Daily Business Headlines – OCTOBER 5, 2023


NGX Index Weakens By 0.43% As Traders Book Profit

The gains recorded by the Nigerian Exchange (NGX) Limited on Tuesday were reversed on Wednesday by 0.43 per cent following profit-taking by investors. It was observed that traders sold off shares in the banking and industrial goods sectors, leading to a respective decline of 0.2 per cent and 0.01 per cent. As a result, the All-Share Index (ASI) was… Read More


BUA Cement Retailers Maintain Old Prices As Dealers Complain Of Scarcity

Despite high expectations from consumers following the announcement of a price reduction in the unit price of BUA Cement, the price change is yet to reflect across major markets as the product is still being sold at the old price. It would be recalled that the management of BUA Cement had, on Sunday, announced a reduction in the ex-factory price… Read More


Manufacturers Face Toughest Time In History – MAN

Odiri Erewa-Meggison, chairman of the Manufacturers Association of Nigeria Export Promotion Group (MANEG), has said the manufacturing sector is experiencing the toughest period in the history of its existence as a result of the prevailing economic situation. Speaking at MANEG’s sixth Annual General Meeting on Wednesday, Erewa… Read More


Customs, FRSC Sign MoU To Tackle Car Smuggling

The Nigeria Customs Service, on Wednesday, announced that it signed a Memorandum of Understanding with the Federal Road Safety Commission for collaboration in data sharing to suppress the smuggling of vehicles. Acting Comptroller-General of Customs, Adewale Adeniyi, who signed the MoU of the NCS, explained that it was for automated… Read More



Uproar In Oil Sector After NNPC Favours MRS, AA Rano Again

The Nigerian National Petroleum Company Limited (NNPC) has awarded new contracts to four companies, including two downstream firms, for the rehabilitation of the country’s pipelines, sparking criticisms from industry operators. BusinessDay findings showed Oilserv Limited, A.A RANO Nigeria Limited, Macready Oil & Gas Service Company… Read More


Economic Crisis: States Borrow N46bn From Banks To Pay Salaries

State governments borrow about N46.17bn from three banks to pay salaries between January and June 2023, according to findings by The PUNCH. The findings were based on an analysis of the half-year 2023 financial statements of Access Bank, Fidelity Bank, and Zenith Bank Group. The PUNCH observed that the states borrowed the most… Read More


Crippling Debts, Coups To Slow Sub-Saharan Africa’s Growth By 2.5% – World Bank

The World Bank on Wednesday, revealed that Sub-Saharan Africa’s economic growth will drop to 2.5 per cent in 2023 from 3.6 per cent owing to the crippling debt costs and recent spate of coups. The bank noted that the region’s economic growth is being held back by South Africa and Nigeria. According to its Africa Pulse Report – a semi-annual… Read More



Just In: Atiku To Address Tinubu’s CSU Certificate Saga In World Press Conference Today

The presidential candidate of the People’s Democratic Party, Atiku Abubakar is expected to address the issue of President Bola Tinubu’s academic records released by the Chicago State University (CSU) at a press conference today. A statement released on the press conference invitation reads, “This is to inform and invite you to the World… Read More


Abiodun Seeks US Partnership In Developing Critical Sectors

Ogun government has solicited partnership with the United States of America in developing the critical sectors of the state’s economy. Governor Dapo Abiodun, who stated this when he received the American Consul General to Nigeria, Will Stevens, who led a five-man delegation on a visit at Government House, Abeokuta, yesterday, said the… Read More



Nigeria Could Make $400 Million Annually From Satellite Launch – NASRDA

The National Space Research and Development Agency (NASRDA) has said that Nigeria could be earning $400 million annually by becoming a satellite launch destination for other countries. The Director-General of NASRDA, Dr Halilu Shaba, who stated this in an interview with the media said this is achievable if the country develops its Assembly… Read More