Daily Business Headlines – OCTOBER 23, 2023


UBA, Fidelity Bank, Others, Lead Share Trading On NGX Amid Profit-Taking

Despite losses recorded over three trading sessions, the shares of United Bank for Africa Plc, Fidelity Bank Plc and Access Holdings Plc dominated proceedings last week at the Nigerian Exchange Limited (NGX). The three financial institutions collectively accounted for 447.125 million shares worth N6.488 billion in 4,913 deals., contributing to… Read More

Without Subsidy, Most Nigerians Can’t Afford Cost Of Electricity –Discos

The Association of Electricity Distributors of Nigeria (ANED) has said that without electricity subsidy, most Nigerians will not be able to afford the actual cost of power supplied them. This was even as it said that the Federal Government will continue to pay electricity subsidy until the industry is fully mature and attains a status of charging cost reflective… Read More


Fuel Hits N685/Litre In North

Filling stations, particularly those operated by independent marketers, now dispense Premium Motor Spirit, popularly called petrol, at prices that are higher than the bands approved by the Federal Government, with some filling stations in the North selling as high as N685/litre. In July, the pump price of petrol was raised from between N537… Read More


At N1,200/$, N985/Litre Fuel Spike Squeezes Air Travel, Pricing

Steady free-fall of the naira value to dollar has registered new odd records in the air transport sector, with aviation fuel now almost N1000/litre and operators cum travel agencies in a pricing dilemma. Across both local and international segments of the sector, the rate of N1200/$1 in the open market and almost 400 per cent surge in price of… Read More



Lekki Port In Slow Start As Economic Hardship Worsens

The depreciation of the naira amid foreign exchange scarcity and other economic headwinds is causing a lull in business activities at the nation’s seaports including the new $1.5 billion Lekki Deep Seaport. The port, which started commercial operations in April 2023, is yet to start witnessing a boom in the volume of import and export containers coming… Read More


Three-Year Blueprint: Federal Government Plans N26tn Borrowing, N29tn For Debt Servicing

Nigeria’s total public debt may hit N118.37tn in the next three years, findings by The PUNCH have shown. The figure was based on analysing Nigeria’s current debt profile and the debt projections in the Medium Term Expenditure Framework and Fiscal Strategy Paper 2024-2026. According to the new MTEF/FSP, the Federal Government plans to… Read More

Federal Government Attracts $2bn Investments In Renewable Energy Sector

The Federal Government, on Sunday, announced that it attracted over $2bn in investments in the renewable energy sector over the past decade. It announced this through the Rural Electrification Agency, adding that in advancing these achievements, it established partnerships with the World Bank, African Development Bank, Global Alliance… Read More



Presidential Tussle: Anxiety As Tinubu, Atiku, Obi, APM Begin Battle At Supreme Court

President Bola Tinubu and his antagonists-Alhaji Atiku Abubakar, Mr Peter Obi and the Allied Peoples Movement, APM, will resume the battle for the presidency, today, at the Supreme Court as Tinubu’s aides and the main opposition Peoples Democratic Party, PDP, expect favourable ruling at the apex court. Atiku, the PDP presidential… Read More


Diri, Sylva Woo Bayelsa Voters

The Governor of Bayelsa State, Douye Diri, and the All Progressives Congress governorship candidate, Timipre Sylva, at the weekend, tackled each other as they intensified campaigns for the off-cycle governorship election slated for November 11 in the state. Diri, who is the candidate of the Peoples Democratic Party, and his reelection campaign team… Read More



Affordable Mobile Connectivity Will Boost Nigeria’s Fintech Market – GSMA

Affordable mobile connectivity, influx of funding, increasing smartphone ownership, and increasing supportive regulatory frameworks will boost the fintech market in Nigeria and other African countries, GSMA has disclosed. Sub-Saharan Africa’s fintech industry has been bolstered by a surge in innovative solutions and growing funding and… Read More