Daily Business Headlines – October 12, 2022

October 12, 2022

Business Headlines

GUARDIAN

BUA Cement, Other 11 Stocks Lift Capitalisation by N116b

Resuming from the Eid el Maulud holiday, trading at the capital market closed in an upbeat, yesterday, with gains in BUA Cement Plc and 11 stocks lifting market capitalisation by N116 billion. At the close of transactions yesterday, market capitalisation of listed equities increased by 0.4 per cent to N25.907 trillion from N25.791 trillion reported the previous day… Read More

‘Weak domestic output, high forex, exploitative regulations spiking inflation’

Local manufacturers have expressed worry that Nigeria’s lingering inflation may remain unabated for a while, going by the recent monetary policy adjustments, which operators believe will worsen the sector’s woes. According to the Manufacturers Association of Nigeria (MAN), the recent increase of the two monetary parameters, the Monetary Policy Rate (MPR) and Cash Reserve Requirement… Read More

THIS DAY

Financial Sector Operators Seek Effective Reward System to Check Brain Drain

Determined to halt the increasing exodus of talents from the banking and finance sector of the economy, concerned industry players are devising potent measures to stem the tide through effective reward system, among others. Banks and other financial sector operators had in recent months seen many of their experienced talents especially in the area of software engineering… Read More

PUNCH

Federal Government Eyes $100bn for SDGs, Pledges Business Reforms

The Federal Government is planning to spend $100bn to actualise the United Nations’ Sustainable Development Goals. The government is also pledging a commitment to reforming the Nigerian business environment to make it more competitive and convivial for investors. The 17 SDGs were adopted by the United Nations in 2015 as a universal call to action to end poverty, protect the planet… Read More

ECONOMY HEADLINES

GUARDIAN

IMF Downgrades Nigeria’s Growth Prospect Amid Pessimism, Tension

The International Monetary Fund (IMF) has downgraded Nigeria’s economic growth prospect by 0.2 percentage points to 3.2 per cent in the face of rising uncertainty across the globe. In its October World Economic Outlook (WEO) update released yesterday, the Fund projected the country’s gross domestic product (GDP) to grow at 3.2 per cent this year and slope downward to three per cent… Read More

Collapsed Lagos Port Infrastructure Missing in 2023 Budget

Nigeria may lose its two major seaports to total infrastructure collapse as the Federal Government excludes Apapa and TinCan Island ports rehabilitation from the 2023 budget presented to the National Assembly last week. The Federal Government allocated N126 billion to the Transport Ministry, out of which only N10 million is proposed for the implementation of strategies… Read More

THIS DAY

Revenue Allocation: Lawmakers Investigate Data Accuracy by States, LGs Provided to RMAFC

The House of Representatives has mandated its Committee on Finance to investigate the accuracy of data provided to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) by the 36 states and 774 Local Government Areas of the federation that was used to compute the revenue allocation. This includes the 13 per cent derivation from 2012 to 2021 and the current nature… Read More

POLITICAL HEADLINES

PUNCH

2023 budget: Reps commence second reading, debate estimates

The House of Representatives will on Wednesday (today) commence the second reading of the 2023 Appropriation Bill, with members expected to debate the general principles of the Federal Government for the next fiscal year. Deputy Speaker of the House, Ahmed Wase, who presided over the plenary on Tuesday, said the debate would have commenced on Tuesday but for some reasons… Read More

THIS DAY

Floods: 500 Confirmed Dead, 45,000 Houses Destroyed, 70,000 Hectares Farmlands Submerged Nationwide

The hellish condition of those impacted by the flood in several states is intensifying even as the federal government confirmed yesterday that at least 500 persons had died in the last few weeks due to the devastating impact of the natural disaster. The figure was released at a meeting in Abuja convened by the federal government comprising all relevant agencies of connected to tackling… Read More

TECHNOLOGY HEADLINES

THIS DAY

NGX Targets $20bn Tech Sector with Specialised Listing Board

Following its bid to strengthen the diversity of the capital market by redefining it as an attractive destination for technology companies, the Nigerian Exchange Limited (NGX) has said that it is targeting $20billion technology sector with specialised listing board on the bourse. The African tech sector is fast growing with start-ups raising over $4 billion between 2015 and 2021… Read More