Daily Business Headlines – OCTOBER 11, 2023


Investors Lose N64bn As Presco, Others Spur Market To Reverse Gain

Investors in Nigeria’s equities market lost about N64billion on Tuesday as Presco led other counters that caused the market to reverse preceding day’s gain. The market, which closed down by 0.17percent. “Equities are still performing well (although we think most of the heavy lifting of the NGX Exchange All-Share Index has been done already this year)… Read More


Dangote Cement Denies Running Sales Promo

Management of Dangote Cement Plc has denied reports, in some online platforms that it has embarked on sales promotion and has further adjusted its prices. In response to the misleading report, the Chief Branding and Communications Officer of the Dangote Group, Anthony Chiejina, described the reports as mischievous, malicious, and false… Read More

Informal Sector Workers Demand Social Protection

The Federation of Informal Workers of Nigeria has canvassed for social protection for informal workers, noting that over 90 per cent of Nigerians are engaged in the sector. The call was made by delegates at the 2nd Delegates Conference of the Federation of Informal Workers’ Organisations of Nigeria held recently in Lagos. The union argued… Read More


Lagos Airport Raises Car Park, VIP Lounge User-Fees By 33 Per Cent

Operator of the Murtala Muhammed Airport Terminal II (MMA2) facility, Bi-Courtney Aviation Services Limited, has raised user-fees of car park and in-terminal lounge services by about 33 per cent. By the increment, which takes effect November 1, 2023, users will now pay between N500 and N5000, depending on the duration of stay. The new tariff is… Read More



IMF Reviews Nigeria’s Economic Growth Downward To 2.9%

The International Monetary Fund (IMF) has reviewed its projection of Nigeria’s economic growth in 2023 to 2.9 per cent from 3.2 per cent it initially projected earlier this year. This was contained in a Washington-based lender report titled World Economic Outlook: Navigating Global Divergences released on Tuesday. At 2.9 per cent, the… Read More


Federal Government Eyes More Tax Revenue As Global Rate Rises

The Federal Government has said it will focus more on domestic resources mobilisation with a focus on a more efficient collection of taxes, fees and payments that are due to the government. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this disclosure on Tuesday, on the sidelines of the ongoing World… Read More


Petroleum Products Demand To Rise By 53% As ARDA Seeks Investment

As the demand for petroleum products across Sub-Saharan Africa is projected to rise by 53 per cent to 177 million metric tonnes by 2040, African Refiners and Distributors Association (ARDA) have called for investments in refinery, story and distribution infrastructure in the region. Coming on the backdrop of increased population and industrial… Read More



Bad Roads: Federal Government Gives Contractors 14-Day Ultimatum

THE Federal Government has given contractors handling road projects that have been abandoned, a 14-day ultimatum to return to sites or face revocation of the contracts. The government also threatened to drag contractors ganging up against the use of concrete for road construction to the anti-crime agencies, including the Independent… Read More


… Palestinian, Israeli Ambassadors Clash Over Attack

Palestinian Ambassador to Nigeria, Abdullah Abu Shawesh, has explained the rationale behind the attack against Israel. Shawesh, who briefed journalists in Abuja, traced the history of the conflict between Israel and Palestine, saying Palestine had the right to defend itself. “Any country around the world has the right to defend itself. Nigeria has… Read More



CWG Engages Industry Experts On Future Of Tech

More than 500 tech leaders, enthusiasts and visionaries from across Africa will on Thursday converge on Lagos for a day of immersive experiences as CWG Plc holds its Texcellence Conference 2023. The Texcellence Conference, organized by CWG Plc (formerly known as Computer Warehouse Group), has firmly established itself as the flagship… Read More