Daily Business Headlines – OCTOBER 19, 2023


Nigeria’s Stock Exchange Up 0.04% On Sustained Buying Interest

Sustained buying interest kept the Nigerian Exchange (NGX) Limited in the green territory by 0.04 per cent on Wednesday despite the mounting pressure on the Naira in the foreign exchange (FX) market. Business Post reports that Nigeria’s stock exchange remained attractive to investors because of its performance this year, posting a year-to… Read More


Manufacturers’ Pain Worsens On Impasse With Foreign Suppliers

Foreign suppliers’ rejection of letters of credit (LCs) amid unsettled foreign exchange obligations has worsened the economic woes facing manufacturers in Nigeria. In recent months, rising operating costs as a result of the naira devaluation have weakened the purchasing power of consumers and dampened businesses in the… Read More


Operators Worry As Tokunbo Cars, Revenue Drop

Vehicle importation into the country has again worsened as the biggest roll-on-roll-off terminal in the country, Ports & Terminal Multipurpose Limited expects just 1,050 units of vehicles in 11 days, the daily shipping position of Tuesday has revealed. The document obtained by the PUNCH showed that between October 16 and 27, a total of… Read More


Fuel Imports Drop As Depots Slash Allocation To Filling Stations

There are strong indications that the volume of fuel imports has dropped drastically as deports operators’ battle shortage of Premium Motor Spirit (PMS), popularly called petrol. The development has forced many filling stations to shut down operations while a few with products had pockets of queues. Some industry sources in Apapa who spoke… Read More



‘Era Of Exporting Raw Mineral Ores From Nigeria Is Gone’-Tinubu

President Bola Ahmed Tinubu has disclosed plans to develop a policy document to promote ‘value addition’ on solid minerals before they are exported out of the country. Tinubu disclosed this during the opening ceremony of the Nigerian Mining Week themed: ‘Capitalizing On Nigeria’s Critical Mineral Resources For Its Growth’, held in… Read More


China To Fund Port Harcourt-Maiduguri, Abuja-Kano Rails

The Chinese government, on Wednesday, expressed its commitment to refinance and complete the Abuja-Kano and Port- Port-Harcourt-Maiduguri railway projects. A statement signed by the VP’s Senior Special Assistant on Media and Communications, Stanley Nkwocha, on Wednesday, said: “President of Peoples Republic of China, Xi… Read More


Federal Government Subsidised Electricity With N135.23bn In Q2, 2023 –NERC

The Nigerian Electricity Regulatory Commission (NERC) on Wednesday, said the Federal Government (FG) paid a total of N135.23 billion to subsidise electricity consumption in the second quarter of 2023. This was made known in the Commission’s Q2,  2023 report pasted on its website in Abuja. NERC said the N135.2 billion was spent by… Read More



Akpabio Meets Tinubu, Dismisses Crisis In Senate

Senate President Godswill Akpabio, on Wednesday, emphasised the unity and maturity of the Nigerian Senate, even amidst disagreements. “In the parliament, sometimes you disagree to agree. But we will never get to the point of throwing chairs. The Senate is too mature, full of matured people,” Akpabio told State House Correspondents… Read More


$100M Lagos Film City Project: Sanwo-Olu Flags-Off Construction In Epe

Lagos State Governor, Mr. Babajide Sanwo-Olu, on Wednesday, performed the groundbreaking for the development of the Lagos Film City on 100 hectares of land, located at Ketu-Ejirin in the Epe area of the state which is expected to cost $100 million. Speaking at the legacy project, Sanwo-Olu said, “This momentous and historic occasion… Read More



Telcos Welcome Maida, Want Actions On Forex, CNI, ROW Telecommunications operators have welcomed the new Executive Vice Chairman of the Nigerian Communications Commission (NCC), Aminu Maida, with a mandate to urgently address the challenges confronting the $77 billion telephony industry. Under the aegis of the Association of Licensed Telecoms Operators of Nigeria (ALTON), the telcos… Read More