of the Federation, George Akume, has President Bola Tinubu was committed to fulfilling his promise of improving the lives of Nigerians. In a series of tweets on Saturday, Akume reeled out actions the Tinubu administration is taking to fulfil the All Progressives Congress, APC, manifesto. In his inaugural speech as… Read More



NITDA, US Consulate Partner On Tech Development

The US Consulate has partnered with the National Information Technology Development Agency on the forthcoming Global Tech Africa. The tech summit, which is an initiative of the Future Map Foundation and Ascend Studios Foundation, is designed to bring together African and international stakeholders in tech, unlock growth opportunities… Read More