Daily Business Headlines – MAY 16 2023


All-Share Index Closes Positive, Up 3bps

Opening the week, activity on La- gos bourse ended mixed albeit with a bull- ish tilt as the benchmark index closed 0.03 per cent higher to settle at 52,231.29 points. Gains in ZENITH- BANK (+0.62%), ACCESSCORP (+1.01%) and WAPCO (+0.41%) offset declines in GTCO (-0.62%), STANBIC (-0.27%), and FBNH (-0.41%). As a result… Read More


Federal Government Approves N19bn For N-Power Training, Others

The Federal Government, on Monday, in Abuja, approved the total sum of N19.24bn for the training of 50,000 non-graduate N-power beneficiaries and the procurement of taxiway lighting system in the Port Harcourt, Lagos and Abuja airports. The sum also covers consultancy services for the Dadin Kowa 40MW power project… Read More


NECA Faults Govt’s Fiscal Policy Measures, Tariff Amendment

The Nigeria Employers’ Consultative Association (NECA) has expressed concerns over the newly introduced Fiscal Policy Measures (FPM) and Tariff Amendment for 2023, scheduled to take effect from June 1, 2023. The Director-General of NECA, Adewale-Smatt Oyerinde, noted that the circular by the Minister of Finance, Budget and… Read More

N13trn Spent On Fuel Subsidy In 16yrs –Federal Government

The Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, on Monday, disclosed that fuel subsidy payouts from 2005-2021, a 16-year window, cost the Federal Government a whopping N13 trillion on a conservative estimate. Mustapha, who quoted the policy advisory of the Nigerian Extractive Industries Transparency… Read More



Nigeria’s Inflation Rises to 22.22%

The Consumer Price Index (CPI), which measures the rate of change in goods and commodities, rose to 22.22 per cent in April compared to 22.04 per cent in the preceding month, the National Bureau of Statistics (NBS) stated Monday. The food inflation increased to 24.61 per cent year-on-year, which was 6.24 per cent higher… Read More


CBN: Forex inflow dropped 15.1% to $14.62bn in Q4’22

Foreign exchange inflow into the economy fell by 15.1 per cent to $14.62 billion in Q4’22 from $17.22 billion in the preceding quarter, the Central Bank of Nigeria (CBN) has said. The apex bank, which stated this in its economic report for Q4’22 released yesterday, also disclosed that foreign ex- change outflow from the economy… Read More


Africa Far From Ending Hunger, Poverty – AATF

Despite significant progress in efforts to combat hunger and malnutrition in Africa, the continent is still far from ending hunger and poverty, as outlined in the Malabo Declaration of 2014 and the Sustainable Development Goals (SDGs) Agenda 2. The executive director of the African Agricultural Technology Foundation (AATF)… Read More



Deliver On Campaign Promises Or Be Sacked, Buhari Tells Governors

President Muhammadu Buhri has called on state governors to deliver on their campaign promises or face rejection by the electorate. He said the outcome of the 2023 general elections has shown that if a political office holder doesn’t perform after being elected, the people will vote him out in the subseqquent election. Buhari spoke… Read More

Be Neutral In N’Assembly Leadership Selection, Group Tells Tinubu

South East Unity Movement has called on the President-elect, Bola Ahmed Tinubu, to be neutral in the selection process of the principal officers of the National Assembly. It also cautioned politicians against remarks capable of causing ethic division and violence. Its Chairman, Godwish Kuruma Obi, in a statement, yesterday… Read More



NITDA Bill Not Good For Nigeria, Says NCS As the National Assembly proceeds with its decision to pass the National Information Technology Development Agency bill, the Nigeria Computer Society has warned that it will not do the country any good. The President of the NCS, Prof. Adesina Sodiya, made this known at a press briefing on Saturday. According to him, stakeholders… Read More