Daily Business Headlines – JUNE 30 2023


NGX All-Share Index Crosses 60,000 Points For The First Time Since 2008

Equity trading on the Nigerian Exchange Limited (NGX) closed trading on Tuesday, June 27th, 2023, in the green territory as the NGX All-Share Index appreciated by 1.3% to cross 60,000 index points. This is the highest point the ASI has reached in over 15 years.  Investors sentiment has remained positive as the market cheered some of the… Read More


Floating Naira, Breaking Power Supply Monopoly Advantageous – Manufacturers

The floating of the local currency by the Federal Government is going to stop Nigeria’s foreign exchange rate from going haywire like it did some months ago, the Manufacturers Association of Nigeria has said. MAN also stated that the move by the Federal Government to break what it described as a monopoly in the power sector would be… Read More

Lekki Port Receives First Transshipment Vessel

The management of Lekki Deep Seaport has announced the arrival of Rimbaud, the first transshipment vessel to call at the container terminal of the deep seaport. A statement by the port said that the vessel owned by CMA CGM shipping company, arrived at the terminal on Thursday. The statement added that the vessel came with cargo from two… Read More


ANLCA Decries Multiple Taxation On Imports Commodities, Seeks FG’s Intervention

The Association of Nigerian Licensed Customs Agents (ANLCA)  has called on the  Federal Government to come to the aid of freight forwarders and Customs brokers over the incessant changes in fiscal and monetary policies affecting the international trade chain. The foremost Customs brokers association, through its Acting National President… Read More



Nigeria’s Intra-African Trade Dips 12% To N842.6bn In Q1’23

Nigeria’s intra-African trade has continued to underperform expectations despite the commencement of the African Continental Free Trade Area (AfCFTA) as the trade value fell Year-on-Year (YoY) to N842.6 billion in the first quarter of 2023 (Q1’23) 11.95 percent down from N956.93 billion in Q1’22. AfCFTA, which aim to enable a free flow of… Read More


External Reserves Fall By $3bn In Six Months – CBN

Nigeria’s external reserves fell by $2.85bn in the first half of 2023 due to external debt finance among other challenges, figures obtained from the Central Bank of Nigeria have revealed. The CBN revealed in its figures on movement on foreign reserves that the reserves which commenced January 3, 2023 at $37.07bn fell to $34.22bn as… Read More


African Airlines Helping Nigeria Mitigate $812.2m Blocked Fund, Forex Scarcity

Nigeria’s travel agents have revealed how African airlines have continued to stand in solidarity with the country in the face of the resolution of European airlines to block lower flight inventories, causing an astronomical increase in the cost of air ticekts. For over two years, many foreign airlines operating in Nigeria shut down their lower… Read More



Tinubu, Ambode Meet As Sanwo-Olu Hosts President

The Governor of Lagos State, Babajide Sanwo-Olu, on Thursday, hosted President Bola Tinubu at the Lagos House, Marina. Sanwo-Olu was joined by his predecessors, former governors Babatunde Fashola and Akinwunmi Ambode. This was the first time since Ambode left office in 2019 that all the four governors of the state since 1999.. Read More


NASS Principal Officers: Tension As Competing Camps Await Tinubu, APC’s Nod

AHEAD of the resumption of the 10th Senate, next Tuesday, various camps battling to produce some of the remaining principal officers are awaiting the nod of President Bola Tinubu. As it was done recently, the National Working Committee, NWC, of the All Progressives Congress, APC, is expected to name the party’s nominees for… Read More



Exhibition To Drive Technology Growth Holds IoT West Africa Conference and Exhibition is prepared for the next phase of their successful event ‘IoT West Africa’ scheduled from July 4th to 6th in Lagos. IoT West Africa Conference & Exhibition is a global platform aimed at driving excellence in the field of technology, encouraging developments in Nigeria. The event has been put in place to… Read More