Daily Business Headlines – April 04, 2023


Stock Market Depreciates by N857bn in March Amid Political Tension

The market capitalisation of the Nigerian Exchange (NGX) depreciated by N857billion in March 2023 amid political tension, inflationary pressure and scarcity of local currency in the domestic economy. Nigerians on February 25 and March 18, 2023 went to the polls to decide the leadership of their country, leading to foreign investors exit in… Read More


Nigeria Earned N1.8tn From Oil Export In March – Report

Nigeria’s revenue from crude oil export increased by N337bn in March, hitting N1.8tn, according to data obtained by The PUNCH. This came as the country attained its crude oil production target of 1.6 million barrels per day in March, from 1.3 million barrels per day recorded in February. Output for January was 1.25mbp while that of February… Read More


NSIA, Defying Odds With Increased Investments, Improved Financial Performance

The year 2020 will not be forgotten in a hurry as it saw global economies on lockdown following the outbreak of COVID-19 pandemic. This resulted to galloping inflation, high cost of oil and  slow implementation of national budgets among others. It would therefore be safe to state that the pandemic may not have given some economies a chance to… Read More


Nigeria Dominates 60% Of Pharmaceutical Production In ECOWAS

The pharmaceutical production in Economic Community of West African States, ECOWAS is been dominated by Nigeria. The former President and fellow of the Pharmaceutical Society of Nigeria (PSN), Ahmed Yakasai disclosed this saying “Nigeria has the potential to become a leading manufacturer and distributor of essential medicines in Sub-Saharan… Read More



Banks’ Interest Income Growth Nearly Triples On Rate Hikes

The combined interest income reported by seven of Nigeria’s deposit money banks grew 25 percent in 2022, almost triple the 8.9 percent growth recorded in the previous year, on the back of bumper rate hikes, data collated by BusinessDay show. The data were collated from the full-year 2022 financial statements that have so far been released by the… Read More

Nigeria’s Debt Per Citizen Hits N217,136 Amid Rising Poverty

Nigeria’s debt per citizen has hit N217,136 ($484) amid rising poverty across states, according to analysis of data by BusinessDay. Poverty has risen in the country in recent months, with 133 million people said to be suffering what the National Bureau of Statistics multidimensional poverty as of last year. Data obtained from the Debt… Read More


Improving Nigeria’s infrastructural development through tax revenue

As the nation continues to explore ways to diversify its sources of revenue to meet its development obligation, LEON USIGBE and TYAVZUA SAANYOL examine the impact of the Federal Inland Revenue Service (FIRS) on building sustainable infrastructure in tertiary institutions. AS the World seeks to foster economic growth and… Read More



2023 Elections: Practitioners Lament Harsh Economic Climate, Low Political Advertising Spend

With elections over, independent marketing communication (IMC) practitioners have lamented low political advertising spend. They also noted that the cash crunch and harsh economic climate did not help matters. At the last National Advertising Conference held in Abuja from November 29 to December 1, 2022, stakeholders agreed that… Read More


2023 Elections: NHRC To Partner Facebook, Records 22 Hate Speeches

Alarmed by the unrelenting use of hate speech by politicians and their agents, the National Human Rights Commission (NHRC), has disclosed that it has gone far in its partnership discussions with Facebook (meta), with a view to stem the tide of hate speeches in the country. It explained that hate speech is divisive and capable of… Read More



FG To Launch Digital Postcode In June 2023

The Federal Government has concluded plans to launch the Digital Postcode system in Nigeria by June 2023. The Postmaster General of the Federation/CEO, NIPOST, Adeyemi Sunday Adepoju, disclosed this at the end of the Two -Day Workshop/ Retreat on the Digital Postcode System in collaboration with the National Population Commission… Read More