Daily Business Headlines – NOVEMBER 6, 2023


Stock Market Investors Gain N1.7trn In 5 Days

The stock market closed last weekend on a positive note as investors smiled home with N1.7 trillion. The Nigerian Exchange Limited, NGX market capitalisation which represents the total value of investment in the Exchange, surged to N38.556 trillion on Friday from N36.885 trillion the previous week. In the same vein, another stock market… Read More

Forex Gains: Banks’ Profits Balloon By 156% To N2.3trn

Banks have recorded another round of extra-ordinary profits against the backdrop of foreign exchange revaluation gains arising from depreciation of the Naira. The financial reports turned in to the regulators by leading banks indicated a profit before tax of N2.292 trillion just in the nine months of 2023. About 63.6 per cent, amounting to N1.457 trillion… Read More


Manufacturers’ Debt To Banks Hit N6.98tn In June – CBN

Operators in the nation’s manufacturing sector saw their combined debts to Nigerian banks rise from N5.56tn in January 2023 to N6.98tn in June 2023, according to the Central Bank of Nigeria’s Sectoral Analysis of Deposit Money Banks’ Credit. This is as they borrowed the sum of N1.42 trillion between January 2023 and June 2023. This implies that… Read More


Agents’ Contribution To Insurance Gross Premium Hits 51% —ARIAN

National President Association of Registered Insurance Agents of Nigeria (ARIAN), Kazeem Odewunmi, has said that agents’ contribution to insurance industry gross premium has hit 51 percent. Mr Odewunmi, who stated this at the 2023 ARIAN managers’ conference, with the theme: ‘Navigating Regulatory Frameworks and Compliance Requirements to… Read More



Blue Economy: NIMASA To Partner Belgian Expert To Explore Investment Opportunities

The Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Bashir Jamoh, has met with Professor Gunter Pauli, a Belgian expert, to discuss possibilities in Nigeria’s Blue Economy project. The meeting held in Abuja over the weekend,  was a follow up to the session the Minister of Marine and Blue Economy… Read More


Naira Holds Firm, Trades Below N1000/$ At Parallel Market

Total inflows into the Nigerian Autonomous Foreign Exchange Market (NAFEM) declined by 6.2 per cent month-on-month (MoM) to $1.23 billion in October after it pivoted from a three-month high of $1.31 billion the preceding month. But on the positive side, naira continues to hold steady against its peers, trading around N1000 to a dollar at the weekend… Read More


CBN Governor Cardoso Vows To Fight Inflation

The governor of Central Bank of Nigeria, CBN, Mr. Olayemi Cardoso, has said the bank, under his leadership, was determined to make its impact felt by curtailing inflation. He said: “At the end of our tenure, we want to look back and see that our policies have positively impacted people’s lives.” The bank disclosed yesterday that Mr. Cardoso… Read More



Off-Season Governorship Polls: 220 Police Patrol Vehicles Deployed In Imo, Kogi, Bayelsa

Ahead of the November 11 governorship elections in Bayelsa, Imo, and Kogi states, the Inspector-General of Police, Olukayode Egbetokun, has ordered the distribution of 220 operational vehicles f.or election security management. The force also deployed anti-riot equipment, including water cannons, Armoured Personnel Carriers, helmets… Read More


Tinubu Takes Nigeria’s Investment Drive To Arab Nations

President Bola Tinubu is set to take his investment drive to Arab nations as he participates in the Saudi-Africa Summit and Arab-Africa Summit, this week. Briefing State House Correspondent on Sunday ahead of the President’s departure to Riyadh on Wednesday, Special Adviser on Media and Publicity, Ajuri Ngelale, explained that this… Read More



Robust Telecoms Infrastructure Critical For Fintech Services — NCC

Expanding and enhancing telecommunications infrastructure is critical to enabling robust fintech services in the country, the Executive Vice Chairman and Chief Executive Officer of the Nigeria Communications Commission, Dr Aminu Maida, has disclosed. According to him, the optimal utilisation of digital technologies will enhance the provision of… Read More