Daily Business Headlines – NOVEMBER 10, 2023


NGX Index Maintains Upward Trajectory Despite Mild Profit-Taking

The Nigerian Exchange (NGX) Limited sustained its winning streak for the fourth consecutive trading day on Thursday, rising by 0.07 per cent despite mild profit-taking in most sectors of the bourse. It was observed that the upward trajectory maintained by Customs Street during the session was buoyed by bargain-hunting in the… Read More


Federal Government To Subsidise Electricity Tariff With  N900bn By December

Following the temporary suspension of the cost reflective tariff, the Federal Government, yesterday, disclosed its intension  to spend over N900 billion before the end of December to subsidise the operations of the power sector. Speaking with the Nigeria Union of Electricity Employees (NUEE), in Abuja, Minister of Power, Adebayo Adelabu,  therefore… Read More


Embrace Technology, MAN Urges Manufacturers

The Manufacturers Association of Nigeria has encouraged players in the real sector to adopt emerging and disruptive technologies in order to stay relevant. The President of the association, Francis Meshioye, stated this recently at a press conference held to herald this year’s Nigeria Raw Materials and Manufacturing Equipment Expo “In the ever … Read More


Domiciliary Account Balance Rises To $29bn Amid Weaker Naira

The total balance in the domiciliary accounts in Nigeria’s commercial and merchant banks rose by more than a fifth in June, an analysis of data from the Central Bank of Nigeria (CBN) shows. The foreign currency deposits, a chunk of which are in dollars, stood at N17.65 trillion in June, up from N10.72 trillion in May, according to the CBN data… Read More



Arab Group Pledges $50bn For Africa’s Development

Stepping up their support for African partner countries ahead of the crucial COP28 climate change conference, the Arab Coordination Group (ACG) announced Thursday that it aims to allocate up to $50 billion to help build resilient infrastructure and inclusive societies in the African continent. The announcement was made by the Islamic Development… Read More


Crude Exports To Europe Rise, Federal Government Boosts Local Supply

Crude oil exports from Nigeria to Europe have increased to 730,000 barrels per day despite the shortage of its supply to local refineries. On Thursday, the Nigerian National Petroleum Company Limited revealed that Nigeria’s crude oil flow to Europe had increased in a bid to fill supply gaps left by the ban on Russian crude. This is just as the Crude Oil… Read More

Border Closure: Businesses Collapse In Northern Communities, Smuggling Booms

Commercial activities in border communities of Katsina, Sokoto, Borno and Zamfara states have collapsed following the decision of the Federal Government to close all the country’s borders with the Niger Republic in the wake of the military takeover of power in the Francophone country on August 3. Checks by The PUNCH on the border… Read More



Decision Day In Imo, Bayelsa, Kogi: INEC Affirms Readiness, DHQ Uncovers Plot To Cause Mayhem

The Defence Headquarters (DHQ) has said there are intelligence reports of plans by desperate politicians to cause violence with hoodlums wearing military uniform. Responding to questions from newsmen at the bi-weekly briefing in Abuja yesterday, Director, Defence Media Operations, Major General Edward Buba, issued a stern warning to… Read More


Lagos Ready To Leverage High Impact Investments To Create Prosperity For Citizens –Sanwo-Olu

Lagos state Governor, Babajide Sanwo-Olu has said his administration is committed to leveraging oppourtunities created by the ongoing Africa Investment Forum interface with investors from across the world to create projects that impact lives of the citizens. Sanwo-Olu, who spoke on the sidelines of the ongoing Africa Investment Forum in… Read More



SVP Will Create Cutting-Edge Tech For Sustainable Economic Growth – NCC

The Nigerian Communication Commission, NCC, has promised to use the new Strategic Vision Plan, SVP, to foster the development of cutting-edge technologies through rigorous research to catalyse sustainable economic growth. The Commission also said it was committed to mobilising the collective intelligence of innovators to tackle… Read More