Daily Business Headlines – November 8, 2022

November 8, 2022

Business Headlines


Stock Market Close Flat as ASI Settle At 44,269.43 Basis Points

The stock market of the Nigerian Exchange Limited (NGX) traded flat yesterday as the All Share Index (ASI) gained 0.001 per cent to close at 44,269.43 basis points. Also, the market capitalisation remained at N24.112 trillion the same as it closed on the previous trading day. The performance showed that gains in Access Holdings, Zenith Bank and United Capital proved strong enough to balance the losses… Read More


Stock Investors Lose N3.28tn in Three Months

Stock market investors on the floor of the Nigerian Exchange Limited lost N3.28tn of their investment between August 1 and October 31, 2022. The trading activities, which began with a market capitalisation of N27.163tn in August to close at N23.88tn as of October 31, 2022, shed a 12.09 per cent or N3.28tn in the three months under review. The breakdown revealed that the stock market in October… Read More

Telcos, Banks to Collect VAT on Taxable Supplies

MTN, Airtel, and deposit money banks in Nigeria have been appointed by the Federal Inland Revenue Service to withhold or collect the value-added tax charged on all taxable supplies made to them and remit the same to the agency. This is contained in a public notice issued by the FIRS on November 1, signed by its Executive Chairman, Muhammad Nami, where it explained the role of the companies… Read More


Inflation, Dollar Shortages, Shrink FX Transactions to N320bn in 9 Months

With galloping inflation and dollar scarcity bedeviling the economy, Daily Sun investigations reveal that total foreign transactions on the Nigerian Exchange Limited (NGX)’s platform dropped to N321.04 billion in the first nine months of 2022. According to the Domestic and Foreign Portfolio Investment (FPI) September 2022 report which captured these transactions, as well as trading figures… Read More



Nigeria’s Oil Production Deficit Hits 184.1m Barrels in Nine Months

Compared to Nigeria’s projected oil production of 468.8 million barrels in the first three quarters of 2022, the country was only able to drill 284.70 million barrels at the end of September, a THISDAY review of data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has shown. The difference in the country’s oil production pegged against its oil benchmark of 1.88 million barrels… Read More


Nigerians, Businesses Groan as Dollar Rate Hits N870/$1

Following the increased demand for the dollar amidst continuous shortages in the nation’s authorised markets, Nigerians and most especially businesses have continued to lament while urging the Federal government to create a stable exchange rate and more transaction channels. This is coming after the exchange rate between the Naira and the US dollar fell to a record low… Read More

IMF Outlines Priority Areas to Boost Africa’s Economic Growth

The International Monetary Fund (IMF) has outlined four priority areas of focus for policymakers in Nigeria and other countries in Sub-Saharan Africa (SSA) to boost economic growth in the medium to long term in the face of the worsening global crisis and declining growth projections. Speaking during a webinar yesterday with the theme, ‘Living on the Edge: IMF Outlook for Sub-Saharan Africa’… Read More



Petrol May Hit N250/litre Despite N4tr Subsidy, IPMAN says Depot Price now N190/litre

The current scarcity of Premium Motor Spirit (PMS) across the country might worsen, pushing up the pump price to N250 per litre, despite payment of over N4 trillion subsidy in the 2022 budget. The Nigerian National Petroleum Company Limited (NNPC) – the sole importer of petrol – is reportedly without the product, as most of its stations, including the newly acquired Oando outlets… Read More


Federal Government Commits $457m to Off-Grid Electrification Projects

The Federal Government has disbursed a total of $64.8m and committed $392m for the development of off-grid electrification projects in the 36 states of the federation and the Federal Capital Territory. Hence, the total commitment made by the government to steer the projects is estimated at $456.8 million, which is equivalent to N196.424bn by today’s official dollar rate… Read More



Federal Government to Facilitate Broadband Deployment with N800b NCB Project

As part of measures to improve the state of broadband in the country, the Nigerian Communications Commission (NCC) has inaugurated an industry-wide committee to facilitate the deployment of broadband infrastructure under a project named, National Communications Backbone (NCB). Chaired by NCC’s Director of Digital Economy, Dr. Augustine Nwaulune… Read More