Daily Business Headlines – JUNE 22 2023


Market Rally Continues As NGX Rises By N117 Billion

The Nigerian Exchange (NGX) closed positive at the end of today’s trading session. The All-Share Index (ASI) traded 0.36% higher to close at 59,323.95 index points as against 59,110.02 index points recorded in the previous day’s trading session. The market capitalization of equities saw a gain of N117 billion to close at N32.302… Read More


Federal Government, Lawyers Meet Over PIA Implementation

The Federal Government, on Wednesday, engaged the General Counsel and Legal Advisers’ Forum of the Mid and Downstream Operators in the oil sector on the seamless implementation of fuel subsidy removal and other aspects of the Petroleum Industry Act 2021. Officials of the Nigeria Midstream and Downstream Petroleum… Read More

Travellers Groan As Naira Devaluation Drives Up Airfares

The summer travel season was eagerly anticipated by numerous travellers who were planning to go on their yearly holidays. The devaluation of the naira may disrupt the plans of holiday travellers, making this year’s summer less predictable. Airfares have surged to an unparalleled level as a result of the depreciation of the naira. In his election… Read More


Federal Government Sets 78 Priority Actions To Transform Food System

The Federal Government has set 78 priority actions that would transform the food systems from farm to the dining table, including the waste. The Permanent Secretary of the Ministry of Budget and National Planning, Mr Nebeolisa Anako, disclosed this in a statement issued by the Director of Information, Mrs Folasade Boriowo, on Wednesday in… Read More



DISCOS Generated N480bn In Six Months, Says NBS

The total amount of revenue generated by electricity distribution companies rose by 20.81 per cent despite a drop of 1.74 per cent in supply, according to the new Electricity Report for the first quarter of 2023 by the National Bureau of Statistics. According to the report, a year-on-year analysis showed that Discos collected N247.33bn as revenue in… Read More


PIA: NMDPRA, Stakeholders Eye Multi-Billion Dollar Investments

The Nigerian Midstream and Downstream Regulatory Authority (NMDPRA) has deepened its stakeholder engagement to attracting multi-billion dollar foreign direct investments (FDIs) and growing the nation’s economy in line with the Petroleum Industry Act (PIA). To this end, the Authority held a Legal Advisers’ Forum on Wednesday to provide clarity… Read More


Steer Clear Of More Borrowing, DMO Cautions Federal Government

The Debt Management Office, DMO, has warned the Federal Government against additional borrowing, saying 73.5 per cent of revenue generated this year will be used to service debt. According to the DMO, the projected FGN Debt Service to Revenue ratio of 73.5 per cent for 2023 is high and cannot support higher levels of borrowing, and is also… Read More



10th Assembly: We’ll Ensure All Bills Are Geared Towards Welfare Of Nigerians – Onuakalusi

Okey-Joe Onuakalusi, Lawmaker representing Oshodi/Isolo constituency 2 at the lower chamber of the National Assembly, has said that the 353 Reps members voted for Tajudeen Abass in the interest of Nigeria, speaks about his desire to promote bills that will impact on the welfare of Nigerians. In this interview, he further speaks about his plan… Read More


Businesses Responding Positively To Tinubu —British High Commissioner

The British High Commissioner to Nigeria, Richard Montgomery, said yesterday that ministers, businesses and investors in the United Kingdom were responding positively to policies enunciated by the Bola Tinubu administration so far. He also explained that the decision by the United Kingdom to ban international students from bringing… Read More



Nigeria Attracts $1 Billion Tech Funds In 2022 As Firm Secures $3.7m For Expansion Nigeria is said to have attracted about $1 billion funding to the technology startup ecosystem businesses in 2022. This was disclosed yesterday by the Founder of CcHub, Dr. Bosun Tijani, who featured on a television programme to intimate the public about Pan African Youth Innovation Forum 2023, with the theme: “Unleashing Africa’s Innovative… Read More