Daily Business Headlines – OCTOBER 16, 2023


Investors Record N409bn Gain On NGX In One Week

Equities market investors gained N409bn in the past week as the Nigerian Exchange Limited saw a marginal increase in trading activities with the All-Share Index rising by 1.12 per cent week-on-week to reach 67,200.69 points. Market capitalisation of listed equities also increased by 1 per cent week-on-week to reach N36.919tn and the year… Read More


Explore Investment Prospects In Nigeria, NIDCOM Urges Investors

In a concerted effort to bolster investment opportunities and stimulate the nation’s economic growth, a call to action was made at the 10th Nigeria Diaspora Direct Investment Summit (NDDIS) in London encouraging Nigerians across the globe to establish businesses in their home country. The summit, themed “Renew Nigeria; The Nigerian Investment… Read More

MAN Urges Federal Government To Establish Manufacturers Bank

The Manufacturers Association of Nigeria (MAN) has appealed to the Federal Government to create a manufacturers bank with the responsibility  to cater to the sectors financial needs. President of MAN, Francis Meshioye, who made the call recently, cited the Bank of Agriculture, which he said is meeting the needs of the agriculture sector… Read More


Petrol: Oil Marketers Shut Filling Stations As Scarcity Spreads To Lagos, Environs

There were indications, yesterday, that petrol scarcity has returned to Lagos and its environs as many oil marketers shut their outlets against motorists and other buyers. The scarcity was noticed in Abuja and environs last week, development oil marketers had attributed to bad roads and high cost of diesel for distribution. But checks by Vanguard, over… Read More



Dollar Supply Jumps After CBN Lifts Ban On Forex Sale To 43 Items

Dollar supply at the foreign exchange (forex) market reportedly soared after the Central Bank of Nigeria (CBN) scrapped restrictions on buying foreign currency required to import 43 items, in a bid to stem the local currency’s 40 per cent rout this year. Liquidity at the investors and exporters window — the official foreign-exchange market… Read More


Naira Under Pressure, Nigeria May Seek Dollar Loan –IMF

The International Monetary Fund has said the naira is currently under pressure and Nigeria is free to seek loan from the Fund to stabilise the currency if it considers a good option. The Washington-based lender however noted that recent exchange reforms and other steps taken by the Nigerian authorities were in order. It also expressed support for… Read More


Experts Lower 2023 Trade Growth Forecast Amid Global Manufacturing Slowdown

Projections for growth in global merchandise trade in 2023 have been scaled back by economists amid a continued slump that began in the fourth quarter of 2022, according to the latest World Trade Organisation (WTO) trade forecast released recently. According to them, the volume of world merchandise trade is now expected to grow by… Read More



21 States Owe N790bn Inherited Pensions, Gratuities

At least 21 states of the federation owe retirees N790billion inherited pensions and gratuities. Vanguard checks revealed that while Rivers State tops the list of states with a backlog of unpaid pensions and gratuities to the tune of N119 billion, Benue State comes second with N100 billion. Similarly, the South-West zone ranks first with a… Read More


Akpabio Promises Senate Intervention In Lagos-Ota-Abeokuta Road Reconstruction

The entourage of the Senate President, Senator Godswill Akpabio, and that of Governor Dapo Abiodun were over the weekend held in traffic for three hours on the dilapidated Lagos-Ota-Abeokuta. Abiodun and Akpabio, accompanied by the Senate Leader,  Opeyemi Bamidele, Senator Aminu Tambuwal, Senator Adams Oshiomohle, Senator… Read More



Regulator Makes Case For Further Data Centre Investments In Nigeria

As Nigeria’s digital economy agenda gathers steam, the Nigerian Communication Commission (NCC) said it has become highly imperative for further investments in the data centre segment of the telecoms sector. With over $1 billion data centre investment seen thus far, largely in Lagos, NCC noted that more data investment is required to… Read More