Daily Business Headlines – SEPTEMBER 20, 2023


Investors Gain N264bn As NGX Sustains Bullish Run

The bullish trading on the Nigerian Exchange Limited was sustained on Tuesday as investors’ wealth increased by N264bn, which was almost the same figure as Monday’s gain of N263bn. Both the market capitalisation and the All-Share Index which measures the movement of share prices of all listed companies rose by 0.71 per cent to… Read More

Foreign Airlines’ Trapped Funds Hit $783m — IATA

The International Air Transport Association has said that as of August 2023, Nigeria accounts for $783m of airlines’ blocked funds. This was contained in a statement by the trade association which said that the IATA’s Regional Vice-President for Africa and Middle East, Kamil Al Awadhi has had engagements with the Federal Government… Read More


SON Urges Manufacturers To Comply With Quality Assurance Standards

Director-General, Standards Organisation of Nigeria (SON), Farouk Salim, has advised manufacturers to standardise their products and carry out necessary quality assurance procedures for the best quality to promote economic growth. Salim stated this during a one-day general sensitisation workshop organised by SON with the theme… Read More


Dangote Refinery Begins Operations In October At 370,000/Bpd Capacity

The long-awaited Dangote Refinery is set to commence operations in October 2023 at 370,000 barrels per day capacity with the refining of diesel and aviation kerosene (JetA1) as the first products. The Dangote Group Executive Director, Devakumar Edwin, in an interview with S&P Global Commodity Insights, said the $19.5 billion outfit would… Read More



United Nations General Assembly: Tinubu Seeks Better Deal To End Extremism, Africa’s Exploitation

President Bola Tinubu in the early hours of today made his inaugural address at the United Nations General Assembly (UNGA), with a call on world leaders to serve African countries a better deal of international politics. Mounting the rostrum on the opening day of the 78th UN General Assembly, President Tinubu highlighted five key points for global… Read More


Government To Invest $20bn In Power, Targets 20,000MW By 2026

The Federal government in a bid to boost electricity generation, and national grid stability, is planning to invest $20bn investment in new power plants and transmission lines, The PUNCH have learnt. This was revealed by the Power Minister, Adebayo Adelabu at the opening ceremony of the ongoing Nigeria Energy Summit in Lagos on… Read More


FIRS Eyes 18% GDP To Tax Ratio In 3 Years

The Federal Inland Revenue Service, FIRS, has said it increased Nigeria’s tax to Gross Domestic Product, GDP, ratio from 6.0 percent to 10.86 percent in 2022, through various reforms. The Director, Taxpayer Services, FIRS, Abuja, Mrs.    Saidatu Yero, disclosed this yesterday at the sensitization programme of the Lagos Mainland West… Read More



Presidential Poll: Abuja Can’t Be 37th State, Atiku, Obi Tell Supreme Court

ABUJA — Determined to nullify the election of President Bola Tinubu, candidate of the Peoples Democratic Party, PDP, Alhaji Atiku Abubakar and his counterpart in the Labour Party, LP, Mr. Peter Obi, yesterday, lodged separate appeals before the Supreme Court. The two candidates, in their appeals, prayed the apex court to set aside the… Read More


More Lawmakers, CSOs Unite Against Akpabio

Crisis rocking the camp of the Senate President, Godswill Akpabio, may be far from over, as more lawmakers and a coalition of civil society demand his immediate resignation. Akpabio is being accused of creating a pseudo impeachment plot to pit senators against President Bola Tinubu. The lawmakers and civil society organisations (CSOs) are… Read More



State Governments’ Crude Revenue Mobilisation Approach Threatening ICT

The federal Government’s plan to have an inclusive information and communications technology (ICT) sector, enhance the digital economy and see more contributions of the industry to Nigeria’s Gross Domestic Product (GDP) may be hampered by the refusal of states to cooperate with the sector. While the ICT sector is said to have… Read More