Daily Business Headlines – OCTOBER 18, 2023


Stock Market Rises By 0.43%

Nigeria’s equities market failed to sustain previous day’s negative close after rallying by 0.43 percent on Tuesday. After the negative take off to new week, analysts had ahead of Tuesday’s trading expected mixed session, saying investors will continue to cherry pick attractive names across board, while taking profit on recent gainers. At the… Read More


N35,000 Wage Award: Labour Gives Governors Ultimatum, 61 Million Nigerians To Get N1tn

Organised Labour has issued a two-week deadline to governors to commence negotiations on the N35,000 wage award for workers in their states in line with the terms of the Memorandum of Understanding signed by the Federal Government, the Nigeria Labour Congress and the Trade Union Congress. The state chapters of the NLC and… Read More


MAN Advocates Special Day To Celebrate ‘Made In Nigeria” Products

President of the MAN, Franchise Meshioye, stated this yesterday at the opening of the association’s Three-Day Made in Nigeria Exhibition, where he noted that on the special day,  individuals,  government ministries, departments and agencies would be encouraged to dress in Made-in-Nigeria outfits and prioritise the purchase of products that… Read More


Uganda To Begin Flight To Nigeria, As Algeria Seeks BASA Review

Uganda will from October 19, begin direct flights into Nigeria. This is just as Algeria is seeking for the review of the Bilateral Air Service Agreement (BASA) between the country and Nigeria. The Ugandan Ambassador to Nigeria, Nelson Ocheger, disclosed this during a courtesy visit to the Minister of Aviation and Aerospace Development Festus… Read More



Hard Times For Households As Food Inflation Doubles In Five Years

Nigeria’s food inflation has been accelerating since August 2019 and now at a faster pace since the country floated the naira and removed petrol subsidy amid high malnutrition and hunger levels in Africa’s most populous country. Food prices have shown no signs of receding despite the federal government declaring a state of emergency as… Read More


Federal Government Estimates Electricity Demand To Hit 45,662MW By 2030

The Federal Government, through the Nigerian Electricity Regulatory Commission has said electricity demand will grow to 45,662 megawatts by 2030. This was contained in the 2022 Market Competition Report by the Commission obtained by The PUNCH on Tuesday. According to the report, the current generation capacity was lower than what… Read More

Federal Government Rakes Over N26bn From Drivers’ Licenses In 2022

The Nigerian government generated over N26.2bn from the issuance of National Drivers Licenses in 2022, The PUNCH findings has shown. Analysis of the Federal Road Safety Corps’ Statistical Digest for the four quarters in 2022 obtained by The PUNCH revealed that a total of 1,007,948 NDLs were produced. The average price of a driver’s… Read More



Port Harcourt Refinery Rehabilitation: Community Disputes, Spare Parts Mismatch Threaten December Target

There are strong indications that the December production date for the commencement of operations at the Port Harcourt refinery may eventually not be achieved as Daily Sun findings have revealed. The Port Harcourt refinery has been undergoing rehabilitation works since 2019 when NNPCL first awarded a $50 million contract to Tecnimont… Read More


Tinubu’s Ministers Face First Assessment January

The Federal Government will begin quarterly assessments of the performance of the 48 ministers in January when their ministries will have received the budget for the 2024 fiscal year. The Special Adviser to the President on Policy Coordination, Ms Hadiza Usman, explained that the annual scorecard would be reviewed during periodic… Read More



New NCC Boss Pledges Commitment To Tinubu’s Vision On Digital Economy The new Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, has said he would align the Commission’s regulatory focus to achieve the promises of President Bola Ahmed Tinubu’s Renewed Hope agenda to advance the nation’s digital transformation agenda. Maida, who spoke to the Senior… Read More