Daily Business Headlines – OCTOBER 30, 2023


NGX Closes Week With N122bn Gain Amid Mixed Sentiments

The Nigerian Exchange Limited closed the week with a N122bn gain amidst mixed trading sentiments as investors reacted to the release of corporate earnings results for the third quarter. The All-Share Index climbed 0.33 per cent week-on-week to close at 67,136.58 points as investors reacted positively to the impressive third-quarter corporate… Read More


Lagos To Begin Demolition Of Drainage-Blocking Structures In Ikoyi

The Lagos State Government will today (Monday) commence the removal of perimeter fences located within two meters of drainage channels on Norman Williams, Awolowo, and Ribadu roads in the Ikoyi area of the state. The Ministry of Environment and Water Resources announced this move after the grace period provided to property… Read More

Nigerians To Benefit As Kenya Mulls Visa-Free Travel For Africans

Nigerians connecting flights to various countries and flying to Kenya would be benefiting from Kenya’s proposed policy on granting all African visitors access without visas. This development is coming at a time when some countries have suspended visa on arrival for Nigerians, making them face difficulties travelling from Nigeria. William Ruto… Read More


MAN, LCCI, Others Lament As Economy Bleeds Over Inflation, Forex Scarcity

That the Nigerian economy is still in dire straits is no longer news, but the real worry for stakeholders appears to be the helplessness of both the fiscal and monetary authorities to stem the tide of naira’s free fall that has sent prices of basic items like food, energy and transportation skyrocketing to unprecedented heights and pushing more… Read More



Nigeria’s Crude Exports Overhang

Nigeria’s crude oil loading schedule for November may face some setback, as about 30 cargoes are awaiting buyers. This is just as crude premiums to benchmark prices have come down by $1 to $2 a barrel depending on the grade, traders said. A similar overhang is being reported in Angola’s November schedule too. “This could be the start of things… Read More


NLC, TUC, NECA To Federal Government: Halt Fall In Naira Value

The Nigeria Labour Congress, NLC, Trade Union Congress of Nigeria, TUC, and the Nigeria Employers’ Consultative Association, NECA, yesterday raised the alarm over the continued free fall of the naira, asking the Federal Government to take urgent steps to stabilize the national currency. NLC specifically warned that in the absence of swift and… Read More


Federal Government To Import €1.2m Equipment For Eko Bridge Rehabilitation

The Minister of Works, Dave Umahi, has said the government needs to import construction equipment worth €1.2m to effectively perform rehabilitation works on the Eko Bridge in Lagos State. The Minister made the announcement during a working visit to Third Mainland, Carter, Falomo, Iddo, Eko, Marina and Iganmu Bridges in Lagos State… Read More



Nigeria Crawling But Determined To Change Narrative, Tinubu Tells German Chancellor, Scholz

President Bola Tinubu has told German Chancellor, Olaf Scholz, who is on a state visit to Nigeria, that though the country is still crawling, his administration is determined to change the narrative and bring about a transformative government in the country. He spoke during Bilateral Political Talks with the German Chancellor and his Delegation. The… Read More


Rivers Assembly Set On Fire Over Threat To Impeach Governor Fubara

The hallowed chambers of the Rivers State House of Assembly has been set ablaze by suspected political thugs in the state. This is following a move by the house to commence an impeachment process on the Leader of the House, Hon. Edison Ehie, and the state Governor, Sir Siminalayi Fubara on Monday. The arsonists had carried out the… Read More



Nigeria Now Top Destination For Tech Startups- Communications Minister, Tijani Says

Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, has said that Nigeria has become Africa’s top destination for tech startups. Speaking at the ongoing 2023 Digital Nigeria International Conference, which opened yesterday in Abuja, Tijani noted that out of the $5 million invested in tech startups in Africa, 20 percent is domiciled… Read More