Daily Business Headlines – OCTOBER 31, 2023


Nigeria Exchange Soars 1.45% On Solid Q3 Results

The first trading session at the Nigerian Exchange (NGX) Limited ended bullish on Monday with a 1.45 per cent growth inspired by sustained buying pressure. Investors showed renewed interest in the local stock market as a result of the solid third-quarter earnings of companies listed on the trading platform. It was observed that traders were… Read More


Federal Government Owes Gas Producers $1.3bn –Oil Traders

Oil Producers Trade Section (OPTS), a sub-group of the Lagos Chamber of Commerce and Industry (LCCI), has disclosed that Nigeria owes gas producers in the country a whopping $1.3 billion for products supplied. It has therefore urged the Federal Government to factor the debt as part of its outstanding obligation, as it seeks solutions to the… Read More


Investments In Oil Sector Uncertain Despite PIA – Operators

Operators in Nigeria’s oil and gas sector, on Monday, said there was still uncertainty with respect to investments in the industry despite the enactment of the Petroleum Industry Bill about two years ago. Nigeria’s low oil production and the plunge in its revenue were attributed to this investor uncertainty by the industry players, as they urged… Read More


Price Of Rice Increases By 60.59% In One Year As Transport Fares Rise By 117.29%

As the festive season approaches, procuring 1kg bag of rice may become a tall order for an average Nigerian family due to its rising cost. Data from the National Bureau of Statistics (NBS) showed that the average price of 1kg of rice locally sold increased by 60.59 per cent over the last one year jumping from N471.42 in September 2022 to N757.06… Read More



2023: FEC Approves N2.17trn Supplementary Budget

The Federal Executive Council ( FEC), presided over by President Bola Tinubu, on Monday, approved a supplementary budget of N2.17 trillion for 2023. Minister of Budget and Economic Planning,  Atiku Bagudu, made the disclosure to State House Correspondents after the weekly FEC meeting held in the Council’s chamber, of the… Read More


Naira To Regain True Value Before December 2023 – Oyedele

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has assured Nigerians that the ongoing plan by the Federal Government to introduce new foreign exchange rules will reflect the true value of the naira. He also said the plan which would include a crackdown on illicit currency trading, would result… Read More


Nigeria Requires Policies To Spur Local, Foreign Investment – NBCC

Nigerian-British Chamber of Commerce, NBCC, is  canvassing for policies that would spur both local and foreign investments in Nigeria. To this end the Chamber’s Chairman, Trade and Investment, Mr Segun Akintemi, said that the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, would launch an initiative of the chamber… Read More



Rivers Boils As Governor Faces Impeachment

The peace in Rivers State was ruptured yesterday following alleged moves by the House of assembly to commence impeachment process against Governor Siminalayi Fubara. The political crisis is believed to be a fallout of a soured relationship between the governor and his political godfather, Mr. Nyesom Wike, immediate-past governor and now… Read More


Akpabio Expresses Hope Of Nigeria Meeting OPEC Crude Oil Quota Soon

The president of the Senate, Dr Godswill Akpabio, says with careful planning and execution, Nigeria can meet the Organisation of Petroleum Exporting Countries (OPEC) quota of 1.8 million barrels per day. Akpabio spoke at the National Assembly Capacity Building Workshop organised by the Independent Petroleum Producers Group (IPPG) and the… Read More



Experts Urge Government To Address Cybercrime, Privacy Breaches

Government legislation can address cybercrime, privacy breaches, experts at the Bafuto Institute of Management and Information Technology have stated. They made this disclosure during the recent graduation of 143 students in varied information technology-related courses in the institute. In a statement, the Director of Studies, Mr Adekunle… Read More