Daily Business Headlines – SEPTEMBER 15, 2023


Nestle, Etranzact Crack NGX Index By 0.06% As Profit-Taking Returns

The Nigerian Exchange (NGX) Limited landed in the bears’ zone again on Thursday, a day after it left, following renewed profit-taking in the consumer goods sector. The sector depreciated by 0.28 per cent yesterday due to selling pressure on Nestle Nigeria and Honeywell Flour. Though investors also booked profit in banking shares… Read More


Grid Collapse: Nigeria In Total Darkness, MAN, Businesses Lament Impact Crippling Economy

Manufacturers and business operators in Nigeria, yesterday berated the incessant collapse of the nation’s power grid, saying it is gradually destroying the economy and reruining productivity. The collapse which according  to the manufacturers came barely one week after the  Transmission Company of Nigeria (TCN), celebrated a questionable… Read More

ABCON Advocating Merger Of BDCs, Not Recapitalisation, Says Gwadabe

The Association of Bureaux De Change Operators of Nigeria (ABCON) Thursday said it is advocating for a merger of several Bureaux De Change (BDC) operators to birth stronger institutions and not a recapitalisation of the industry. The recommendation is to effectively help its corporate governance and rules of engagements with the the Central… Read More


Government Assures Airlines Of Funds Repatriation

The Federal Government has said it is currently working on the final details related to the United Arab Emirates visa issue. This followed the recent lifting visa ban on Nigerians by the UAE. The Minister of Aviation and Aerospace Development, Festus Keyamo who disclosed this at the closing ceremony of the 7th African Aviation Summit in Abuja on… Read More



Nigeria’s Debt Jumps By 75% In Three Months, Hits N87tn

The Debt Management Office has said Nigeria’s total public debt hit N87.38tn at the end of the second quarter of 2023. The figure represents an increase of 75.29 per cent or N37.53tn compared to N49.85tn recorded at the end of March 2023. The DMO in a report on Thursday said the debt includes the N22.71tn Ways and Means Advances of the… Read More


CBN Drives Investments For Rehabilitation Of Moribund Ports

The Central Bank of Nigeria, CBN, has commenced moves to rehabilitate moribund ports across the country to create better efficiency and ease congestion at Nigeria’s ports industry. Speaking at the third edition of the Nigerian Ports and Trade Investment Forum, Assistant Director, Development Finance Department, CBN, Mr Ayoola Kadiri, said… Read More


IMF Raise Concerns Over Global Debt In Low-Income Developing Countries

The International Monetary Fund (IMF) has raised concerns over the state of global debt, particularly in low-income developing countries (LIDCs), stating that global debt currently stands at $235 trillion. TheFund disclosed this in its 2023 Global Debt Monitor report on the state of global debt titled; Global debt is returning to its rising trend which… Read More



Tinubu Meets Service Chiefs Over North-East, Others, Appoints Adedeji FIRS Boss

President Bola Tinubu, yesterday, met a delegation led by the Chairman of the All Progressivss Congress (APC), Abdullahi Ganduje, at the Council Chambers of the State House, Abuja, where a document containing key recommendations on quelling farmer-herder clashes nationwide is to be presented. The meeting was convened… Read More


Adeyemo, US Deputy Treasury Secretary, ‘To Strengthen Bilateral Ties’ During Nigeria Visit

Adewale “Wally” Adeyemo, the United States deputy treasury secretary, will visit Nigeria next week as part of efforts to strengthen economic ties between both countries. According to the New York Times, Adeyemo will meet with Nigerian government officials and representatives from the technology, entertainment, and finance sectors… Read More



Nigerian ISPs Sinking Under The Weight Of Competition With MNOs

Internet Service Providers (ISPs) in Nigeria are facing increasing challenges as they continue to lose customers in a fiercely competitive market, where they are up against mobile giants like MTN, Globacom, Airtel, and 9mobile.  While players in this segment of Nigeria’s telecom industry have consistently expressed concerns about the… Read More