Daily Business Headlines – October 20, 2022

October 20, 2022

Business Headlines


Stock Market Decreases Further By 2.31%

The Nigerian Exchange Ltd. (NGX) declined further on Wednesday as market capitalisation depreciated by N570 billion or 2.31 per cent, to close at N24.139 trillion from N24.709 trillion on Tuesday. Also, the All-Share Index (ASI) fell by 1, 048.17 points or 2.31 per cent to 44, 318.15 from 45, 366.32 recorded at the previous trading. The market breath ended negative with 17 stocks on the losers’ charts, while 16 stocks gained… Read More

Report: Emerging Markets Burn Through FX Reserves In 2022

Emerging markets have been consuming their stockpiles of foreign exchange reserves this year at a faster pace than in previous bouts of currency weakness as central banks fight to defend their currencies against the mighty U.S. dollar, Reuters said in a report yesterday. China, which holds the world’s largest total forex reserves in excess of $3 trillion, drew down $195 billion from January to August this year… Read More


Reps Appeals to Foreign Airlines as Trapped Aviation Fund Nears $500m

The Lower Chamber of the National Assembly has appealed to foreign airlines to make affordable airfare layers available to the Nigerian market, as it pledges to find a solution to the stranded fund is now close to $500m. The House of Representatives, led by its Speaker, Femi Gbajabiamila, also summoned the Ministry of Aviation and the Central Bank of Nigeria (CBN) to another stakeholders meeting scheduled for Thursday… Read More


Federal Government Seeks Private Sector Participation on Food Security

The federal government (FG) is seeking private sector participation in the agro food processing industry to ensure food security. The Minister of Trade and Investment, Niyi Adebayo, made the call on Tuesday in Abuja at the ongoing 46th conference of the Nigerian Institute of Food Science and Technology (NIFST), with the theme: ‘Advancing National Development, Wealth Creation and Food Security… Read More



Naira will Devalue to N520/$ by 2023 –Bank of America

Following the continuous decline of the Naira, the Bank of America has projected that the official exchange rate could likely devalue to N520/$ in 2023. According to the bank, this is expected to happen because the Naira is well above fair value. This was disclosed by the bank’s economist, Tatonga Rusike via an emailed note seen by Daily Sun on Wednesday… Read More


Federal Government to Tackle Deficit, Debt with Assets Sales, Other Measures– Finance Minister

At the backdrop of the rising fiscal deficit and debt burden, the Federal Government is taking steps to offer some of its assets for sale through equity investments while raising revenue through road tolls. The assets are valued at over N30 trillion held in over 60 enterprises and agencies. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed this at the 2023 Budget breakdown in Abuja… Read More


2023: Ambitious Budget Amid Dwindling Revenue

Revenue challenge, borrowings and huge debt servicing are obvious impediments to the N20.50 trillion 2023 budget expectations, Abdulwahab Isa reports Nigeria is still on expansionary budget lane. The N20.50 trillion 2023 budget put out to the public a few days ago didn’t depart from Nigeria’s expansionary pattern of fiscal budget. For over a decade, the country is consistent with expansionary budget… Read More



Buhari to Inaugurate APC Presidential Campaign Council Friday

President Muhammadu Buhari will on Friday inaugurate the Presidential Campaign Council (PCC) of the All Progressives Congress (APC) at the State House, Abuja. The inauguration will formally kick start the party’s campaign activities that were suspended due to controversy generated by the 422-member campaign list initially released… Read More


Lekki Toll Gate Tragedy: Two Years Later

Exactly two years ago, a tragic event that has set the Lekki Toll Gate in Lagos aside as a historic monument of sorts took place. A crowd of unarmed youths singing the national anthem was shot at by troops in a bid to quell protests which had lasted for nearly two weeks. The youths called for an end to police brutality. They advocated police reforms under the hashtag: #EndSARS… Read More



Insecurity, FX Challenges Slow Rural Telephony Drive

Expansion of telecommunications services, especially to rural communities, has slowed down drastically in the country, owing to various challenges plaguing the over $70 billion industry. A major GSM operator confirmed to The Guardian, yesterday, that telecoms investment in rural areas have plummeted by as much as 40 per cent since COVID-19 outbreak because of several challenges confronting service expansion… Read More