Daily Business Headlines – NOVEMBER 2, 2023


NGX Index Zooms Past 70,000 Points As Airtel, 36 Others Gain

The Nigerian Exchange (NGX) Limited maintained its upward movement on Wednesday after it closed the first trading session of November 2023 higher by 1.94 per cent. Sustained buying interest in Airtel Africa and 36 other equities drove the All-Share Index (ASI) above the 70,000-point psychological mark during the trading session. Business Post… Read More


Federal Government To Pay Federal Workers N35,000 Wage Award Apart From Salaries

Federal Government to pay federal workers N35,000 wage award separately a director in the Office of the Accountant General of the Federation (OAGF) said on Tuesday. The funding for the payment is included in the N2.1 trillion 2023 Supplementary Appropriation Bill, sent to the National Assembly by President Bola Tinubu on Tuesday. The… Read More


Crude Shortage Delays Dangote Refinery, Five Others’ Take-Off

The failure to supply crude oil to domestic refineries, including the multi-billion dollar Dangote Refinery, has stalled the production of refined petroleum products at the facilities. This is also as the 650,000 barrels per day Dangote refinery in Lagos missed the October production projection it had earlier set. The October production target miss… Read More

Federal Government eyes $2bn investment from CNG conversion centre

The Federal Government through the Presidential Compressed Natural Gas Initiative Steering Committee has said the Compressed Natural Gas conversion facility commissioned in Lagos would attract over $2bn investments into Nigeria. Chief Executive Officer, P-CNGi, Engr. Micheal Oluwagbemi, while speaking during the official commissioning… Read More



Foreign Debt To Top $51bn As Tinubu Seeks Fresh $7.8bn, €100m Loans

LAGOS — Nigeria’s foreign debt is expected to rise further to about $51 billion, following President Bola Tinubu’s request to the Senate, seeking approval to borrow additional $7.8 billion and €100million, as part of his 2022-2024 borrowing plan. Some financial analysts have debunked the official reasons given for the borrowing, claiming it was… Read More


JP Morgan Projects N850/$ By December

A US multinational financial services firm, JP Morgan, on Wednesday projected that the naira would trade at N850/$ at the Investors’ and Exporters’ Forex window before the end of 2023. However, the US bank said the recent efforts to restore a flexible forex regime may be sustained given the willingness to accompany it with tighter monetary… Read More


Federal Government Hopeful Of Non-Oil Sector’s Contribution To Economic Growth

The Federal Government has expressed optimism that the non-oil sector has potential to change the nation’s current financial challenges to a better economic fortune if properly harnessed. The Executive Director of the Nigerian Export Promotion Council [NEPC], Mrs. Nonye Ayeni, gave the assurance yesterday at the launch of the Export… Read More



Perform Or Be Sacked, Tinubu Tells Ministers, Others

President Bola Tinubu, Yesterday, At The Opening Of A Three-Day Cabinet Retreat For Ministers, Presidential Aides, Permanent Secretaries And Top Government Functionaries Said He Would Sign A Performance Bond With Them And The Permanent Secretaries, Warning That Any Underperforming Member Would Be Sacked. While… Read More


NLC President Arrested, Brutalised In Imo, Lands In Hospital

Imo State was the centre of political chaos yesterday, two days after calm was restored in neighbouring Rivers State. With about 10 days to the November 11 governorship election in the state, the whereabouts of the Nigeria Labour Congress (NLC) president, Joe Ajaero, was for several hours, shrouded in uncertainty after he was allegedly whisked… Read More



Telcos Plan $75b Capex As Nigeria Sees Rise In 5G Network Deployment

Telecoms operators in Nigeria and other parts of the region are expected to spend $75 billion on their networks from 2023 to 2030, mostly on 4G technology. This move is expected to improve service quality and takes telephony services to unserved and underserved communities. Nigeria currently has about 114 access gaps of about 27 million… Read More