Daily Business Headlines – MAY 22 2023


Stock Market Performance To Remain Mixed This Week

The direction of the Nigeria equities market for this week is expected to be mixed, as investors expected to focus on the outcome of the Monetary Policy Committee (MPC). Despite the profit booking and recent accumulation in some value stocks, core investors are, however, reinvesting their dividends into the market to support the… Read More


Commercial Papers Hit N539bn In Three Months

The value of quoted commercial papers on the FMDQ Exchange stood at N539.22bn at the end of the first quarter of 2023 with the total outstanding value of CPs rising to N669.36bn at the end of the same period. According to monthly reports from the FMDQ exchange, there has been a sustained increase in commercial papers quotations.… Read More


High Expectations As Dangote Breaks NNPC’s Monopoly, Shrinks EU Supply To Africa

President Muhammadu Buhari, who did not bring to reality his pledges of overhauling state-owned refineries in Port-Harcourt, Warri and Kaduna, will today commission Dangote Refinery as stakeholders count the gains of the facility. Amidst uncertainties over Nigeria’s fuel subsidy, Dangote Refinery, a 650,000 barrels per day (bpd) facility… Read More


Lekki Seaport To Host 70% West Africa Cargoes In Nigeria

The seaport commenced operations last month after 10 years of the project development plan that gulped $1.5 billion. Briefing journalists on a facility tour at the weekend, the manager, Health and Safety, Lekki Seaport, Samuel Azanar, disclosed that with the strategic position of the seaport, foreign liners would prefer to bring their… Read More



70% Of Nigerian Foods Rejected Abroad – NAFDAC DG

The Director-General of the National Agency for Food and Drug Administration and Control, Prof Mojisola Adeyeye Sunday said 70 per cent of food exports from Nigeria are rejected abroad, blaming it on the deplorable state of export trade facilitation for regulated products leaving the country. Adeyeye who spoke during the commissioning of a… Read More

Manufacturers In Dire Straits As Unsold Goods Hit N470bn

The Nigerian manufacturing sector is struggling with rising levels of unsold goods with inventory stockpile up 22 per cent to N469.66 billion in 2022 from N384.58 billion in the preceding year. Also, industry operators are saying the situation is worsening. A report from the bi-annual economic review of the Manufacturers Association of Nigeria… Read More


FG Secures $8.2bn Financing from Local, Foreign Partners for Execution of Nigeria’s Energy Transition Projects

As the implementation of Nigeria’s $410 billion Energy Transition Plan takes off, the federal government has disclosed that funding commitment of about $8.2 billion had already been secured out of the $10 billion required annually to execute projects tailored towards decarbonisation. The Co-head, Energy Transition Office and Principal… Read More



G-7 Aspirants No Threat To Abass, Says House Coalition

The Joint Task Group of the 10th National Assembly, has said delivering Tajudeen Abbas and Benjamin Kalu as speaker and deputy speaker respectively would be a smooth sail for them on June 13 inauguration day. The group comprises eight political parties including APC, PDP, LP, NNPP, APGA, SDP, ADC and YPP that won various seats… Read More


10th NASS: APC’s Zoning Arrangement Constitutional — Pro-Tinubu Group

As the reaction continues to trail the choice of leadership of the 10th National Assembly, a support group known as Tinubu/Danmodi Support Organization has backed the zoning arrangement by the All Progressive Congress, APC, saying it is constitutional as it provides for candidates to emerge through consensus. Recall that the APC’s NationaL… Read More



China Bans Major Chip Maker Micron From Key Infrastructure Projects

The country’s cyberspace regulator announced on Sunday that America’s biggest maker of memory chips poses “serious network security risks”. It means the firm’s products will be banned from key infrastructure projects in the world’s second largest economy. It is China’s first major move against a US chip maker, as tensions increase… Read More