Daily Business Headlines – November 17, 2022


NGX All-Share Index Recovers, Gains 0.55%

Nigerian equities recovered as the benchmark index rose by 0.55 per cent to settle at 44,050.44 points. Bullish sentiment in telco heavyweights, MTNN (+0.32%), BUAFOODS (+0.80%) and ZENITHBANK (+8.46%) drove the market’s rebound. Consequently, the year-to- date (YTD) return rose to 3.12 per cent, with market capitalisation gaining ₦131.92 billion… Read More

Tax: Manufacturers Restate Call for Government to Lighten Production Costs

Sequel to rising cost of production being fueled by forex scarcity, tax burdens and other challenges, manufacturers under the umbrella of Manufacturers Association of Nigeria (MAN) have disclosed that the challenges have taken products out of the reach of many Nigerians. The Director-General of MAN, Mr. Segun Ajayi-Kadir… Read More


Federal Government Conducts Feasibility Studies On 3,658km Railway Routes

The Federal Government has carried out feasibility studies on 3,658km railway routes across the country considered viable for development. The government also stated that efforts were ongoing to improve and sustain intra- and inter-city mass transit railway services in state capitals along the rail corridor… Read More


Spare Parts Costs on FX Crisis Ground Planes

Some domestic airlines in Nigeria have been forced to ground their aircraft over the inability to afford the costs of spare parts driven up by the foreign exchange crisis in the country. Airlines sell tickets in naira but buy aircraft spare parts, carry out maintenance and repairs in foreign currencies. The naira has depreciated against the dollar and other major… Read More



FIRS Opens 25 New Satellite Tax Offices to Meet Revenue Target

The Federal Inland Revenue Service (FIRS) has announced the opening of 25 new satellite tax offices across the country. This was disclosed in statement issued on Wednesday by Johannes Oluwatobi Wojuola, special assistant on media and communication to Muhammad Nami, FIRS chairman. The new offices were established to help the FIRS meet its revenue target… Read More


Capital market crucial to economic recovery –Amosun

The Nigerian Capital Market has been described asa vital tool for the revitalisation of the economy as it is capable of providing government the much needed revenue for infrastructural development. This was  the view of the Chairman of the Senate Committee on Capital Market, Senator Ibikunle Amosun, during the budget defense session… Read More


Federal Government Lists 213 Gas Blocks For Investment

The Federal Government has identified about 213 gas blocks that are open for investments. A document obtained by The PUNCH titled, “Nigeria’s Cretaceous Basins: The Potentials for Gas,” put together by the Nigerian Upstream Petroleum Regulatory Commission, stated that the gas blocks were located in the Niger Delta, Anambra, Benue Trough, Bida… Read More



Buhari Approves N134bn For Military Veterans, Assures Of Handing Over Nigeria Free Of Insecurity

President Muhammadu Buhari Wednesday in Abuja said N134.7 billion has been approved for the payment of Security Debarment Allowance (SDA) to all veterans. The president also announced the donation of N10 million to the Nigerian Legion, on behalf of the federal government, at the launch of the 2023 Armed Forces Remembrance Day Emblem and appeal fund… Read More


Analysing three candidates

Interestingly, we have started on the journeyman’s, ‘follow-follow’ walk again. We know what to do, but for religious, ethnic, and other sentiments, we are refusing to accept the realities of the situation. People are fighting, killing, and abusing each other, both on social media and on the ground… Read More



MTN Trains SME Owners On Cyber Security Practices

MTN Nigeria has trained a number of Small and Medium Enterprises (SME) owners on cybersecurity best practices. The event, which registered over 100 stakeholders, was held at the MTN Nigeria headquarters in Lagos. As the world becomes more digitalised, cyber-attacks have become both frequent and severe. Figures from Kaspersky shows that cyberattacks… Read More