Daily Business Headlines – JUNE 27 2023


Stocks Gain N71 Billion As Investors Begin The Week Positive

The Nigerian Exchange (NGX) closed positive at the end of today’s trading session to begin the new week. The All-Share Index (ASI) traded 0.22% higher to close at 59,338.76 index points as against 59,206.63 index points recorded in the previous day’s trading session. The market capitalization of equities saw a gain of N71 billion to close at N32.308… Read More


Maritime Industry Loses $100bn Annually To Non-Implementation Of Cabotage Act

The Joint Body of the Nigerian Seafarer’s Professional Groups at the weekend said the nation’s maritime industry loses over $100 billion annually to Federal Government’s  inability to implement the Cabotage Act. This is even as they lamented that 80 per cent of Nigerian well trained seafarers are out of jobs. Speaking at the Days Of The Seafarers… Read More

Unification: Manufacturers Lament Unavailability Of Forex

Weeks after the Central Bank of Nigeria (CBN) announced the unification of all segments of the foreign exchange (FX) market, manufacturers have decried unvailability of funds which seems to be slowing down access to forex for business. With the unified exchange rate by the new administration, the development means that all forex windows are… Read More


Naira Begins New Week On Positive Note, Exchanges At N768.17

The Naira on Monday closed on a positive note as it exchanged for N768.17 against the dollar at the investors and exporters window. The Naira appreciated by 0.26 per cent when compared with N770.17 for which it exchanged for the dollar at the close of business on Friday. The open indicative rate closed at N750.83 to the dollar on Monday… Read More



World Bank Okays Fresh $500m Loan For Federal Government

The World Bank Group has approved a loan of $500m to help Nigeria drive women’s empowerment. This became the second loan approved by the World Bank under the new President, Bola Tinubu. It is a scale-up financing for Nigeria for Women Programme, which was initially approved on June 27, 2018, with $100m financing. A statement… Read More

DISCOS Backtrack On Tariff Hike, Await NERC Approval

Power distribution companies, on Monday, backtracked on their earlier announcement of a tariff hike projected to take effect from July 1, 2023, as they stated that the Nigerian Electricity Regulatory Commission had yet to approve the hike. Various public notices from some of the Discos seen on Sunday had stated that the electricity tariff would… Read More


Customs To Dismantle Obstacles To Trade Boss

The Nigerian Customs Service, NCS, is set to redirect its efforts towards trade facilitation and dismantling of obstacles to trade in the country. Giving this indication yesterday in a session with senior Customs officers in Abuja, the newly appointed Acting Comptroller-General (C-G) of Customs, Mr. Adewale Adeniyi, stated: “We will prioritize… Read More



Buhari Retained Fuel Subsidy For APC To Win Election -Garba Shehu

After many decades of foot dragging by the Federal Government on removal of subsidy petroleum products which was costing the country trillions of naira, President Bola Tinubu, in his inauguration speech on May 29, declared that there would no longer be a petroleum subsidy regime as the 2023 budget did not contain it. “We commend the… Read More


Abbas: Workers Should Earn Enough If We Must Win War Against Corruption

Tajudeen Abbas, speaker of the house of representatives, says salary review for workers will discourage stealing and corrupt practices at the workplace. Abbas said a regular review of workers’ pay will encourage them to be “honest and transparent” in their dealings. According to a statement issued by Musa Abdullahi Krishi, Abbas’ special adviser on… Read More



Group, Lagos Partner To Deepen Digital Inclusion

As part of efforts to drive and deepen digital inclusion in Nigeria and other African countries, the Africa Digital Economy Forum has launched the Shelter4Digital Initiative. According to the digital transformation advocacy platform, it has partnered with the Lagos State Government to bring the initiative to life. It stated that the initiative was aimed… Read More