Daily Business Headlines – NOVEMBER 30, 2023


Stock Investors Gain N133bn Despite Negative Market Breadth Index

Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the… Read More


Shortage Of Raw Materials Limiting Local Manufacturing Capacity –MAN

Limited supply of raw materials is posing a hurdle to an already constrained manufacturing capacity, the Manufacturers Association of Nigeria (MAN) has said. To this end, MAN has urged the Federal Government to encourage investment in the manufacturing industry, especially in sectors involved in ‘backward integration’, through introduction… Read More

Supreme Court Approves Indefinite Use Of Old, New Naira Notes

The Supreme Court on Wednesday ruled that both the old and the redesigned naira notes remain valid legal tenders in the country beyond December 31. A seven-member panel  of the court led by Justice Inyang Okoro, said the notes should remain in circulation, pending when the Federal Government, after due consultation with relevant… Read More


Federal Government Plans Support For Farmers, Projects 31million MT Grains

The production of 31 million metric tonnes of grains in 2024 is going to combat food inflation, create jobs and reduce poverty, the Federal Government stated on Wednesday. Minister of State for Agriculture and Food Security, Senator Aliyu Abdullahi, disclosed this in a statement issued by his ministry in Abuja. He was quoted as saying, “Nigeria’s… Read More



FIRS Seeks Partnership With EFCC On Tax Compliance

The Federal Inland Revenue Service (FIRS) has called for synergy between the agency and the Economic Financial Crimes Commission (EFCC) in tracking and reporting local and trans-border financial transactions of companies, multinationals and high-net-worth individuals. Chairman of FIRS, Zacch Adedeji, made the call when he visited… Read More


2024 Budget: Defence, Education, Roads Get N6.7tn, FG Eyes N10.4tn Tax

The President Bola Tinubu-led administration is planning to spend N6.75tn of its projected N27.5tn budget on defence and security, education, and infrastructure in 2024, The PUNCH has discovered. This is as it earmarked N6.48tn (96 per cent of the amount to be spent on the three sectors mentioned above) for personnel and pension, an increase… Read More


Banking Recapitalisation: Nigeria Needs Bigger Banks For $1trn Economy — NDIC

Nigeria Deposit Insurance Corporation, NDIC, has thrown its weight behind the proposed recapitalisation of banks, saying the country need bigger banks to achieve the vision of a $1 trillion economy. Managing Director of NDIC, Mr. Bello Hassan, stated this in Owerri, Imo State, while addressing journalists on the sidelines of the annual workshop… Read More



Aiyedatiwa Returns To Ondo, Heads Exco Meeting Today

The Ondo State Deputy Governor, Mr Lucky Aiyedatiwa, returned to the state on Wednesday following last Friday’s meeting with President Bola Tinubu in Abuja. The President met with stakeholders in the Ondo All Progressives Congress over the political crisis rocking the state. In the raging crisis, the Ondo State House of… Read More


Appeal Court Dismisses APC Case Against Governor Fubara

An Appeal Court sitting in Lagos State yesterday dismissed the petition filed by Tonye-Cole of the All Progressives Congress (APC), against Rivers State Governor, Siminalayi Fubara of the Peoples Democratic Party, PDP. Tonye-Cole wanted the Appeal Court to direct the Independent National Electoral Commission (INEC), to declare him the winner… Read More



U.S. To Support Nigeria’s Digital Transformation Agenda

The United States of America has said it will continue to foster continuous collaboration with Nigeria in promoting its digital transformation agenda. United States Consulate General in Lagos, Will Stevens, stated this at the Global Tech Africa (GTA) 2023 with the theme, ‘Facilitating Investments in Africa’s Digital Economy,’ in Lagos. He expressed… Read More