Daily Business Headlines – October 14, 2022

October 14, 2022

Business Headlines


Stock Market Down 0.02% on Profit-taking in Geregu, 9 Others

Trading activities on the stock market of the Nigerian Exchange Limited (NGX) yesterday slipped by 0.02 per cent to close at 47,524.38 basis points over investors’ profit-taking in Geregu Plc, nine other stocks. Consequently, the market capitalisation lost N5.18billion to close at N25.88trillion as the stock market witnessed negative sentiment trading by investors… Read More


CBN: Bank Borrowing Rises by 12% to N2trn in September

Under its Standing Lending Facility (SLF) and Repo lending programmes, deposit banks’ borrowing from the Central Bank of Nigeria (CBN) rose by 12 per cent to N2.02 trillion in September 2022. Data from the CBN Financial Statistics for September 2022, showed that banks’ borrowing through repo arrangement rose in September 2022 by 13 per cent, YoY, to N1.19 trillion from N1.05 trillion… Read More

Concerns Grow as DMBs Begins Application of New Revised Interest Rates

Following the recent changes in the Monetary Policy Rate (MPR) by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), bank customers across the nation have continued to express their concern as Deposit Money Banks (DMBs) have begun revising interest rates on savings account of bank customers. The apex bank had increased the benchmark MPR from 14 percent to… Read More


Sanwo-Olu gets Federal Government’s Approval for $2.5bn Badagry Seaport

Lagos State Governor, Mr Babajide Sanwo-Olu, has received approval to build the Badagry Deep Seaport which was approved by the Federal Executive Council in August. A statement signed by Sanwo-Olu’s Chief Press Secretary, Gboyega Akosile, said the approval, which was given at the just concluded Lagos State Economic Summit (Ehingbeti 2022), authorises and provides the legal basis… Read More



Nigeria Has Not Approached Us for Debt Restructuring, Says World Bank President

The President of the World Bank Group, Mr. David Malpass, yesterday disclosed that Nigeria was yet to approach the bank for debt restructuring. The World Bank president said this just as Minister of Finance Budget and National Planning, Mrs. Zainab Ahmed, yesterday recanted, saying the country was not seeking debt restructuring, but was looking at options… Read More

Nigeria, Four Others Gets $250m Economic Boost from EBID

The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) has approved a total of $250 million for five member states of Nigeria, Burkina Faso, Ghana, Senegal and Sierra Leone to boost their oil & gas, energy, road infrastructure and agricultural sectors. According to a statement from the bank, the approvals are part of the intensified efforts by EBID to invest in key sectors… Read More


Money Supply Soars by N49trn Amid Interest Rate Hike

Despite multiple interest rate hikes implemented by the Central Bank of Nigeria (CBN), the money supply in the economy is at its highest level on record, at almost N49.3 trillion in August, topping the previous record set in May 2022. This means that money supply is now at a 9.9 per cent gain from December 20, 2021, when the country recorded N44.4 trillion… Read More



ASUU Suspends 8-Month Old Strike

At last, the Academic Staff Union of Universities (ASUU) has suspended its eight-month-old industrial action conditionally, paving way for immediate resumption of academic activities. The decision, Daily Sun learnt, was taken in the early hours of Friday during a meeting of its leadership that began on Thursday night. The meeting was called by the union to determine its next line of action… Read More


Nigeria may see Improved Rig Count as Export Resumes at Forcados Terminal

Nigeria’s poor crude production output continued to linger and was last month reflected in its declining rig count and production volume, as reported by the latest data from the Organisation of the Petroleum Exporting Countries (OPEC). Specifically, Nigeria’s rig count dropped to seven from 10 in August, even as the reported volume showed a production volume of 938,000 barrels a day… Read More



Technology Experts Push for Nigeria’s Critical Infrastructure Needs

Participants at the just concluded NITRA ICT Growth Conference 2.0, which held in Lagos, have stressed the need for the review of Nigeria’s state of infrastructure so as to position the country to massively and reap the benefits of digital economy. Panelists who spoke at the conference were of the consensus that infrastructure provisioning remained Nigeria’s surest pathway to building… Read More