Daily Business Headlines – JUNE 16 2023


Stock Exchange Sheds 1.32% As Inflation Sways Investors

The local stock exchange lost 1.32 per cent on Thursday, putting a halt to the two-day positive momentum triggered by the suspension of Mr Godwin Emefiele as the Central Bank of Nigeria (CBN) governor. Business Post observed that investors were swayed by the inflation numbers released by the National Bureau of Statistics… Read More


Naira Float: Nigerian Billionaires Lose $5.85bn — Bloomberg

Aliko Dangote and Abdulsamad Rabiu, Nigerian billionaires listed among the 500 richest men in the world, have lost a combined $5.85 billion, according to the Bloomberg Billionaire Index (BBI). The BBI is a daily ranking of the world’s richest people. It provides details on the calculations of net worth analysis on each billionaire’s profile page… Read More


Manufacturers Lose N10.1tn Yearly To Power Crisis – MAN

The Manufacturers Association of Nigeria says the country’s shortage of electricity supply has been identified as a hindrance to the profitability of manufacturers with an annual economic loss valued at about N10.1tn, about two per cent share of the country’s Gross Domestic Product. MAN noted that the unfavourable situation has… Read More

Petrol Subsidy: NEC Mulls N702bn As Allowance For Workers

The National Economic Council on Thursday, in Abuja, said it considered recommendations from the National Salaries Income and Wages Commission to pay N702bn as cost of living allowance to civil servants as part of intervention plans to mitigate the effects of the discontinuance of petroleum subsidy as announced on May 29, 2023… Read More



Nigeria’s May Inflation Rate Swings To 22.41%

Nigeria’s inflation rate, which has been on the upswing for over nine months now, in May, 2023, closed at on 22.41 per cent relative to April 2023 headline figure of 22.22 per cent.  According to a statement obtained from National Bureau of Statistics (NBS) website, yesterday, looking at the movement, the May 2023 inflation rate showed… Read More


Netherlands, AFEX Partners to Boost Nigeria’s Agro Exports

The Netherlands consulate in Lagos and AFEX Commodities Exchange have partnered to boost agricultural commodities exports from Nigeria to the Netherlands. The Netherlands Consulate and AFEX announced the partnership at a roundtable discussion themed, “Sustainable Agro commodity Export,” held in Lagos. The event… Read More


Naira Weakens To 702/$, CBN Fresh FX Supply Likely

The naira traded at 702.19/dollar at the close of business on Thursday, as the Central Bank of Nigeria has allowed for a free float of the national currency against the dollar and other global currencies. This means that the currency lost about five per cent of its value within 24 hours from the N664.04/dollar recorded at the close of business on… Read More



Akpabio’s Emergence ‘Renews Hope’ In Niger Delta Region

Stakeholders in the South-South region of Nigeria have hailed the emergence of former governor of Akwa Ibom State, Senator Godswill Akpabio, as new President of Senate, describing it as a sign of equity. They stressed that beyond the issue of equity and justice, Akpabio possesses the administrative acumen and capacity to lead… Read More


APC Bigwigs Jostle For Ministerial Slots, Tinubu Names Eight Special Adviser’s

State chapters of the All Progressives Congress are awaiting the directive of President Bola Tinubu to forward lists of ministerial nominees to the party headquarters for onward transmission to the Presidency. The PUNCH however gathered that while the party awaited the directive, bigwigs including former governors, ex ministers, and… Read More



Danbatta Woos Investors At GITEX Africa On Nigeria’s Broadband Future

The Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, has invited international telecom companies and potential investors to take advantage of the oppourtunities presented by Nigeria’s population of over 200 million people to invest in its telecom sector, especially in infrastructure… Read More