Daily Business Headlines – MAY 02 2023

Stock Market Update: Nigerian Exchange Records 2.04% Weekly Gain
The Nigerian equities market closed bullish during the week as the All-Share Index appreciated by 2.04% in the week ended 28th April 2023. This is following the 1.08% loss recorded in the previous week.This is according to the information contained in the weekly stock market report, released by the Nigerian Exchange Group.… Read More
Nigerian Banks Increase Lending To Private Sector By N1.3 Trillion In March
The total amount of net loans issued to the private sector rose to N43 trillion in the first quarter of 2023 representing a N1.3 trillion increase. This is according to data from Nigeria’s central bank. Credit to the private sector includes consumer loans, small business loans, commercial loans, structured finance, trade finance, mortgages, and all sorts… Read More
SEC Commences Regulatory Incubation For Fintechs
The Securities and Exchange Commission (SEC) has opened the Regulatory Incubation (RI) programme for FinTech firms operating or seeking to operate in the Nigerian capital market. This was contained in a Circular released by the Commission.  According to the circular, the portal would be opened from the 28th of April, 2023 to the 26th of May… Read More
No Plan To Withdraw Redesigned Naira Notes From Circulation – CBN
The Central Bank of Nigeria (CBN) has denied reports that it plans to withdraw the recently redesigned N1000, N500, and N200 currency banknotes from circulation. The bank described the speculation as unfounded and an attempt by some interests to cause panic among the public. A statement released by the bank stated that the new and… Read More
Workers Demand Better Pay Amid Subsidy, Debt
Despite the country’s debt burden and lingering confusion over fuel subsidy removal, Labour unions, yesterday, demanded better welfare, just as the outgoing and incoming governments sought understanding of the workers on action plans. Indeed, the governor of Edo State, Godwin Obaseki, two years after he raised the alarm that the Federal… Read More
Made-In-Nigeria Products Can Attain Global Competitiveness, Says SON
The Standards Organisation of Nigeria (SON) has charged manufacturers to pursue standardisation of their goods to achieve global competitiveness. Director-General, Standards SON, Mallam Farouk Salim gave the charge in Calabar, the Cross State capital at the workshop for stakeholders in Southsouth Region, organised by the… Read More
Importation Of Indomie Noodles Remains Banned In Nigeria- NAFDAC
Nigeria’s National Agency for Food and Drug Administration and Control (NAFDAC) has made further clarifications on the controversies surrounding the discovery of cancer-causing substances in the chicken flavour of Indomie noodles by health authorities in Malaysia and Taiwan. The agency, in a short message shared with PREMIUM TIMES… Read More
Workers’ Day: Tinubu Promises Nigerian Workers “Living Wage “, Says Minimum Wage Not Enough
President-elect, Bola Tinubu, has promised that his administration will provide a living wage as he described the existing national minimum wage as “not enough”. Mr Tinubu, who is due to be sworn in on 29 May, made the promise in a statement on Monday to commemorate the Workers’ Day. “In the Nigeria, I shall have the honour and privilege to lead… Read More
May Day: PDP Urges Nigerians Workers To Resist Anti-Democratic Forces
The Peoples Democratic Party (PDP) has urged Nigerians to reinforce their resistance against those it called “anti-democratic forces seeking to take control of our Nation”. This was contained in the party’s solidarity message to Nigerian workers as they celebrate this year’s Workers’ Day with their counterparts across the world. PDP’s statement… Read More
NITDA Bill: Telecom Operators Seek Exclusion From Regulation
Telecommunications operators in the country have asked the National Assembly to exclude them from any regulatory powers that will be given to the National Information Technology Development Agency (NITDA) under the new NITDA Bill being considered by the lawmakers. The telcos under the aegis of the Association of Licensed… Read More