Daily Business Headlines – OCTOBER 26, 2023


NGX Equities Lose N6 Billion As ASI Drops By 0.02%

Trading activities on the Nigerian Exchange Limited (NGX) returned to bearish territory as the All-Share Index declined by 0.02% to 67,206.16 points. Equities lost N6 billion as the exchange’s market cap depreciated to N36.923 trillion from N36.929 trillion yesterday. The trading day was quieter than yesterday as 5,998 deals were made against… Read More


Federal Government Commits To Industrial Resuscitation, Partners MAN

The Federal Government has restated its commitment to covering real aspects of industrialisation from consumer credit, fiscal and monetary policy alignment and continuous engagement with the Manufacturers Association of Nigeria (MAN) as a key element in delivering presidential initiatives. The Minister of Industry Trade and… Read More


Diesel, Jet Fuel Rising Prices Threaten Industries, Airlines

There is growing apprehension in the manufacturing and aviation sectors that the rising costs of diesel and aviation fuel will lead to the total collapse of more industries and airlines operating in the country. In Kano, Ogun, Edo, Delta, Kogi, Lagos, and Kwara states, the Manufacturers’ Association of Nigeria told The PUNCH on Wednesday that… Read More

Federal Government Reaffirms Commitment To Ports Upgrade

The Federal Government has reaffirmed its commitment to scaling up the rating of Nigerian ports globally. The Minister of Marine and Blue Economy, Adegboyega Oyetola said this on Wednesday in Apapa, Lagos during the commissioning event of the ‘Mission to Seafarers Center’. He explained that the reconstruction of the facility would scale up… Read More



Nigeria’s Prosperity Depends On Getting Power Sector Right –UK Envoy

Nigeria’s prosperity in the years ahead will largely depend on its government’s ability to get the power sector right, the British High Commissioner to Nigeria, Mr Richard Montgomery, has declared in Abuja on Wednesday. Montgomery made the declaration at a roundtable on the Electricity Act 2023 with the theme: “Implications and Opportunities for… Read More


Nigeria’s $3tn Infrastructure Gap Better Funded Locally –Shettima

The Vice President of Nigeria, Senator Kashim Shettima, has said that country’s $3tn infrastructure investment deficit can be better funded by local stakeholders rather than foreign borrowings. Shettima said this on Wednesday at the opening ceremony of the third West Africa Capital Market Conference with the theme, ‘Infrastructural Deficit… Read More


FEC Approves $3.45bn World Bank Loan

The federal executive council (FEC) has approved the sum of $3.45 billion in loans for the execution of five projects. The council meeting, presided over by President Bola Tinubu, was held on Monday. Speaking at the end of the meeting, Wale Edun, minister of finance, and coordinating minister of the economy, said the approved projects were… Read More



Decision Day As Supreme Court Rules On Atiku, Obi’s Petitions Against Tinubu

The Supreme Court will today deliver judgment in the two surviving appeals filed by former vice president Atiku Abubakar of the Peoples Democratic Party (PDP) and his Labour Party(LP) counterpart, Mr. Peter Obi against the victory of President Bola Tinubu. This is coming  barely 72 hours after the apex court took arguments for and against… Read More


CSOs Demand States’ Pension Law Review Over N2.4 Billion Yearly Pay

Barring a repeal of the pension law for former governors in their states, a total of seven serving ministers and the Secretary to Government of the Federation (SGF) shall be entitled to pension largesse worth over N2.4 billion a year. The ex-governors-turned-ministers and beneficiaries of state pensions are: Abubakar Badaru (Jigawa State and… Read More



Embrace Digital Technology, NITDA Urges Nigerians

The National Information Technology Agency has urged Nigerians to embrace and harness the vast potential of digital technology. The DG of the agency, Mallam Kashifu Abdullahi, made the call in Abuja on Tuesday in his address at the ongoing 2023 Digital Nigeria Conference. He noted that digital innovations reshape societies and… Read More