Daily Business Headlines – SEPTEMBER 6, 2023


Nigerian Market Remains Green As Traders Demand Oando Shares, Others

The Nigerian market sustained its positive momentum on Tuesday as investors hunt for stocks in the mid and high-cap categories they believe would fetch them higher returns in the coming days. There was a special interest in Oando shares at the Nigerian Exchange (NGX) Limited during the session due to the news that the company has bought… Read More


CBN To Clear FX Backlog In 2 Weeks, Urges BDCs To Adopt Technology In Service Execution

The Central Bank of Nigeria (CBN) on Wednesday announced its plan to clear all the backlog of foreign exchange (FX) demand from manufacturers, businesses, importers, and exporters over the next two weeks. This was even as the apex bank encouraged BDCs to adopt technology and move away from manual cash transactions to align… Read More


Stakeholders Lament Complex Export Levy, Documentation

Stakeholders have lamented what they described as extremely complex export procedures and documentation processes by numerous government agencies in Lagos State. This is even as they urged the Federal Government to scrap export levy collections on agricultural products and collection of registration charges on Domestic Export… Read More

LCCI, NGX Seek Improved Private-Sector Participation

The Lagos Chamber of Commerce and Industry (LCCI) and the Nigerian Exchange Limited (NGX) have disclosed plans to sign a memorandum of understanding (MoU) to work together for the future growth of the country’s capital market. LCCI’s president, Dr Michael Olawale-Cole, made this known when LCCI’s management paid a courtesy… Read More



Akinwumi Adesina: Why Africa’s GDP Must Be Revalued

Akinwumi Adesina, president of the African Development Bank (AfDB), says Africa’s carbon sequestration capacity must be accounted for in its overall gross domestic product (GDP). Carbon sequestration is the capturing and storage of carbon dioxide (CO2) in plants, soils, geologic formations, and the ocean. Speaking on Tuesday at the Africa… Read More


WTO Calls For Open Trade, Multilateral Cooperation

Director General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, said that turning away from open trade would only lead to greater price volatility, inflationary pressures, and weaker growth prospects overall. Speaking at a recent economic policy symposium that had in attendance, global leading central bankers… Read More

Despite AFCFTA, Trade Between Nigeria, Others Steadily Declines

More than two years after the African Continental Free Trade Area (AfCFTA) kicked-off, Nigeria’s trade volume with other African countries has continued to decline. The trade value fell year-on-year (YoY) to N842.6 billion in the first quarter of 2023 (Q1 ‘23), 11.95 per cent down from N956.93 billion recorded in Q1 ‘22. In stark contrast, trade volume… Read More



INEC Begins Distribution Of PVCs In Kogi, Imo, Bayelsa, Warns Candidates Against Violence

The Independent National Electoral Commission (INEC) has approved September 11 to October 9 for the resumption of collection of Permanent Voters’ Cards (PVCs) in Kogi, Bayelsa and Imo. The commission made this known in a statement by its National Commissioner and Chairman, Information and Voter Education Committee… Read More


No Nigerian Should Wait Over Two Weeks To Collect Their Passport —Interior Minister

The Minister of Interior, Olubunmi Tunji-Ojo, has mandated that no Nigerian should wait for more than two weeks before collecting their passport. Tunji-Ojo made this known while appearing on Channels Television’s Politics Today programme on Tuesday. The Minister of Interior also promised that all passport backlogs will be cleared in no more… Read More



We’re Implementing Reforms To Strengthen Telecoms Sector, Says NCC

The Nigerian Communications Commission (NCC) has said it remains committed to its regulatory role of continually implementing requisite reforms to strengthen the communications sector in Nigeria. The Executive Commissioner, Stakeholder Management at the NCC, Adeleke Adewolu, stated this while addressing stakeholders at… Read More