Daily Business Headlines – JUNE 5 2023


Oil And Gas Stocks Fuels NGX’s Bullish Week

The Nigerian Exchange (NGX) closed bullish as the All-Share Index appreciated by 5.37% in the week ended 2nd June 2023. The market opened for four trading days this week as the Federal Government of Nigeria declared Monday 29th May 2023 as Public Holidays to commemorate the inauguration of the newly elected President… Read More


Foreign Airlines Plan Meeting With Federal Government Over Trapped Funds

The Switzerland-based global airline body-International Air Transport Association-on Sunday warned that rapidly rising levels of blocked funds were a threat to airline connectivity in Nigeria and some affected countries. IATA disclosed that the industry’s blocked funds had increased by 47 per cent to $2.27bon in April 2023 from… Read More

Fuel Importation: Marketers Demand Equal Access To Forex

Oil marketers have projected that the ex-depot price of Premium Motor Spirit, popularly called petrol, would hit N515/litre once they source foreign exchange rate at the parallel market for the importation of PMS. Ex-depot price is the price marketers buy products at the depot and it determines the price at which they sell to motorists… Read More


Nigeria’s Tech Start-Ups Surpassed $4bn Mark In 2022–Sanwo Olu

Lagos State Governor, Babajid Sanwo-Olu has disclosed that the Nigerian tech start-ups sur – passed the $4 billion mark in 2022 with Lagos playing a leading role in Africa’s digital transformation. This came as Lagos State in demonstration of its commitment to fostering innovation and entrepreneurship, in partnership with the… Read More



OPEC Raises Nigeria’s Oil Output As Saudi Arabia Cuts Production

Members and non-members of the Organisation of Petroleum Exporting Countries, referred to as OPEC+, on Sunday, agreed to cut crude oil production volumes in order to ensure global oil market stability, but allowed Nigeria, Congo and Angola to continue to produce maximally to their OPEC quota of 2023. However… Read More


Forex: Turnover In I&E Rises 78% To $2.5bn As Naira Depreciates Marginally

The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the foreign exchange market rose by 78.5 percent, month-on-month (MoM) to $2.5 billion in May 2023 from $1.4 billion the previous month of April. Vanguard’s findings from the monthly transactions in the window as published by FMDQ showed… Read More


Deregulation: Cross Border Petrol Smuggling Slumps

The pronouncement of an end to the subsidy regime by President Bola Ahmed Tinubu last Monday may have started yielding fruits, Daily Sun can report. Multiple sources at various borders said the number of tankers ferrying petrol has appreciably dropped since Tinubu jolted Nigerians with the obituary announcement of subsidy… Read More



10th Assembly: Opposition Parties React To Tinubu’s Invitation

Following the invitation of a meeting from President Bola Ahmed Tinubu to the opposition party lawmakers-elect ahead of the 10th National Assembly election, some opposition parties have warned their members against the move by the president. Major political parties such as the People’s Democratic Party (PDP), Labour Party… Read More


Issues As APC Governors Plot Increased Influence On Party

In the last eight years that the All Progressives Congress (APC) took over the mantle of leadership at the federal level, its governors, under the umbrella of APC Progressive Governors Forum (PGF), have left no one in any doubt of their indispensability in dictating the political and democratic trajectory of the country at both… Read More



Mobile Subscriptions Shrink By Three Million Nigeria’s mobile subscriptions shrank by 3.49 million mobile subscriptions in the last three months, leaving a dent in the country’s march toward mobile inclusion for all. Since mobile subscriptions hit an all-time high of 226.84 million in February of this year, it has been on a steady decline. It first fell to 225.82 million in March, before… Read More