Daily Business Headlines – November 4, 2022

November 4, 2022

Business Headlines


Daily Turnover on NGX Up 38% as Banking Stocks Drive Volume

The trading volume on Nigerian Exchange Limited (NGX) yesterday soared by 38.45per cent as investors exchanged majorly stocks in the financial services sector. At the end of trading on the floor of the Exchange, 215.15 million shares valued at N1.91billion were traded in 3,389 deals, a significant increase over the previous day’s turnover of 155.41 million shares worth N1.53billion in 3,796 deals… Read More


Global Sell-Offs Indicate NGX still Resilient Amid CBN Rate Hikes

As investors around the globe exit risk assets into safer classes, the Nigerian Exchange Limited (NGX)’s All-Share Index’s 3.56 per cent Year-to-Date (YTD) return shows its strong resilience amid consecutive interest rate hikes by the Central Bank of Nigeria (CBN). Central banks in the United States of America, Europe, the United Kingdom and Nigeria have bumped their overnight lending rates… Read More


Weak real Sector Performance Casts Doubts on Banks’ Growth, say Operators

Operators have expressed concerns about the government’s inability to provide an enabling environment for the real sector, thereby avoiding the multiplier effect on banks’ Non-Performing Loans (NPLs), as well as their profitability. The stockbrokers who spoke while reviewing the nine months’ financial performance of the five big banks with the acronym, FUGAZ: FBN Holdings, United Bank for Africa… Read More

Local Airlines Reschedule, Cancel 70 Flights over MMA2 Picketing

Local airlines are still reeling from the disruption of flight operations in Lagos on Tuesday, describing the action as ‘aggressive’ unionism that is most unhealthy for the distressed industry. Following the face-off that lasted 24 hours, operators had over 70 flights disrupted across the nationwide network, with attendant losses of revenue… Read More



Federal Government Plans Supplementary Budget over Rising Inflation, Depreciation

The Federal Government may present a supplementary budget to the National Assembly due to a further depreciation of the naira and galloping inflation that have made the 2023 budget nearly unrealistic. The 2023 budget benchmarks the foreign exchange at N435/dollar and inflation at 17.10 per cent but the severe scarcity of dollars means that the local currency may head for N500/$ in the NAFEX… Read More


Federal Government Approves Five Export Processing Terminals for Agro Export

The Nigerian Ports Authority (NPA) has approved five export-processing terminals to boost the nation’s agro export. The Managing Director and Chief Executive Officer, NPA, Mr. Mohammed Bello-Koko, at the public presentation of export processing terminal licenses in Lagos, explained that movement of agro export boxes arriving the ports from Lagos & Ogun states shall only be allowed into the ports… Read More


Controversy Trails Nigeria’s Absence from AfCFTA Trading

Indications have emerged that some African countries operating under the African Continental Free Trade Area (AfCFTA) agreement have commenced trading under the new trade protocol with Nigeria missing out in the league. With Nigeria’s slow approach to the continental treaty, findings are showing that some products from some African countries are already making their way into Nigerian markets… Read More



Federal Government Plans Nationwide Fuel Pipelines Concession

The Federal Government, on Thursday, held a workshop to put in place a framework for the concession of petroleum products’ pipelines to private investors in order to address the incessant vandalism of the assets. Pipelines nationwide are solely owned by the Federal Government and have been under repeated attacks by vandals, a development that has significantly reduced the country’s crude oil… Read More


Months after Kuje Jail Attack, Buhari’s ‘Comprehensive Report’ yet to Surface

Three months after President Muhammadu Buhari ordered Nigeria Correctional Service (NCoS) to submit to his office, a ‘comprehensive report’ of the attack on Kuje Medium Security Custodial Centre (MSCC) by suspected members of the terror group, the Islamic State West Africa Province (ISWAP); the report has still not been made public after submission. Recall that on Tuesday, July 5, 2022… Read More



CBN Eyes Stronger Digital Economy, eNaira Grows 190%

The Central Bank of Nigeria is targeting a stronger digital economy to support the growth of the financial systems. This is even as the digital currency, eNaira, records 190.1 per cent growth in transactions relative to its level when it was launched on October 25, 2021. Speaking at the Central Bank of Nigeria Executive Seminar entitled “Digitalisation of Money and Monetary Policy in Nigeria”… Read More