Daily Business Headlines – JUNE 2 2023


Domestic Market Extends Rally By 0.07% As Investors Mop Up Oil Stocks

Oil stocks were the toast of investors at the Nigerian Exchange (NGX) Limited on Thursday on the back of the eventual removal of subsidy on petrol by the government on Wednesday. On May 31, 2023, the Nigerian National Petroleum Company (NNPC) Limited signalled the end to fuel subsidy when it said petrol would be sold at N488… Read More


Operators Kick As Maritime Workers Shut Port Monday

The Maritime Workers Union of Nigeria has threatened to embark on an industrial action on Monday over the poor welfare of its members in the shipping sector.The development has forced some operators in the maritime sector to kick, saying the proposed shutdown would affect their business operations. However, the President General… Read More


Federal Government Should Reduce Import Tariffs For Food Processing Companies Over Fuel Subsidy Removal – CPPE

The Centre for the Promotion of Private Enterprise (CPPE) urged the Presidency to introduce palliatives and measures to cushion the effects of the fuel subsidy removal which would address the food and transport costs for Nigerians. This was disclosed by Dr. Muda Yusuf, the founder of the CPPE on Thursday reacting to… Read More


PPP: Snake Island Port Set To Attract $1bn Investment

THE Federal Government has granted an approval for the development of Snake Island Port in Lagos by Nigerdock targeted at attracting $1billion private investment while enhancing operations in the Nigerian maritime industry. The investment is to be executed through Public Private Partnership (PPP) arrangement, with a new… Read More



Customs, World Bank Partner On Trade Compliance

In a bid to improve trade compliance, the Nigeria Customs Service, in collaboration with the World Bank under the Accelerating Revenue Mobilisation Reforms Programme, has introduced modalities for migration from the Fast Track Regime to Fast Track 2.0. In a statement, on Wednesday, the National Public Relations… Read More


CBN Denies Devaluing Naira, Commits To Gradual Rate Convergence

The Central Bank of Nigeria (CBN) says it has not devalued the naira, even as it pledged its commitment to gradual rate convergence. The Deputy Governor in charge of Economic Policy, Dr. Kingsley Obiora, made this known, yesterday, in Abuja at the Fiscal Liquidity Assessment Committee (FALC) retreat. This comes as the… Read More


Nigerian-Indonesia Trade Balance Up 81% To $4.7bn

The trade balance between Nigeria and Indonesia has grown from $2.6 billion in 2021 to $4.7 billion in 2022 representing a significant growth of 80.77 percent. President of the Nigerian-Indonesia Chamber of Commerce and Industry, Ishmael Balogun, disclosed this at the ongoing 2023 Equipment and Manufacturing West Africa… Read More



Tinubu Set To Rejig Security, Says Agencies Working At Cross-Purposes Won’t Be Tolerated

Less than a week after assuming office, President Bola Tinubu, yesterday, met with the Chief of Defence Staff, service chiefs, Inspector General of Police, and heads of intelligence agencies, with a pledge to rejig Nigeria’s current security architecture. Speaking with newsmen after the two-hour closed-door meeting at the State… Read More


Expectations As Sanwo-Olu Kicks Off Second Term

As early as 9am on Saturday, May 29, 2003, Tafawa Balewa Square, venue of the inauguration of the Lagos State Governor, Babajide Sanwo-Olu’s second term in office was already filled to the brim with expectant and jubilant Lagosians. Not even the heavy downpour in the early hours of the day could discourage the… Read More



300m Internet Connectivity Gap Dampens Technology Advancement In Nigeria, Others The 300 million plus unconnected people in Africa has blighted various efforts towards advancing technology development in the region. Hence, leaders and policy makers have been enjoined to, as a matter of urgency, find means to close the gap. Bridging the gap was a major discussion, yesterday, at the ongoing maiden edition… Read More