Daily Business Headlines – OCTOBER 13, 2023


Market Gains N18bn As Investors Mop Up Banking, Consumer Goods Stocks

Banking and consumer goods stocks were investors’ toast on the floor of the Nigerian Exchange (NGX) Limited on Thursday, further lifting the local bourse marginally by 0.05 per cent at the close of business. Data obtained by Business Post showed that the banking space rose by 0.94 per cent and the consumer goods index appreciated by… Read More


Federal Government Grants First Oil Exploration Licence Under PIA

The Federal Government has granted a Petroleum Exploration Licence to TGS-PetroData Offshore Services Limited, which is the first of such licence to be issued under the Petroleum Industry Act 2021. It said the licence, which was granted by the Nigerian Upstream Petroleum Commission, was in compliance with the provisions of Section 71… Read More

LCCI Decries Shrinking Capital Into Manufacturing Sector

The Lagos Chamber of Commerce and Industry has raised concerns about the significant influx of loans and bonds into the manufacturing sector during the first half of the year. The Chamber noted in a statement to The PUNCH that this situation reflects the challenges facing the manufacturing sector and the need to meet short-term obligations… Read More


SON Intercepts, Destroys Substandard Products Imported Into Nigeria

The Standard Organisation of Nigeria (SON) on Thursday destroyed substandard electricity cables, stuffed new tyres and engine oil imported into the country. Speaking to newsmen at the destruction site, the Director-General, SON, Mallam Salim Farouk, who lamented the importation of substandard products by Nigerian importers with scarce… Read More



CPPE Applauds CBN Discontinuation Of Forex Exclusion Of 43 Items

The Centre for the Promotion of Private Enterprise (CPPE) released a statement on Thursday applauding the Central Bank of Nigeria (CBN) for putting an end to its forex exclusion policy that restricted 43 items from accessing foreign currencies from it. The CBN had on Thursday announced the discontinuation of a policy that restricted… Read More


Era Of Exporting Raw Materials Over, Says Alake

Minister for Solid Minerals Development, Dr Oladele Alake, has restated the overarching policy of value addition by any company with requisite license and permits to mine minerals, just as he made a clarion call to potential investors that the era of exporting raw materials is over. He made this known yesterday in Lado village, Udede area, Nasarawa… Read More


Infrastructure Revamp Key To Our Economic Policies — Shettima

Vice President Kashim Shettima has said ongoing power projects to light up industrial clusters across the country were an indication that President Bola Tinubu’s administration was on a journey of rekindling the flames of enterprise. He also said the federal government’s commitment to revamping Nigeria’s infrastructure framework… Read More



Tinubu Asks Supreme Court To Dismiss Atiku’s Appeal

President Bola Tinubu has told the Supreme Court that claim by the former vice president, Atiku Abubakar, that his academic records were forged and riddled with discrepancies was a fabricated story. Responding to the appeal by Atiku and the Peoples Democratic Party (PDP) before the Supreme Court, Tinubu said Atiku and his party resorted… Read More


Adeleke Hosts Chief Of Army Staff, Applauds Military

Governor Ademola Adeleke of Osun state, yesterday, praised the Nigerian military for shunning anti-democratic acts, describing democracy as a necessity for all societies. Welcoming the Chief of Army, General Taoheed Lagbaja, to his country home, yesterday, Adeleke condemned democratic setbacks in some parts of Africa and… Read More



Minister Hopeful Nigeria Becomes Net Exporter Of Technology In Four Years The Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, has said that the full implementation of the Ministry’s blueprint recently released, should see Nigeria become a net exporter of technology in another four years. Tijani said everything is being done currently to ensure that the country moves from becoming a consuming… Read More