Daily Business Headlines – SEPTEMBER 5, 2023


Index Surges 1.11% As Investors Divert More Funds Into Local Equities

The first trading session of the new week closed on a positive note at the Nigerian Exchange (NGX) Limited on Monday, appreciating by 1.11 per cent. Bargain-hunting in local equities sustained the upward trend recorded during the trading session as investors locked in funds in banking and consumer goods stocks. Data from the bourse revealed that… Read More


Manufacturers Decry Rising Cost Of Goods, Unsold Inventory Over Forex Scarcity

Local manufacturers have expressed concerns over rising costs, considering that prices have continued to spike due to challenges in supply chains, occasioned by unavailability and rising foreign exchange(forex) rate. Consequently, the rising costs have led to 51 percent surge in unsold finished products, according to the Executive Summary of… Read More

Inflation, Currency Weakness Dampen Business Activities In Nigeria In August –PMI Report

Rising inflation, currency weakness dampened business activities in Nigeria, thus dropping to the lowest in 5 months, a new Purchasing Managers’ Index (PMI) report for August 2023 has said. The latest monthly PMI by Stanbic IBTC Bank on Friday showed the headline index dipped to 50.2 in August from 51.7 in the previous month. Readings… Read More


BOI, Momo, Others Pledge Support For SMEs

Financial institutions have canvassed for alternative financing and digital payment adoption that will enhance the growth of small and medium-enterprising Stakeholders spoke at the 4th annual ‘MSME & start-up summit 2023’ with the theme, “The role of alternative financing and digital payment adoption for SMEs’ sustainability and competitiveness… Read More



NNPCL Intensifies Anti-Theft Battle As Oil Output Declines

The Nigerian National Petroleum Company Limited is stepping up efforts to combat oil theft in the Niger Delta, as the country’s oil production continues to plummet, writes OPEOLUWANI AKINTAYO In an update on its fight against crude oil theft in the country in July, the Nigerian National Petroleum Company Limited said it uncovered… Read More

G-2O Summit: Woo Foreign Investors, OPS Tells Tinubu

Member groups of the Organised Private Sector of Nigeria have told President Bola Ahmed Tinubu to seize the occasion of the G-20 Summit holding in India to woo foreign investors to the country. This came as leaders from the Group of 20 (G-20) economies meets in India’s capital this week to find solutions to some of the world’s pressing problems… Read More


Government Rakes In N1.53tr From Company Income Tax In Three Months

The Federal Government realised N1.53 trillion from company income tax (CIT) in the second quarter (Q2), indicating a growth rate of 226.4 per cent from N469.01 billion it realised in the first quarter. This came as revenue from value-added tax (VAT) for Q2 rose from N709.59 billion in the first quarter to N781.35 billion, showing a growth… Read More



Lagos Assembly To Screen Sanwo-Olu’s Second Batch Of Nominees

The Lagos State House of Assembly will on Tuesday, September 5, commence the screening of Governor babajide Sanwo-Olu’s second batch of nominees. The Speaker of the House, Dr. Mudashiru Obasa, urged the screening committee led by Fatai Mojeed to ensure a thorough screening process and report to the House on Thursday… Read More


Presidential Poll: Obi, Atiku To Know Fate As Tribunal Delivers Verdict Tomorrow

The Presidential Election Petition Court, PEPC, (tribunal) sitting in Abuja, will on Wednesday, deliver judgment on petitions seeking to nullify President Bola Tinubu’s election. The two petitions, marked CA/PEPC/05/2023 and CA/PEPC/03/2023, were brought before the court by a former Vice President and candidate of the Peoples… Read More



Mobile Subscription Growth Rebounds – Report

Mobile subscription growth rebounded in July, after four consecutive months of falling, to 220.54 million. This was as the contribution of the telecommunications sector to the Gross Domestic Product rose to N5.35tn in the first two quarters of 2023. Since March, mobile subscriptions have been on a free fall after hitting an all-time high of 226.84… Read More