Daily Business Headlines – OCTOBER 24, 2023


Market Sees Negative Start To New Week On FX, Inflation Concerns

Nigeria’s equities market kicked off a new week in red (down by 0.06percent or N22 billion) as investors continued to price in risks of deteriorating economic conditions. The high inflation rate and freefall of the Naira against the greenback are major risks to the attractiveness of equity investment, according to market analysts. At the… Read More


Forex : Fuel Scarcity May Worsen As 86 Firms Dump Petrol Import Permit

No fewer than 86 oil trading companies may have dumped their various permits to import Premium Motor Spirit(PMS), popularly called petrol over the country’s worsening foreign exchange crisis. The development may worsen the recent fuel shortages leading to queues across the country, especially in Lagos and Abuja. Authority Chief Executive… Read More

Traders Protest  LAWMA’s Closure Of Trade Fair Complex

Traders  under the umbrella of Trade Fair  stakeholders  forum have cried out over the shutdown  of their bussiness  premises by officials of Lagos Waste Management  Authority (LAWMA) without notice. Trade Fair Stakesholders Forum is the umbrella body of the 62 associations in the complex. In a statement  jointly issued by Chief Eric… Read More


Federal Government Seeks Private Sector Support On Poverty Alleviation

The Lift Above Poverty Organisation has reiterated the position of the Federal Ministry of Budget and National Economic Planning that the private sector is critical to driving the economic growth and overall development of Nigeria. The organisation said the Minister of Budget and National Economic Planning, Senator Abubakar Bagudu, was… Read More



FX Pressure: $10bn Inflow Coming In Weeks-Finance Minister

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun yesterday said that the economy will receive $10 billion in foreign exchange inflows in the next few weeks to ease liquidity pressure  in the foreign exchange market. Edun said this during a panel session at the ongoing 29th Nigeria Economic Summit (NES) in Abuja… Read More


Federal Government Okays $3.45bn World Bank Loan Application For Power, Others

The Federal Executive Council on Monday approved the application for a $3.45bn loan to finance five items. They include projects in the power sector, renewable energy, states’ resource mobilisation programme, adolescent girls’ initiative for learning and empowerment and a women’s empowerment project. The Minister of Finance and… Read More


Federal Government Will Achieve $1trn Economy Target In 2026, $4trn In 2035 –Tinubu

The Federal Government, yesterday, promised that Nigeria’s economy will grow to $1trillion in 2026 and $4 trillionby 2035. Declaring open the 29th Nigerian Economic Summit (NES #29), yesterday, in Abuja, President Bola Ahmed Tinubu, said his administration was working hard to ensure  there will be no strike inthe economy as the children’s… Read More



UK Court Dismisses $11bn P&ID Suit, Nigeria Demands Damages

The Federal Government has said it will demand damages from Process & Industrial Developments Limited, which lost its $11bn arbitration award against Nigeria on Monday in the United Kingdom. The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, told The PUNCH: “There will be further hearing by the United… Read More


Wike Enforces Tax Clearance Certificates In Abuja

Minister of the Federal Capital Territory (FCT), Nyesom Wike, has directed the demand and verification of Tax Clearance Certificate (TCC) as a pre-condition for any business transactions in Abuja. Mandate Secretary, Economic Planning, Revenue Generation and Public Private Partnership Secretariat, Federal Capital Territory Administration… Read More



Federal Government, IHS Plan N1bn Tech Talent Communities

The Federal Government and IHS Nigeria have collaborated to establish a technical talent learning communities across the country. This is in support of the recently launched Three Million Technical Talent initiative by the Federal Ministry of Communications, Innovation and Digital Economy. According to the government, the three-year partnership… Read More