Daily Business Headlines – NOVEMBER 15, 2023


Market Gains N146bn As Investors Bet On Industrial Goods Stock

The local equity market rebounded by 0.32 per cent on Tuesday on renewed interest in industrial goods stocks, a day after they caused the downfall of the Nigerian Exchange (NGX) Limited due to profit-taking. Business Post reports that traders were more interested in BUA Cement and Lafarge Africa because of their prospects, helping their… Read More


NDIC Pays N1.393bn To Depositors In 110 MFBs, 3 Mortgage Banks

Nigeria Deposit Insurance Corporation (NDIC) said it has paid a total of N1.393billion to 36,163 depositors of 110 closed Micro-finance Banks (MFBs) and three Primary Mortgage Banks (PM Bs) as at September 22, 2023. The Central Bank of Nigeria (CBN) had recently revoked the operating licences of the affected MFBs and PMBs, followed… Read More


NNPCL To Inaugurate $2.8bn AKK Gas Pipeline December

The Nigerian National Petroleum Company Limited has said the $2.8bn Ajaokuta–Kaduna–Kano gas pipeline project being constructed by Oilserve Limited will be inaugurated next month. Executive Vice President, Upstream, NNPC Limited, Oritsemiyiwa Eyesan revealed this at the ongoing 41st Nigeria Association of Petroleum Explorationists 2023… Read More


MAN, RMRDC Want Sustainable Roadmap For Production Sector

As concerns mount over the future of manufacturing and rapid de-industrialisation being experienced in the real sector, the umbrella body for manufacturers, the Manufacturers Association of Nigeria (MAN); the Raw Materials Research and Development Council (RMRDC), in collaboration with the Federal Ministry of Industry, Trade and… Read More



Revenue Generation: Federal Government To Prioritise Domestic Resource Mobilisation

The Federal Government on Tuesday stated that it intends to place more emphasis on domestic resource mobilisation as a more cost-effective strategy rather than relying on external borrowing. This was even as it expressed confidence that it will grow the country’s asset under management (AUM) to a minimum N100 trillion from N18 trillion… Read More


Seme Customs Rake In N8bn From Exports

The Nigeria Customs Service, Seme Area Command, said it facilitated N8bn worth of export cargoes from September till date. The Customs Area Controller in charge of the command, Timi Bomordi, said this on Tuesday while addressing journalists at the command in Seme, Lagos. He also said that within the period under review, the command… Read More


Finance Minister Unveils Plan For $13bn Revenue From National Assets

Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun yesterday in Lagos unveiled plans to leverage the nation’s  assets to  generate  about $13 billion annual revenue. Edun disclosed this while speaking at the launching of  the Afrinvest 2023 Nigerian Banking sector report. Represented by the Managing Director/Chief Executive… Read More



NLC, TUC Nationwide Strike Records Mixed Compliance In States

The Nigerian Labour Congress, NLC, and Trade Union Congress of Nigeria, TUC, nationwide strike recorded mixed compliance across the states, yesterday. While some states were shut down with banks, public schools, courts and others shut down, some states recorded partial compliance and a few did not comply. The directives of the… Read More


40% IGR Deduction Will Impoverish Varsities, Says ASUU

The Academic Staff Union of Universities has said the Federal Government’s plan to automatically deduct 40 per cent from universities’ Internally Generated Revenue will impoverish the university system. In October, the Ministry of Finance notified academic institutions across the country of its plan to automatically deduct 40 per cent… Read More



Nigeria Low On ECI Ranking For Technology –Minister The Minister

of Communications, Innovation & Digital Economy, Dr. Tijani Bosun, has said despite the progress recorded by the country in the Information Technology (IT) space, Nigeria still ranks second to the last  in the Economic Complexity Index(ECI) for Technology Index. The Minister stated this at the Nordic Nigeria Connect (NNC) 2023 with… Read More