Daily Business Headlines – MAY 05 2023


Equity Market Gains N45 Billion To Upturns Previous Day Loss

Trading activities on the floor of the Nigerian Exchange Limited (NGX) closed the trading day with a gain of N45 billion in market capitalization as bulls regained their grip on the local bourse. Consequently, the All-Share Index appreciated by 82.98 basis points or 0.16% to close at 52.290.75 index points as against 52.207.77 recorded the previous… Read More


Banking Sector Credit To Private Rises To N43trn In 3 Months –CBN

This is according to data obtained from the Central Bank of Nigeria (CBN)’s website.

Credit to the private sector includes consumer loans, small business loans, commercial loans, structured finance, trade finance, mortgages, and all others issued to businesses and individuals. Despite the CBN’s policies targeted at reducing the amount of cash in circulation, commercial banks have rather stepped up their lending to the… Read More


Customs intercepts N746.2 million smuggled goods

The Nigeria Customs Service (NCS), Federal Operation Unit (FOU), Zone ‘A’, said it seized N746.2 million worth of goods smuggled into the country from the Republic of Benin and arrested 10 suspects. Speaking at a press briefing, yesterday, the Customs Area Controller (CAC) of the unit, Hussein Ejibunu, gave a breakdown of the seizures… Read More


Lekki Seaport: Lagos Govt Seeks Partnership With Stakeholder’s On E-Call Up System

The Lagos State Government has sought the cooperation and collaboration of all stakeholders’ for the successful implementation of electronic, e-Call up system in Lekki Deep Port Lekki-Epe corridor of the state. Lagos State Governor, Babajide Sanwo-Olu’s had earlier approved the e-call up system for effective traffic management along… Read More



NDDC To Spend N2.28trn 3 Years Consolidated Budget

The expenditures are however subsumed in three consolidated financial years of 2021, 2022 and 2023.Recall that the National Assembly withheld the budget of the commission for three years due to the absence of a governing board to make high profile financial approvals. Appearing before a session of the House of Representatives Committee… Read More


Nigeria’s crude oil production declines to 1.51mbpd in March

Based on data from the National Upstream Petroleum Regulatory Commission (NUPRC), Nigeria’s oil production dropped month on month, down 2% to 1.517 million barrels per day (mbpd) in March 2023 from 1.547 mbpd recorded in February 2023. The nation’s output had risen by 3.5% in February 2023 to 1.54 mbpd from 1.494 mbpd recorded in… Read More


Fresh Hurdles For Air Cargo As SAHCO, NAHCO Raise Charges By 100%

The bureaucratic bottlenecks stifling national export potential have taken another turn with the two major ground handlers in the air transport sector raising cargo processing charges by 100 per cent. The spike, courtesy Skyway Aviation Handling Company (SAHCO) and the Nigerian Aviation Handling Company’s (NAHCO) new pricing regime has… Read More



Again, Military Warns Politicians Plotting To Disrupt Inauguration

The Defence Headquarters (DHQ) has again warned politicians and those it described as “unscrupulous persons” plotting to disrupt the May 29 handover date to have a rethink or live to regret their actions. It said the armed forces were ready and on red alert to confront any security breaches before, during and after the May 29 hand over date… Read More


We’ll Reform Judiciary For Better Service Delivery —Tinubu

President-elect, Bola Tinubu, yesterday said his government would do a comprehensive reform of the judiciary and provide better working conditions for better service delivery. Asiwaju Tinubu who spoke in Rivers while commissioning the new 24 courtrooms Rivers State Magistrate Court built by the Governor Nyesom Wike’s administration… Read More



Istore, The Home Of Authentic Apple Products, Finally Launches In Abuja

iStore, the leading Apple products retailer, is thrilled to have officially launched its first launch in Abuja, Nigeria on May 5th, 2023. The grand opening took place at The Jabi Lake Mall. The consumer electronics retailer will offer Apple fans in Abuja access to a vast selection of authorized Apple products, including iPhones, iPads, Macs, Watches… Read More