Daily Business Headlines – NOVEMBER 3, 2023


Nigerian Stock Market Recedes By 0.76% As Traders Book Profit

The Nigerian stock market witnessed a pullback of 0.76 per cent on Thursday, influenced by profit-taking by investors, who quickly sold off some stocks that have gained weight in the past few days. Shares in the key sectors of the Nigerian Exchange (NGX) Limited were affected, pulling down the All-Share Index (ASI), which hit its all-time high on… Read More


LCCI Announces  3-Day Free Entry At Lagos International Trade Fair

The Lagos Chamber of Commerce and Industry (LCCI), organiser of the Lagos International Trade Fair, has announced a special 3-day free entry event, which begins today, November 3 to 5. Inviting the community, shoppers and beyond to explore the world of commerce, innovation and culture, the chamber noted that this exceptional… Read More


NNPCL To Give Dangote Refinery Six Million Barrels Of Crude

The Nigerian National Petroleum Company Limited, on Thursday, said it was set to provide six million barrels of crude oil to the Dangote Refinery. On Thursday, The PUNCH exclusively reported that crude oil shortage was delaying the take-off of Dangote refinery and five others, as the Federal Government admitted that the lack of supply to… Read More


British International Investment Votes $26.5m For Food Security In Nigeria, Others

British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, have announced a $26.5 million commitment to AFEX Commodities Exchange to help it address food security in Nigeria, Kenya and Uganda. AFEX, a leading commodities platform, which currently operates over 200 warehouses in… Read More



Naira Gains As CBN Pays Banks $6.7bn Forex Backlog

The Federal Government through the Central Bank of Nigeria has commenced payment of outstanding matured FX forwards owed to various creditors, the PUNCH can report. A source familiar with the development confirmed the payment on Thursday. Meanwhile, unconfirmed sources said three banks received full payment of debts owed… Read More

Terminal Processed 13,000 Export Containers In Nine Months – Customs

The Nigeria Customs Service has said that its export terminal, Lilypond Terminal in Lagos, exported 12,438 containers with a free onboard value of, $519m between January and September 2023. In a statement on Thursday by the National Public Relations Officer of the service, Abdullahi Maiwada, the Customs Area Controller in charge of the… Read More


JP Morgan Urges Federal Government, CBN On Flexibility In Exchange Rate Management

Following recent positive sentiments around Nigeria’s local currency, U.S multinational financial services firm, J.P Morgan, has urged the Federal Government and the Central Bank of Nigeria (CBN) to maintain a willingness for a greater exchange rate which is projected to close at N850/$1 at the end of the year. This, the firm, said is necessary with… Read More



Reps Delist N5b Yacht, Raise Students’ Loan To N10b As Senate Okays Tinubu’s N2.17tr Budget

Amid outcry by Nigerians on the subject of some subheads in government’s spending while severe hardship dot across the country, the National Assembly yesterday, passed the N2.176 trillion supplementary budget requested by President Bola Tinubu. There were however remarkable differences in the final draft approved by both chambers… Read More


Rail System: Blue Line Project Awarded, Ready In 2026 — Sanwo-Olu

GOVERNOR Bababjide Sanwo-Olu of Lagos State, yesterday, signed the contract for the construction of the second phase of Blue Line from Mile-2 to the Okokomaiko area of the state saying the project will be completed in 2026. Sanwo-Olu, however, assured residents that his administration would provide basic infrastructure to decongest the… Read More



NITDA Commits To Drive Nigeria Into Global Tech Talent Hub

The Director-General, National Information Technology Development Agency (NITDA), Mallam Kashifu Abdullahi, has reaffirmed that the agency is set to drive Nigeria’s digital landscape into a global tech talent hub, nurturing innovation and repositioning the country in the technology sector. He said this at the Texcellence Conference 2023… Read More