Daily Business Headlines – JUNE 6 2023


Negative Sentiment Resurfaces, Market Loses N7b

After days of an uptrend, bearish sentiments resurfaced in the equities sector of the Nigerian Exchange Limited (NGX) yesterday, as losses in Geregu and 26 stocks dragged market capitalisation by N7 billion. At the close of transactions yesterday, market capitalisation of listed equities depreciated by 0.02 per cent to N30.387 trillion… Read More

Nigeria’s Imports Squeezed By Cash Scarcity, Fall By 25.8 Per Cent Year-On-Year

Nigeria’s total imports declined by 25.83 percent in the first quarter (Q1) of 2023, from N7.5 trillion recorded in Q1 ‘2022 to N5.56 trillion. The figure recorded last quarter was, however, higher than the N5.36 trillion recorded in quarter four of last year. Recall that business activities in the quarter reviewed were affected by the… Read More


NNPC Ends Crude Swap Contracts With Foreign Refiners

Group Chief Executive Officer of Nigerian National Petroleum Company (NNPC) Limited, Mallam Mele Kyari, says the company has terminated its crude-for-petrol swap deal, otherwise called Direct Sale Direct Purchase (DSDP) contracts, with foreign refiners and consortia of traders. Kyari spoke at the weekend during… Read More


Airlines’ $812m Trapped Funds Increase Pressure On FX, External Reserves

Already pressured external reserves and foreign exchange (FX) are expected to worsen as Nigeria owes Airlines as much as $812.2 million trapped funds, the highest globally, a development set to test President Bola Tinubu’s reform agenda, two of which are the immediate repatriation of investment and profit, and a unified… Read More



Federal Government Records N930bn Two-Month Fiscal Deficits – CBN

The Federal Government recorded N930.8bn fiscal deficit in January and February 2023 according to the Central Bank of Nigeria. The CBN stated in its monthly economic report for February 2023 that, “The estimated overall fiscal deficit of the FGN expanded in February, due to a drop in the retained revenue. “At N513.05bn, the… Read More

Foreign Trade Declines By N2.6tn Over FX Shortage – NBS

The total value of foreign trade has declined by N2.55tn as Nigeria recorded lower exports within a year. The new Foreign Trade Statistics Report by the National Bureau of Statistics showed that the total value of trade decreased from N14.6tn in the first quarter of 2022 to N12.05tn in Q1 2023. According to the report, Nigeria recorded… Read More


IMF Tasks Nigeria On Revenue Generation, Debt Management

The Resident Representative of the International Monetary Fund (IMF) office in Nigeria, Ari Aisen, has said that Nigeria needs to efficiently raise revenues and manage its expenditure if it wishes to resolve its debt issues. Aisen made this remark at the Proshare WebTV online event organised recently. Corroborating the Debt Management… Read More



10th NASS: Abbas, Kalu, Our Best Candidates For Reps’ Speaker, Deputy — APC Governors

Chairman of Progressive Governors Forum, PGF, the umbrella body of governors elected on the platform of All Progressives Congress, APC, Senator Hope Uzodinma, said yesterday, that the choice of Tajudeen Abbas and Benjamin Kalu for the speaker and the deputy speaker of the incoming 10th House of Representatives had their… Read More


Fuel Subsidy: NLC, TUC Suspend Strike

Members of the organised Labour has agreed to suspend the planned strike over removal of fuel subsidy slated to begin tomorrow after hours of talks with a team of the Federal Government. The labour team comprising the Trade Union Congress and the Nigeria Labour Congress also agreed to set up joint committee to review… Read More



440 Million Nigerian Women, Others Lack Mobile Phones – GSMA A new study from GSM Association has revealed 440 million women in Nigeria and other low-and-middle income countries do not own mobile phones. The global body for telecommunication firms in its ‘The Mobile Gender Gap Report 2023’, disclosed that the underlying barriers to mobile phone ownership have remained… Read More