Daily Business Headlines – October 7, 2022

October 7, 2022

Business Headlines


Bearish Sentiment Continues as 23 Stocks Record Losses

Bearish sentiment persists in the equities sector of the capital market with losses in Airtel Africa and 22 stocks dragging market capitalisation by N608 billion. At the close of transactions yesterday, the all-share index depreciated by 3.2 per cent to 47260.89 points from 48836.7 traded the previous day. Market capitalisation of listed equities declined by N609 billion or 2.3 per cent to N25.741 trillion… Read More


Manufacturers Set 10-yr Agenda for Nigeria’s Industrialisation

The Manufacturers Association of Nigeria (MAN) is set to roll out a 10-year industrialisation plan for the country at its forthcoming 50th annual general meeting (AGM). The theme of the meeting is “An Agenda for Nigeria’s Industrialization for the Next Decade”. Speaking to newsmen yesterday, President of MAN, Engr. Mansur Ahmed, said that the theme of the AGM “is borne out of the need to take… Read More


CBN: N2.10tn Disbursed to 426 Projects Under Real Sector Facility

The Central Bank of Nigeria (CBN), yesterday disclosed that cumulative disbursements under the Real Sector Support Facility (RSSF) currently stands at N2.10 trillion disbursed to 426 projects across the country. The facility was established as part of efforts by the apex bank to stimulate output growth, enhance value addition and engender productivity in the economy, and is channelled… Read More


62 Years After: Nigeria’s Aviation Industry Hobbled by Infrastructural Deficiency

As Nigeria celebrates its 62nd independence, its aviation industry has turned out to be a sore point of discourse at any forum a debate on modern aviation practices springs up among experts. As a sector already hobbled by financial challenges, it has always struggled to do a  number of things, including the provision of basic infrastructures to cope with increasing operational demands… Read More



Sukuk Bond Debt Servicing Jumps by 306%

The amount paid on rentals for Sukuk bonds has risen from N8.17bn in the first quarter of 2022 to N33.13bn by the second quarter. This was a 305.51 per cent increase, according to an analysis of the Federal Government’s domestic debt service report for each quarter by the Debt Management Office. According to Investopedia, Sukuk is a sharia-compliant bond-like instrument… Read More


CBN says Nigeria Attracted $10.1bn Diaspora Remittances in 6 Months

Meanwhile the Central Bank of Nigeria (CBN) has said Nigerians received about $10.11 billion as diaspora remittances between January and June 2022, representing a 9.6 per cent increase compared to $9.23 billion received in the corresponding period of 2021. This was even as the apex bank revealed that in contrast to the second half of 2021, Nigeria’s diaspora remittance inflow increased… Read More

Senate Axes NPA, Customs, NIMASA, 7 Others from 2023 Budget

Following the report of the Medium Term Expenditure Framework Fiscal Strategy Paper (MTEF/FSP,) the Senate has approved the removal of Government-Owned Enterprises (GOEs) from the 2023 national budget. The affected agencies are; Nigerian Ports Authority (NPA), National Agency for Food and Drugs Administration and Control (NAFDAC), Nigerian Maritime Administration and Safety Agency… Read More



Buhari Meets 23 Freed Kaduna Train Victims, Charges Service Chiefs to Replicate Success

freed 23 passengers of the March 28 Abuja-Kaduna train attack at the Nigerian Defence Academy (NDA) hospital in Kaduna. Buhari charged the service chiefs to replicate the success recorded in the fight against insurgency in the North-east in other parts of the country. He said his administration had bolstered the armed forces with unprecedented acquisition of military platforms… Read More


Strike: ASUU Knows Fate as Appeal Court Rules Today

The Court of Appeal, Abuja will today decide the fate of the two applications filed by the striking Academic Staff Union of Universities (ASUU), challenging the interlocutory injunction of the National Industrial Court of Nigeria (NICN), asking members of the union to go back to work. The Federal Government had asked the appellate court to dismiss the appeal for being incompetent… Read More



Nigerians Groan Under Failing ePayment Channels

Failing banks’ electronic payment (ePayment) channels have continued to compound the woes of the banking community with Nigerians, who make use of the platforms for transactions, being frustrated with persistent challenges. The frustration is borne out of the rise in transaction failures, primarily via the unstructured supplementary service data (USSD), and long queues… Read More