Daily Business Headlines – OCTOBER 17, 2023


Indices Dip By N90 Billion Amid Losses In Okomuoil, Stanbic IBTC Others

Following losses recorded by many bluechip stocks, especially Okomuoil and Stanbic IBTC, transactions on the equities sector of the Nigerian Exchange Limited (NGX) reopened on a downturn yesterday, as market capitalisation depreciated by N90 billion. Indeed, at the close of transactions yesterday, All-Share Index (ASI) lost 162.76 points… Read More

DISCOS, GENCOS Push For Supply Improvement As TCN Rates Operators Low

Stakeholders in the power sector are pushing for leeway that would ensure a collaborative approach to resolving the challenges facing the power sector amidst poor supply of electricity across the country. They met at the bi-yearly joint generation, operations and DisCos’ planning meeting in Abuja.While the players insisted that only… Read More


Fuel Subsidy: Boat Operators Decry 60% Drop In Water Transportation

Boat operators under the aegis of the Waterfront Boat Owners and Transporters Association (WABOTAN) have decried an estimated 60 per cent drop in water transportation on Lagos waters due to the removal of fuel subsidy. The National Public Relations Officer of WABOTAN, Chief Raymond Gold, who stated this at the weekend, lamented… Read More


SMEDAN Plans Advisory Council On MSMEs

The newly appointed Director-General of the Small and Medium Enterprises Development Agency of Nigeria, Charles Odii, has disclosed plans to set up an advisory council for small businesses in the country. Oddi gave the directive while addressing the management staff of the commission after his assumption of duty as the 6th chief executive of the… Read More



Inflation: CPPE Seeks Urgent Government’s Intervention To Address Challenges –CPPE

The Centre for Promotion of Private Enterprise (CPPE) has said tackling Nigeria’s galloping inflation trend requires urgent government’s intervention to address the challenges bedevilling productivity and fueling insecurity in the economy. Director of the Centre, Dr Muda Yusuf, made the assertion following the persistent inflationary… Read More


2024: Federal Government Plans N26tn Budget, Debt Servicing To Gulp N8.25tn

The Federal Government plans to spend 61.63 per cent of its planned 2024 on personnel and debt service costs, The PUNCH has learnt. The personnel and pension costs of N7.78tn and the debt service cost of N8.25tn make up N16.03tn out of the N26.01tn 2024 budget. The PUNCH also observed that the government would spend more on debt… Read More


IMF To Nigeria: Increase Tax Revenue For Subsidy, Monetary Reforms To Work

Abebe Selassie, the director, African department, International Monetary Fund (IMF), says Nigeria doesn’t generate enough tax revenues to fund its necessary projects. Speaking at the ongoing IMF-World Bank annual meetings, at Marrakech, Morocco,Selassie said the debt pressure experienced by the country is driven by low revenue. With… Read More



FEC Okays 30 Days Implementation Of Mou With Labour, Sub-Committees For Industrial Revitalisation, FTZ

The Federal Executive Council, (FEC) has approved a 30-day implementation plan for the Memorandum of Understanding (MoU) between the Federal Government and the Organised Labour. With this approval, government said henceforth any external interference in unions activities would not be tolerated. Minister of Labour and Employment, Simon… Read More


Anti-Corruption: Speaker Abbas Proposes 1% Of Federal Budget For Auditor-General’s Office

The Speaker of the House of Representatives, Hon. Tajudeen Abbas, on Monday, underscored the need for adequate funding for the office of Auditor General of the Federation (oAuGF) in the bid to ensure accountability and effective use of public funds. Hon. Abbas who stated this during the official unveiling of the House… Read More



Foreign Investments Into Telecoms Dropped By 77%

Foreign investments into Nigeria’s telecommunication sector fell by 77.35 per cent year-on-year in the first half of the year, despite the rollout of 5G services in the country. In the first six months of 2023, total capital importation into the telecoms sector was $47.86m, a huge fall when compared to the $211.29m that the sector attracted in first half… Read More