Daily Business Headlines – September 30, 2022

September 30, 2022

Business Headlines


NGX ASI Outperforms Inflation in Three Years

The Nigerian Exchange Limited All Share Index outperformed the average inflation the country has witnessed in a circle of three years. The annual inflation rate as measured by the Consumer Price Index for the month of September stood at 20.52 per cent according to the National Bureau of Statistics. While the NGX ASI had a year-to-date performance of 15.68 per cent within the year in review… Read More

Power Sector Loses N420bn Annual Revenue – Gencos

The monthly shortfall in revenue remittances to the power sector stands at N35bn, the Executive Secretary of the Association of Power Generation Companies, Joy Ogaji, said on Thursday. This amounts to N420bn yearly. APGC is the umbrella body of Nigeria’s power generation companies. The Gencos produce electricity which the Transmission Company of Nigeria evacuates to the power distribution companies, known as DisCos, for onward distribution to end users… Read More


How Multiple Charges, Taxes Spike Airfares by 50% in Nigeria, Others’

Barring ‘high-maintenance’ airports and attendant multiple charges in Nigeria and other countries in Africa, airfares would have been a lot cheaper and affordable for travellers. Airline operators gave that position recently in Lagos, as they again, bemoaned multiple fees, taxes and charges on air transport, estimated to cost between 40 to 50 per cent on an average airfare… Read More


DBN Disbursed N482bn to 208,000 MSMEs in 2021 — Osinbajo

Vice President, Prof Yemi Osinbajo, on Thursday disclosed that the Development Bank of Nigeria (DBN) disbursed N482 billion as loans to 208,000 Micro, Small and Medium Enterprises (MSMEs) in 2021, in its efforts to address their funding challenges to enable retain their place as the major employer of labour. He made the disclosure in Abuja at the third DBN Annual Lecture series themed: “MSMEs: Thriving in the face of domestic and global disruptions”… Read More



Import Dependence Worsening Food Crisis in Nigeria — IMF

The International Monetary Fund has said that the food crisis currently ravaging Nigeria and other sub-Saharan countries has been exacerbated by over-reliance on imported foods. In a new report titled, “Africa Food Prices Are Soaring Amid High Import Reliance,” the Washington-based lender said staple food prices in sub-Saharan Africa surged by an average 23.9 per cent in 2020 to 22—the most since the 2008 global financial crisis… Read More

Insecurity, Others Drive Up Agric Imports to N4.6tn

Amid an unending insecurity crisis that has negatively impacted farming activities in many parts of the country, the total value of agricultural products imported into Nigeria within the last two years rose to N4.6tn, findings by The PUNCH have revealed. According to data collated from separate Foreign Trade Statistics of the National Bureau of Statistics, Nigeria imported agric imports to the tune of N2.36tn… Read More


2021-2025 Plan Will Lift 35m Out of Poverty, Grow Economy to 4.6% –NBS

Statistician General of the Federation, Adeyemi Adeniran, yesterday, disclosed the National Development Plan 2021-2025, is expected to achieve an average economic growth of 4.6 per cent, lift 35 million people out of poverty. In addition to that, the plan would create 21 million full-time jobs, and raise the revenue to Gross Domestic Products (GDP) ratio from the current six per cent, to 15 per cent… Read More



2023: Tinubu Absent as Atiku, Obi, Kwankwaso, Others Sign Peace Accord

Eighteen political parties vying for elective positions in next year’s general election, yesterday, signed an agreement for peaceful conduct before, during, and after the polls, with the presidential candidate of All Progressives Congress (APC), Senator Bola Tinubu, conspicuously absent. The peace accord was put together by the National Peace Committee (NPC), co-led by former Head of State, General Abdulsalami Abubakar; Sultan of Sokoto… Read More


2023: Maintain Your Position as Honest Arbiters, Buhari Urges Judiciary

President Muhammadu Buhari has urged the judiciary to uphold the rule of law, ensure the integrity of participatory democracy and remain impartial arbiters in pre and post-election matters. He stated this, yesterday, while commissioning the Body of Benchers Complex in Abuja. He said the judiciary would play a critical role in ensuring fairness in the 2023 elections and maintaining the sanctity of the democratic process… Read More



Telecoms Operators to Disrupt USSD Services Over N80 Billion Debt

The row between Nigerian banks and telecommunications operators over the unstructured supplementary service data (USSD) debt seems to have resumed, as telcos disclosed, yesterday, that the debt has risen to N80 billion. The Chairman, Association of Licensed Telecommunications Operators of Nigeria (ALTON), Gbenga Adebayo, revealed this in Lagos, warning that telcos may disconnect service, to defaulting banks… Read More