Daily Business Headlines – NOVEMBER 29, 2023


Profit-Taking In Bellwether Stocks Pulls Down NGX By 0.44%

The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result… Read More


KFW Injects €25m Into MSMEs, Energy Sectors In Nigeria

German Government-owned Development Bank, KFW has injected €25 million into the Nigerian economy for the growth and development of Micro, Small and Medium Enterprises (MSMEs) and the renewable energy sector through the Development Bank of Nigeria (DBN). Addressing newsmen in Lagos recently, the Managing Director/CEO of DBN… Read More


Federal Government Will Focus On Metering, Power Distribution – Minister

The short-term focus of the Federal Government in the power sector is to prioritise metering, electricity distribution and transmission to enhance power supply nationwide, the Minister of Power, Chief Adebayo Adelabu, has said. He disclosed this during the 3rd Roundtable on Enforcement of Technical Standards, Regulations and Mandate of the Nigerian…Read More

Experts Urge Federal Government On Nigeria’s N3tn Logistics Sector

Experts have underscored the urgent need for the Federal Government to focus on Nigeria’s overlooked logistics, courier, and transport sector valued at over N3tn. They made this disclosure at the Courier and Logistics Management Institute conference and investiture which was held in Lagos, with the theme, “Logistics Solutions and National… Read More



Nigeria, Angola Reject OPEC’s Oil Quota Cut

Nigeria and Angola have opposed a reduction in their crude oil production quotas by the Organisation of Petroleum Exporting Countries. On Tuesday, Bloomberg reported that OPEC was no closer to resolving the deadlock over oil production quotas for some African members that had already forced the group to delay a critical meeting amid… Read More

Bank Recapitalisation: Presidency Backs CBN, Investors Rush For Mega-Banks Stocks

Presidency on Tuesday expressed support for the banking sector consolidation initiative of the Central Bank of Nigeria, saying it would help the country to grow the economy to a new height. This came barely five days after the CBN said it would ask banks to raise new capital. According to the Presidency, it has become important to consider the… Read More


After $3b Crude Deal, Adesina Warns Against Resource-Backed Debts

The inability of Nigeria to feed itself in the face of rising population and over $6.7 trillion natural resources may increase the food import burden to $110 billion in the next two years, the President of African Development Bank Group (AfDB), Dr Akinwumi Adesina, said yesterday. Barley three months after Nigeria through the Nigerian National… Read More



Tinubu Seeks Fresh $8.699bn, €100m Loans

Barely one month after seeking approval for $7.8 billion and €100 million loans from the National Assembly, President Bola Ahmed Tinubu, again yesterday, asked for fresh foreign loans of $8.699 billion and €100 million. This was revealed in separate letters written to the two chambers of the National Assembly by the president. According to Tinubu… Read More


Ondo Crisis Worsens, Assembly Demands Aiyedatiwa’s Resignation

The Ondo State House of Assembly has warned against violating the resolutions of President Bola Tinubu’s meeting with the members of the House and other stakeholders over the lingering political crisis in the state. The House held its first plenary session on Tuesday after last Friday’s meeting with Tinubu in Abuja. At the end of… Read More



Telcos Mandated To Improve Telephony Services

The Executive Vice Chairman/Chief Executive Officer of the Nigerian Communications Commission (NCC), Dr Aminu Maida, said that quality of service in the telecommunications sector is non-negotiable as he called for industry collaboration to make this a reality. Maida, who spoke in Lagos at an interactive session with chief executive officers in… Read More