Daily Business Headlines – NOVEMBER 16, 2023


NGX Surpasses 71,000 Mark With YTD Growth Of 38%

The Nigerian Exchange Group (NGX) maintained its upward trajectory on Wednesday, recording a 0.25 per cent increase that elevated its benchmark performance indicator to 71,014.34 basis points. This reflects a year-to-date (YTD) growth of 38.22 per cent. Yesterday’s positive momentum was fuelled by increased buying interest in… Read More

Labour Reaches Truce With Federal Government, Suspends Strike

Tthe Organised  Labour last night suspended its industrial action, following intervention of the National Security Adviser, Nuhu Ribadu. The National Executive Council of both organisations met at around 7pm with affiliates and state chapters where the outcome of the meeting between the labour leaders and Ribadu was discussed. After the… Read More


Federal Government Signs 250MW Power Sale Deal With Discos

The Federal Government through the Niger Delta Power Holding Company has signed a Power Purchase Agreement with utility companies to distribute a total of about 250MW across the country. A document obtained from NDPHC by The PUNCH said the power sale transactions have been signed since the inception of the ‘Light Up Nigeria… Read More

Nigerian Firms Sign Over $1bn Deals At IATF

Nigerian companies and sub-national have signed deals worth over $1bn with the African Export-Import Bank at the Intra-Africa Trade Fair in Cairo, Egypt. The trade fair, which was held between Friday and Wednesday, saw Oando Plc emerging as the largest beneficiary as it sealed a $800m syndicated dual facility deal with Afreximbank. The financial… Read More



Currency Depreciation, High Energy Cost Worsen Inflation Outlook

Nigerian inflation continues to defy global trends, setting a new multi-decade of 27.3 per cent in October even as experts warned that prices, which have been an uptrend in the past two years, will not abate anytime soon. Stakeholders are particularly concerned about the impact of runaway food inflation, which rose to 31.5 per cent, on households and how… Read More

Leverage Manufacturing To Achieve Agenda 2063, PAMA Urges African Countries

Chairperson of the Pan-African Manufacturers Association (PAMA), Mansur Ahmed, has argued that to achieve the lofty goal of Agenda 2063, African manufacturing must transform as the sector accounts for over 70 per cent of global trade and creates more than 30 per cent of service jobs. Speaking at the re-launch of the association on the… Read More


World Bank Disburses $300m Palliative Loans

The World Bank has commenced payment of the $800m approved for the National Social Safety Net Program-Scale Up. The PUNCH on Wednesday learnt that the bank has disbursed about $299.99 million to Nigeria under the National Social Safety Net Programme-Scale Up approved by the World Bank on December 16, 2021. Documents… Read More



Misinformation Threat To Nigeria, Says Tinubu

President Bola Tinubu has decried the high level of false narrative and misinformation in the country, saying that the trend is threatening the fabric of Nigerian society. Speaking while declaring open the 19th Nigeria Editors Conference 2023 held at Ibom Icon Hotel, Uyo Akwa Ibom State, with the theme “Stimulating Economic Growth, Technological… Read More


Appeal Court Affirms Sanwo-Olu’s Re-Election, Dismisses LP, PDP’s Petitions

The State and National Assembly Appeal Court sitting in Lagos has dismissed two separate appeals, filed by Labour Party candidate, Gbadebo Rhodes-Vivour and his Peoples Democratic Party counterpart, Olajide Adediran, (also known as Jandor) and affirmed the re-election Governor Babajide Sanwo-Olu in the March 18 governorship election… Read More



Telcos May Lose $3b SMS Messaging Revenue To OTTs In Five Years

The projection that over-the-top (OTT) business messaging traffic will reach 375 billion messages in 2028, rising from 100 billion messages in 2023 is expected to diminish the quality of SMS networks, by so doing costing telecoms operators in Nigeria and other parts of the world a loss of over $3 billion SMS business messaging revenue in the… Read More