Nigerian Newspapers: Top 10 Business Stories Set Off Your Thursday

Top 10 Stories From Nigerian Newspapers Today, 12th October 2023

6 months ago
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Here are the top 10 stories from Nigerian daily newspapers for today, 12th October 2023 on Politics, business, entertainment and economy.

1. Africa’s Total Export Projected To Reach $1trn By 2035 – Report

Standard Chartered report has revealed that Africa’s total exports are expected to hit close to $1 trillion by 2035.

The report while highlighting the outlook for African trade, projected the African Continental Free Trade Area (AfCFTA) as a key proponent of optimising intra-African trade. The report estimated that Africa’s overall exports would amount to $952 billion by 2035, and the AfCFTA, once fully implemented, has the potential to boost this number by an additional 29%. From now until 2035, this corresponds to a 3% annual growth rate.

2. Stop CBN’s Budget Deficit Financing, IMF Warns Nigeria

The International Monetary Fund (IMF) has advised the Nigerian government against funding the country’s budget deficit with funds from the Central Bank of Nigeria (CBN). The apex bank has so far, funded the government with more than N22 trillion in Ways and Means.

IMF stressed the need to raise revenue for the budget through taxation. Read more

3. Tinubu Sacks NCC, NIPOST, NIGCOMSAT’s Bosses, Appoints Replacement

President Bola Tinubu has removed from office, the chief executive of officers of the Federal Ministry of Communications, Innovations, and Digital Economy with immediate effect.

According to a statement released by the Special Adviser on Media and Publicity, Ajuri Ngelale, the affected CEOs include the Nigerian Communications Commission’s Prof. Umar Garba Danbatta; the Nigerian Postal Service’s Sunday Adepoju; and Nigerian Communications Satellite Limited’s Tukur Funtua. Read more.

4. CSU Certificate Saga: APC Responds To Peter Obi’s Request On Tinubu’s Academic Credentials

The All Progressives Congress (APC) has responded to Labour Party presidential candidate Peter Obi’s call for President Bola Tinubu to clarify his academic credentials.

Their response follows Obi’s press conference in Abuja, where he urged Tinubu to address the controversy surrounding his academic records. Asking the president to reintroduce himself to Nigerians. Read more

 5. Ondo CJ Declines Move To Probe Deputy Gov

The Ondo State Chief Judge Justice Olusegun Odusola, refused to set up a probe panel as requested by members of the state House of Assembly angling to impeach the Deputy Governor, Mr Lucky Aiyedatiwa.

The House had, during its plenary session last week, directed the CJ to set up a panel to investigate the allegation of gross misconduct levelled against the deputy governor.

However, according to reports, Justice Odusola has formally written to the Assembly on Wednesday stating his of his inability to set up the panel, citing a subsisting court’s ex parte order restraining him from carrying out the directive of the Assembly.

There are indications that the development might stall the impeachment process.

6. EFCC Recovers N27bn, $19m, Probes ‘Monumental’ Procurement Fraud In Federal Ministries

The Economic and Financial Crimes Commission (EFCC) says it has recovered N27,184,357,542 and $19,084,419 from three different money laundering cases, and is now investigating “monumental” procurement fraud involving some officials of the federal Ministry of Power and Ministry of Agriculture. Read more

7. Regulation of Mining By States Unconstitutional – Dele Alake

Minister of Solid Minerals Development, Dr Oladele Alake, has said that state governments have no constitutional power to regulate mining activities.

He argued that the ban on mining by states was illegal and not in line with the Constitution.

Alake maintained that if states need to engage in mining activities, they should go through the right process and apply for a licence.

8. Tinubu Appoints Olukoyede As EFCC Chairman

President Bola Tinubu has given his approval of the appointment of Mr. Ola Olukoyede as the Executive Chairman of the Economic and Financial Crimes Commission (EFCC) for a four-year initial term that is renewable. Read more

9. ASUU Opposes Grant Private Varsities Access To TETFund

President of the Academic Staff Union of Universities (ASUU), Prof. Emmanuel Osodeke, has spoken out against the Tertiary Education Trust Fund’s (TETFund) decision to include private universities as recipients of its projects.

Prof. Osodeke stated this on Wednesday when TETFund and all unions of beneficiary institutions held a two-day interactive session.

10. Nigeria Must Prioritise Investment in Infrastructure – MAN

Manufacturers Association of Nigeria (MAN) has charged the Federal Government (FG) to prioritise investment in infrastructure, introduce policies that would incentivize domestic production, and make it more attractive against imported finished products.

MAN President, Mr. Francis Meshioye, who gave the charge during a press conference ahead of the forthcoming MAN 51st Annual General Meeting slated for October 17-19, 2023, lamented that the cost of manufacturing is rising daily owing to scarce and unavailable manufacturing inputs that continue to shrink profitability and threaten the existence of the critical sector of the economy.



Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.


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