Daily Business Headlines – November 16, 2022

November 16, 2022

Business Headlines


Losses in Lafarge Africa, Others Drag Capitalisation Further by N6b

Transactions on the equities sector of the Nigerian Exchange Limited (NGX) continued on a decline yesterday, as sell-off in Lafarge Africa and 12 stocks dragged market capitalisation further by N6 billion. Yesterday, the All Share Index (ASI) decreased by 9.87 absolute points, representing a dip of 0.02 per cent to close at 43,808.25 points. Similarly, the market capitalisation lost N6 billion… Read More


Fitch Rules Out Further Downgrade of Nigeria’s Rating in Near Term

Fitch Ratings has stated that it does not foresee further downgrade on Nigeria’s rating in the near term, adding that it does not expect Nigeria to restructure its debts. Fitch Director, Sovereign Ratings, Mr. Jermaine Leonard, said this, expressing concern over the country’s rising debt stock. This was just as the Deputy Governor, Financial System Stability, Central Bank of Nigeria (CBN)… Read More


E-Commerce: Nigeria Ranked 33rd Largest Market Globally

A survey by ecommerceDB has ranked Nigeria the 33rd largest market for e-Commerce globally. This came with a revenue of $6.9 billion in 2021, placing it ahead of Denmark and behind Colombia. According to the report, South Africa is the 41st largest market for e-Commerce with a revenue of $5 billion in 2021, placing it ahead of Iraq and behind Philippines; Kenya is the 54th largest market for e- Commerce… Read More


Federal Government Disagrees as Court Stops Nigeria Air Deal

The Federal High Court, Lagos Judicial Division, on Tuesday, issued an order of interim injunction restraining the Federal Government from executing the proposed establishment of the national carrier – Nigeria Air. But the Federal Government, through its Minister of Aviation, Hadi Sirika, declared on Tuesday that no law in Nigeria could stop the national carrier project… Read More



FX Scarcity, Fuel Hike Push Inflation to 21.09%

The increase in the price of fuel, scarcity of foreign exchange, and disruption in food supply chain pushed headline inflation to a new record high of 21.09 per cent in October, according to the National Bureau of Statistics. This is 0.32 per cent higher than 20.77 per cent reported in September. This means that the cost of living is rising rapidly in Africa’s most populous nation…. Read More


Budget Deficit: Federal Government Borrows N2.94trn from Debt Market in 11 Months

The federal government between January and November of 2022 borrowed a sum of N2.94trillion through FGN Bond Market to finance the 2022 budget deficit, bond auction results released by the Debt Management Office (DMO) has revealed. This is represents an increase of 8.13 per cent over the N2.72trillion borrowed to finance budget deficit between January and November of 2021… Read More


States Await Final Tranche of World Bank-SFTAS Grant, N1bn Withheld by CBN

State Governors involved in the World Bank-assisted States Fiscal Transparency, Accountability and Sustainability (SFTAS) Programme for Results (PforR) are eagerly awaiting the release of the final tranche of the grant by the Federal Ministry of Finance. The four-year SFTAS Programme (2018-2022) was approved by the World Bank in June 2018 and commenced in May 2019 to galvanise states… Read More



100 Days to Presidential Poll, Tinubu Says ‘God Bless PD…APC’

One hundred days to the February 25, 2023 presidential election, the candidate of the governing All Progressives Congress (APC), Bola Tinubu, yesterday, officially began his campaign at the Jos Township Stadium, in Plateau State, where he described next year’s election as a fight to define the soul of the nation. Tinubu declined to succumb to pressure to dwell on what he termed… Read More


Fuel Subsidy to End in 2023 – Finance Minister

The Minister of Finance, Budget and National Planning, Zainab Ahmed, says the Federal Government will do away with petroleum subsidy by June 2023. Ahmed said this on Tuesday in Abuja during a press conference to mark the end of the 28th National Economic Summit. The News Agency of Nigeria reports that fuel subsidy gulped N2.565tn between January and August 2022… Read More



Telcos Protest as MTN Requests Second 5G License

Telecommunication companies have protested against MTN Nigeria’s request to be allowed to participate in the upcoming 5G-spectrum auction. According to the operators, MTN’s intention to get an additional Fifth-Generation spectrum in the upcoming 5G-spectrum auction scheduled for December 19, 2022, was against the competition laws. The disagreement occurred during deliberations… Read More