Daily Business Headlines – September 29, 2022

September 29, 2022

Business Headlines


NGX Rebounds, Capitalisation Gains N14bn

The Nigerian Exchange Ltd. (NGX) on Wednesday gained N14 billion as market capitalisation closed at N26.531 trillion from N26.517 trillion recorded on Tuesday. Also, the All Share Index (ASI) increased marginally by 10.25 basis points or 0.02 per cent gain to close at 49,171.70 as against 49,161.45 posted the previous day. Consequently, the year-to-date (YTD) return rose to 15.11per cent… Read More


Maritime Grossly Under-Explored in Nigeria, Stakeholders Lament

Stakeholders have described the country’s maritime sector as an overlooked goldmine with its enormous potential to drive economic growth under-explored. According to them, the sector is capable of becoming a key engine of economic development in line with the diversification agenda of the Federal Government, in the face of current global economic uncertainty… Read More


CBN: N3.7trn Out of N9trn Intervention Funds Recovered, N5trn Not Due

The Central Bank of Nigeria (CBN) yesterday clarified that out of the N9 trillion interventions it had disbursed in critical sectors of the economy, about N3.7 trillion had so far been repaid by beneficiaries while the about N5 trillion was not yet due for recovery. The revelation by the central bank came just as various stakeholders in the Nigerian power sector lauded the CBN’s recent N120 billion… Read More


Sugar Production: Federal Government Plans $350m Savings, 100,000 Jobs

The Federal Government, on Wednesday, approved Phase II of its 10-year National Sugar Masterplan with the goals of saving $350m yearly and creating 110,000 new jobs. The Minister of Industry, Trade and Investment, Niyi Adebayo, disclosed this to State House correspondents shortly after the weekly Federal Executive Council meeting presided over by the President… Read More



Nigeria Forfeits N16.4tr in Tax Revenue in Three Years, Coalition Laments

A coalition of civil society organisations has lamented that the federal government forfeited N16.4 trillion of its revenue between 2020 and 2022 despite its huge fiscal deficit. A breakdown revealed that in 2020, the total forgone tax revenue was N5.6 billion while it was about N5.5 billion in 2021. This year, another N5.3 billion, tax revenue has been forfeited… Read More


States to get $750m W’Bank loan in December

States in Nigeria are to get the first tranche of a $750m World Bank loan by December 2022, The PUNCH has learnt. In the final report for State Action on Business Enabling Reforms, which is available on the World Bank’s website, it was disclosed that about $0.5m to $4m would be released to Nigerian states based on certain criteria. The fresh loan is from a Program for Results instrument… Read More


MPC’s Rates Hike Targeting Inflation Control –CBN

The Central Bank of Nigeria (CBN) says its Monetary Policy Committe (MPC) decision to increase Monetary Policy Rate (MPR) is to control rising inflation. CBN’s director, Monetary Policy Department, Hassan Mahmoud, said this on Wednesday at a post-MPC briefing tagged: “Unveiling Facts behind the Figures’’… Read More



Buhari Talks Climate Change

President Muhammadu Buhari has identified climate change as one of the major challenges facing humanity. Buhari made this known yesterday at State House, Abuja, while inaugurating the National Council on Climate, shortly before presiding over the weekly Federal Executive Council (FEC) meeting. The president highlighted the losses and damages caused by the recent flooding… Read More


Politicians May Destroy Nigeria, Obasanjo Raises the Alarm

Former President Olusegun Obasanjo has raised the alarm that the coming election will either make or break Nigeria. This is just as he warned that politicians may wreck the country if religious leaders are not watchful. He, therefore, appealed to religious leaders in the country to stop those he described as bad politicians from destroying the country… Read More



NITDA Restates Commitment to Create Digital Nigeria Workforce

The National Information Technology Development Agency (NITDA) has restated its commitment to the sustainability of a digitally transformed Nigeria by engaging the workforce of various Federal Public Institutions (FPIs) in capacity development programmes, towards the realisation of a digital Nigeria. This was revealed at the closing ceremony of a capacity-building programme organised by NITDA… Read More