Daily Business Headlines – OCTOBER 12, 2023


Renewed Bargain Hunting Lifts Local Stock Exchange By 0.17%

The local stock exchange appreciated by 0.17 per cent on Wednesday on renewed bargain-hunting in industrial goods and insurance equities. The insurance sector grew in the midweek session by 1.58 per cent, the industrial goods space appreciated by 0.95 per cent and the consumer goods counter rose by 0.01 per cent, while the banking… Read More


Cooking Gas Price Hits Record High Amid Surging Cost Of Living

The average retail price consumers pay to purchase Liquefied Petroleum Gas (LPG) also known as cooking gas has risen to its highest levels on record. The price of a 12.5kg cylinder of cooking gas surged by 26 percent in two weeks to N15,000 from N11,850 owing to high global crude oil and gas prices and Nigeria’s forex crises. It indicates… Read More


MAN Holds 51st AGM, Sets Agenda For Competitive Manufacturing

THE Manufacturers Association of Nigeria (MAN) has scheduled its 51st Annual General Meeting for October 17 to 19, 2023 in Lagos. In a press conference addressed by its President, Francis Meshioye, he said the event themed: “Setting the Agenda for Competitive Manufacturing Under the AFCFTA: What Nigeria Needs to do”, was couched… Read More


Petrol Scarcity: Marketers Blame Empty Depots, Bad Roads

Marketers have blamed dry depots, bad roads and high cost of diesel for the on-going petrol scarcity across major cities in the country. Checks around Abuja, yesterday, showed that most major marketers opened for business have hiked their pump price from N615 to N625 per litre, while most independent stations were, however, shut, or ran out of… Read More



Inflation: Protect Poor People From High Energy Prices, IMF Tells Federal Government

The International Monetary Fund, IMF, has called on the Federal Government to focus spending on protecting poor people from the inflationary impact of high energy prices. Briefing the media at the backdrop of the Fiscal Monitor report released by the Fund at the ongoing World Bank/IMF Annual Meetings in Marrakesh, Morocco, yesterday… Read More


Oil Production Hits 1.35million Barrels/Day, Highest In 2023

Nigeria’s crude oil output rose to an all-time high of 1.35 million barrels per day in September 2023, as the country pumped its highest volume of crude oil so far since this year. Latest figures obtained from the Nigerian Upstream Petroleum Regulatory Commission, on Wednesday, showed that the country’s output in September was about 14 per… Read More


Subsidy Removal: Federal Government Will Soon Release 6-Month Report Of Revenues –RMAFC Chair

The Federal Government has said it will soon release a six-month report of revenue that accrued from the removal of fuel subsidy. Chairman of Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mohammed Shehu, who disclosed this to Daily Sun in Abuja, said that the report will include the amount disbursed so far to the three-tiers… Read More



Certificate Forgery: Atiku, Obi Protest As BBC Fact-Checkers Clear Tinubu

The camps of the Peoples Democratic Party standard bearer, Atiku Abubakar and the Labour Party presidential candidate, Peter Obi, have protested the BBC report that there is no evidence to back the diploma forgery allegation against  President Bola Tinubu. BBC’s Global Disinformation Team had in a fact-checking report published on… Read More


Former Governors, Ex-Ministers, Others Under Investigation —EFCC

THE Economic and Financial Crimes Commission, EFCC, yesterday, disclosed that following petitions received by the commission, some former governors, former ministers and some ministry officials are under investigation, adding that details of their involvement will soon be made public. Spokesman of the commission, Mr. Dele Oyewale… Read More



Forex, Arbitrary Rules Leave Telecoms To Big Four, Cripple 568 Firms

The fast depletion of the indigenous telecommunications firms is unsettling Nigeria’s telecommunications market with fear that falling foreign capital inflow into the sector, high cost of energy and foreign exchange (FX) market crisis will continue to push small and local operators out of the market. Already, about 568 local firms have been inactive… Read More