Daily Business Headlines – SEPTEMBER 8, 2023


Nestle, Dangote Cement Lead 0.3 Per Cent Market Loss

Following selloff in many highly capitalised stocks, especially Nestle and Dangote Cement, Nigerian Exchange Limited (NGX) sustained its negative sentiments yesterday, causing the all-share index (ASI) to dip further by 0.3 per cent. Yesterday, the ASI declined by 204.17 per cent, representing a decline of 0.3 per cent, to close at 68,082.11 points… Read More


Food Emergency: AFAN Sets Up Committees For Effective Implementation

The All Farmers Association of Nigeria (AFAN), in its bid to collaborate with the Federal Government for the effective implementation of the declaration of emergency on food security programmes, has set up three committees, namely, Seed Committee, Mechanisation Committee  and STI Committee. These are in addition to its… Read More


Customs Dump Erring Banks Over Duty Remittance

The acting Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi, has ordered the deactivation of some banks over their failure to remit duties collected. This was contained in a statement issued on Thursday by the National Public Relations Officer of the service, Abdullahi Maiwada. Adeniyi said some authorised dealer banks… Read More

Low Demand Cripping N302bn Local Vehicle Plants – MAN

Nigeria’s vehicle assembling industry, estimated to be worth around N302bn, has tanked to a new low due to increasing production costs and weakened demand for locally assembled automobiles. According to the recently released Manufacturers CEOs Confidence Index, activities of motor vehicles and miscellaneous assembly deteriorated further… Read More



Nigeria’s Fiscal Deficit To Decline In Q3, Q4 2023 — MPC

Members of the Monetary Policy Committee, MPC, of the Central Bank of Nigeria (CBN) have projected a continuous decline in the federal government’s fiscal deficit in the third quarter and fourth quarter of this year (Q3, Q4 2023). They based their projections on the recent efforts by the government to manage expenditures better and also… Read More

Manufacturing Sector Tops Tax Revenue Contributions In H1’23

The manufacturing sector has sustained its lead position in contribution to Nigeria’s tax revenue in the first half of 2023 (H1’23) with a remittance of N606.7 billion. The tax remitted by the sector represented 17.4 percent of the total Federal Government tax revenue of N3.49 trillion during the period. A breakdown of the data obtained from the… Read More


Forex Earnings Record Boost As Trade Surplus Hits N2.22tn

Nigerian foreign exchange earnings grew in the first six months of 2023 as the foreign trade surplus rose to N2.22tn. This was as the country sought new avenues to increase its foreign exchange earnings. According to new data from the National Bureau of Statistics, Nigeria’s total import bill stood at N11.29tn, while total exports amounted to N13.50tn… Read More



Again, Lagos Assembly Rejects 3 Sanwo-Olu’s Nominees; Confirms Omotoso, Abayomi Others

The inauguration of Lagos State cabinet suffered another set back on Thursday, as the state House of Assembly remained adamant on the rejection of former Commissioner for Budget and Economic Planning, Mr. Sam Egube, and his Energy counterpart, Engr Olalere Odusote, and one other as members of Governor Babajide Sanwo-Olu’s… Read More


Afenifere Tasks Tinubu On Quick Fix To Subsidy Removal Pains

The pan-Yoruba socio-cultural and political organization, Afenifere has charged President Bola Tinubu to soothe the pains caused by the withdrawal of fuel subsidy as quickly as possible. The group stated this while  congratulating Tinubu on his victory at the Presidential Electoral Court (PEPC). A press statement signed by the organisation’s… Read More



Nigeria Hosts 54 Countries To Regional Internet Forum

Nigeria is set to play host to 54 African nations and other continental Internet governance stakeholders at the 2023 Africa Internet Governance Forum (AfIGF 2023) in Abuja from September 18 to 21. This year’s event, the 12th edition of the yearly forum, is being hosted by the Nigerian Communications Commission (NCC) on behalf of the… Read More