Daily Business Headlines – April 05, 2023


Equities Market Goes Further South

Nigeria’s equities market which opened the month of April in red, decreased further by 0.27percent or N84billion on Tuesday April 4. The record consecutive negative close this month pushed lower this year’s record positive return to 5.43percent. The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation… Read More


Local manufacturers hail suspension of proposed excise duty hike

The Manufacturers Association of Nigeria (MAN) has hailed the decision of Federal Government to suspend the proposed hike in excise duty on beer, wines and spirits, tobacco, and non-alcoholic beverage later this year, noting that the decision will bring succour to the operators. Indeed, local operators had warned that the… Read More


Business Activities Suffer As Cash Crisis Sinks PMI To 42.3

The cash crisis in Nigeria continued to have a severe impact on business conditions in the private sector during March as the headline Purchasing Managers Index dipped to 42.3 points from 44.7 points reported in February. The decline was the most pronounced since the survey began in January 2014, apart from at the time of the outbreak… Read More


Foreign Capital Importation Declined to $5.32bn in 2022, $1.06bn in Q4

Total capital importation into the country dropped by 20.47 per cent to $5.32 billion in 2022 compared to $6.70 billion in the preceding year, the National Bureau of Statistics (NBS) disclosed yesterday. Capital inflows also dropped by 8.53 per cent to $1.06 billion in the fourth quarter of last year (Q4 2022) compared to $1.15 billion in the… Read More



Inflation Erodes Minimum Wage By 41% In 3yrs – Report

Nigeria’s spiralling inflation rate has eroded the N30,000 monthly minimum wage by more than 40 percent since 2019, a new report by Afrinvest (West Africa) Limited, a wealth advisory firm has said. The report titled ‘The Cost of Nigeria’s Spiralling Inflation Rate on the Average. Households’ noted that for over the past two years, Nigeria’s… Read More


Nigeria’s unemployment rate to hit 40.6% with economic slowdown, says KPMG

Nigeria’s economic woes appear to be taking a far worse dimension if the unemployment figures released by KPMG in its recent report titled ‘Global Economic Outlook’, is to be taken seriously. In the said report, the professional services firm is said the figures were based on its estimates. According to KPMG, as of fourth quarter… Read More


Naira Crisis: Banks Fear Heighten As Customers Shun Cash Deposit

The Nigerian economy has started redeeming from the three-month-long naira insufficiency, but there is another infuse risk of a possible banking sector collapse as customers shun cash deposits. The development is a spill-over effect of the Central Bank of Nigeria’s (CBN) poorly implemented Cashless Policy, which caused Nigerians untold… Read More



2023 Elections: US-Based Nigerian Slams N77bn Suit On INEC, FG Over Use Of BVAS

A medical doctor and internal medicine specialist based in New York, United States, Dr Adah Edache Obekpa has asked the Federal High Court in Abuja for an order directing the Independent National Electoral Commission (INEC) and the Federal Government to compensate him and his organization with the sum of N77 billion for… Read More


2023: If Tinubu Didn’t Choose A Northern

While some people scored the Independent National Electoral Commission (INEC) low over the conduct of the 2023 general elections, Hon. Jude Idimogu, lawmaker representing Oshodi/Isolo Constituency 2 in the Lagos State House of Assembly, and a chieftain of the All Progressives Congress (APC) believes that the Professor Mahmood… Read More



AFDB Approves $525,000 Grant For African Fintech Firms The African Development Bank has approved a grant of $525,000 for an online digital hub to serve as a repository of knowledge for fintech entities in Africa. This was disclosed during the signing ceremony for the Letter of Agreement between the AfDB Group and the Africa Fintech Network based on the grant to support the Africa Fintech Hub Project… Read More