Daily Business Headlines – MAY 17 2023


Investors Gain N102.39bn on Sustained Bullish Run

Nigerian equities on Tuesday ex- tended its bullish run as the benchmark index gained 0.36 per cent to settle at 52,419.33 points. Gains in Tier-1 bank- ing names, ZENITHBANK (+1.45%), GTCO (+4.15%) and ACCESSCORP (+1.50%), were the main drivers of the market’s over- all performance. Consequently, the year- to-date… Read More


Cash Crunch, Elections Raise Companies’ OPEX In Q1 2023

Amid the cash crunch, elections and the galloping inflation in the economy, quoted companies on the Nigerian Exchange Limited (NGX) have so far reported a widespread increase in operating expenses for the first quarter (Q1) of 2023, Daily Sun investigations can reveal. The Nigerian economy has been experiencing… Read More

Net FX Inflow Declined To $72bn In 2022 –CBN

Amid a rapidly drying inflows of dollar into the economy, the Central Bank of Nigeria (CBN) has said that the country’s net total foreign exchange (FX) inflow closed at $72.4 billion in 2022. According to data obtained from the CBN’s economic report for the fourth quarter (Q4) of 2022 which was released on its website recently. The figure… Read More


Federal Government Incurs N36.8trn Deficit In 8yrs Under Buhari

The Federal Government has incurred a deficit spending of N36.8 trillion in eight years under the administration of President Mohammadu Buhari from 2015 to 2022. Vanguard analysis of data from the Central Bank of Nigeria, CBN, on Federal Government finances from 2015 to 2022 revealed that 77 per cent of the deficit spending occurred… Read More



Weakened Naira Pushing Up Nigeria’s Public Debt – IMF

The International Monetary Fund has said that weaker currencies in Nigeria and other Sub-Saharan African countries are pushing up public debts. This was disclosed in a blog post published on the IMF’s website on Monday. The fund noted that with an average depreciation of nine per cent since January 2022, sub-Saharan African… Read More

Manufacturers Threaten Shutdown Over Excise Duty Hike

The Manufacturers Association of Nigeria has said that the recent increase in excise duty for beverage and tobacco goods will force businesses to scale down operations, which will  result in factory closures, job losses, a decline in exports among others. MAN President, Francis Meshioye, stated this on Tuesday during a press conference… Read More


Senate Passes N876bn NDDC  2023 Budget

The Senate yesterday approved the 2023 budget of the Niger Delta Development Commission (NDDC), totaling N876bn. The sum of N451 million was also approved as provisions for aides of 12 NDDC board members. The approved budget also contains N576 million earmarked for running the Office of the Chairman of the… Read More



Tinubu Moves to Co-Opt Kwankwaso Into New Government

Less than two weeks to the May 29 inauguration of a new administration to be led by Asiwaju Bola Ahmed Tinubu, indications have emerged of moves by the president-elect to co-opt the presidential candidate of the New Nigeria Peoples Party (NNPP), Rabiu Musa Kwankwaso into the incoming government. Daily Sun gathered that… Read More


Tinubu to Open Talks With G-6, Yari, Others

PRESIDENT-ELECT, Senator Bola Tinubu, has agreed to open discussions with aspirants on his party’s platform who are aggrieved over the zoning template of the All Progressives Congress (APC) for the National Assembly leadership positions. A party source revealed to the Nigerian Tribune that all things being equal, the troubleshooting… Read More



Ireland Seeks Digital Technology Exchange With Nigeria Ambassador of Ireland to Nigeria, Peter Ryan has reiterated Ireland’s commitment towards deeper technological exchange with Nigeria. He also said that through the European Union and Ireland’s work in Nigeria, they are contributing to the development of a more prosperous, secure and safe Nigeria. He said this during the… Read More