Daily Business Headlines – JUNE 1 2023


NGX All-Share Index Gains 6.42% In May On Tinubu’s Plans To Tackle Economic Challenges

Equity trading on the Nigerian Exchange Limited (NGX) finished the month of May in the green territory as the NGX All-Share Index appreciated by 6.42% to close at 55,769.28 index points. Nigeria’s main shares index which has been on the low profile had on Tuesday 30th May soared to its single biggest daily gain in about two years as investors… Read More

Nigeria’s Tax-To- GDP Ratio Rises To 10.86% – FIRS

Nigeria’s Federal Inland Revenue Service (FIRS) revealed that as of the end of 2021, Nigeria’s tax-to-GDP ratio grew to 10.86% from 6%, accounting for tax revenues from other government agencies apart from the FIRS. This was disclosed in a statement by the FIRS on Wednesday afternoon, after the new ratio was messaged to the… Read More


Nigeria, Others To Share $154b Mobile Economy Cash

Nigeria and other countries in sub-Saharan Africa are expected to share $154billion revenue from mobile economy. The mobile economy is also expected to create 400,000 jobs, plus additional 2.8million informal jobs in other parts of the economy in two years, according to the Global System for Mobile Communication Association (GSMA) report… Read More


NNPCL Unveils New Fuel Price Regime

The Nigeria Labour Congress (NLC) yesterday, said the new fuel price increase template announced by the Nigeria National Petroleum Corporation (NNPC) was unacceptable and should be withdrawn immediately. In the new template released yesterday, pump price in Lagos would sell at N488 per liter, while in Abuja and Borno it will sell at… Read More



Federal Government, Labour Meeting Deadlocked As Fuel Price Hits Over N700/Litre

Talks between the Federal Government and organised labour over the removal of fuel subsidy ended in a deadlock on Wednesday as they failed to reach a consensus following the hike in petrol pump prices to over N700 from N195 per litre by oil marketers. The hours-long meeting which was held at the Presidential Villa was to, among… Read More


Subsidy Removal: Food Prices, Transport Fares Soar

The Nigerian National Petroleum Corporation Limited (NNPCL) yesterday confirmed an upward review of pump price of petrol from N197 to as high as N557 in some states. Daily Trust observed that some private marketers were dispensing the product at N700/litre. The Chief Corporate Communications Officer of the NNPC Ltd, Garba Deen… Read More


Nigeria- Indonesia Trade Rises To $4.7 Billion – NICCI

Trade between Nigeria and Indonesia has exceeded expectations, reaching $4.7 billion, surpassing the initial target of $4 billion. The President of the Nigerian-Indonesian Chamber of Commerce and Industry (NICCI), Mr. Ishmael Balogun, disclosed this on day two of the Equipment and Manufacturing West Africa 2023 Exhibition and Conference… Read More



PEPC adjourns to today at Obi’s request, admits INEC’s forms as exhibits in Atiku’s petition

The Presidential Election Petition Court (PEPC), yesterday, adjourned hearing to today, following request by the presidential candidate of Labour Party (LP), Peter Obi. At resumption of hearing, counsel for the petitioner and Senior Advocate of Nigeria (SAN), Awa Kalu, told the court that the initial plan of Obi’s legal team was to present… Read More


Presidential Polls: INEC Rejects Own Documents In Atiku, PDP Petition

The Independent National Electoral Commission(INEC), yesterday, joined forces with President Bola Tinubu and his All Progressives Congress(APC) in rejecting the tendering of certified true copies of its Forms EC8Es from 24 local government areas of Kaduna State and 18 of the 23 LGAs of Kogi State before the Presidential Election Petition… Read More



How Fibre Cable Cuts, Vandalism Increase Drop In Qos

A major contributor to the perennial drop in quality of service has been identified as cuts to fibre optic cables belonging to telecommunications operators in the country. This act of vandalism has been traced largely to the doorsteps of companies carrying out various construction works in the country. The Guardian gathered that MTN… Read More