Daily Business Headlines – OCTOBER 6, 2023


Stock Market Closes Higher By 0.13%

Nigeria’s equities market closed higher by 0.13 percent on Thursday while investors gained about N140billion following cherry-picking actions seen across board. Investors bought mostly banking, consumer goods, and industrial stocks amid mild offering of insurance stocks. The Nigerian Bourse positive close by 0.13 percent on Thursday… Read More


Customs Brokers Protest Alleged 200% Increase In Duty

CUSTOMS brokers under the aegis of the Association concerned Freight Forwarders, ACFF, yesterday, commenced moves against the recent increment in the payment of import duties, a development they said would further trigger inflation in the economy. Speaking to newsmen after a meeting at the RockView Hotel in Lagos, Convener of the… Read More

NDIC Disburses N1bn To Depositors Of Failed PMBs, MFBs

The Nigeria Deposit Insurance Corporation, NDIC, said it has disbursed about N1.084 billion to 29,573 depositors of over 179 Microfinance Banks (MFBs), and four Primary Mortgage Banks (PMBs) whose licenses were revoked by the Central Bank of Nigeria (CBN) as at 22nd September 2023. The Managing Director/Chief Executive, NDIC, Mr… Read More


SMEs Closing Shops On Daily Basis, Says NASSI

The Nigerian Association of Small Scale Industrialists has said that Micro Small and Medium Enterprises are shutting down operations on a daily basis due to the harsh operating environment in the country. The Vice Chairman of the Lagos chapter of the association, Peter Popoola, stated this while speaking with The PUNCH on the sidelines of… Read More



Federal Government Procures 1.25 Million Meters With N120bn World Bank Loan

The Federal Government, on Thursday, opened the bids submitted by bidders for the procurement of 1.25 million meters financed by the World Bank to the tune of $155m (N119.74bn at Thursday’s official exchange rate of N772.54/$). Senior government officials said the move was based on the directive of President Bola Tinubu to halt the… Read More


Remittances To Nigeria Risk Declining On Weak Global Growth – PwC

Money sent home by Nigerians who live abroad looks set to decline this year due to weak global economic growth, a new report has said. PwC Nigeria, a professional services firm, said in its latest Nigeria economic outlook report that “a weak global economic growth may negatively affect remittance flows into the economy”. “The decline in… Read More


Government Commits To Achieving 0.6 Per Cent Poverty By 2050

The Federal Government said it is fully committed to implementing the country’s Agenda 2050 to ensure the country attains a gross domestic product (GDP) per capita of $33,000 and brings the poverty rate down to 0.6 per cent. Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, stated this at the media conference on the… Read More



Tinubu’s Certificate: I’m Focused On Reclaiming My Mandate At Supreme Court, Obi Replies Atiku

The presidential candidate of the Labour Party, Peter Obi, has in response to an appeal by his Peoples Democratic Party counterpart, Atiku Abubakar, to join in the legal battle challenging President Tinubu’s credentials said he was focused on reclaiming his stolen mandate at the Supreme Court. Obi’s response was contained in a statement… Read More


More Investments Needed In Manufacturing, Says Obasanjo

Former President Olusegun Obasanjo, on Thursday, called for more investment in the manufacturing sector, saying this would help to tackle unemployment and poverty and boost the nation’s economy. Obasanjo made the call while speaking at a twin programme to unveil the Luxe Regal Brand of Royal Chairs and a book on ‘Making Your Business… Read More



NESG Urges Federal Government To Leverage Technology For Economic Growth

The Nigerian Economic Summit Group (NESG) has stressed the need for the Nigerian government to focus on the role of technology and innovation, sub-national and local governments as drivers of economic growth and development. Olaniyi Yusuf, chairman of NESG disclosed this during a press conference on Thursday in Abuja, stating… Read More