Daily Business Headlines – April 06, 2023


Equities Investors Lose N553bn In Bearish Trading

The domestic equities market yesterday recorded its third consecutive loss this week, bringing down the benchmark Index by N553 billion or 1.88 per cent as investors sold off Airtel Africa and 13 others. The decline puts the index on track for another week of loss. The All Share Index (ASI) decreased by 1,016.42 absolute points, representing a… Read More


Banks Deposits With CBN Drop 95.82% On Naira Redesign

Commercial banks’ deposits with the Central Bank of Nigeria (CBN), known as Standing Deposit Facility (SDF) has dropped by 95.82 percent in less than two months due to cash crunch, occasioned by the Federal Government’s approved naira redesign. Data from the CBN’s website shows that banks’ deposit with their regulator (CBN) dropped… Read More

Nigeria’s FDI Slides To $468m, Lowest In Nine Years

The pain of severe dollar shortage is bitting deeper in Africa’s biggest economy as foreign direct investment (FDI) has plunged to $468.91 million, the lowest in at least nine years, according to official data. Despite its mostly youthful large population and abundant natural resources, Nigeria is finding it increasingly hard to attract investments… Read More


Excise duty: MAN hails FG’s decision to halt increase

Manufacturers Association of Nigeria (MAN) has lauded the Federal Government’s decision to halt the proposed increase in excise duty on alcoholic, non-alcoholic beverages,  tobacco and to allow the 2022-2024 sectoral roadmap run its full course. Director General, MAN, Segun Ajayi-Kadir, who made the statement disclosed that the Finance… Read More



Nigeria’s Low Oil Production Will Affect OPEC+ Supplies – Report

The international oil market has expressed concern that the Organisation of Petroleum Exporting Countries and its Declaration of Cooperation partners may not meet up with supplies, as Nigeria and Angola fall short of production. A report by Reuters on Wednesday said OPEC’s oil output was one million lesser than expected, blaming… Read More

Again, Manufacturing Activities Shrink Over Cash Scarcity

Manufacturing activities in the country contracted for a second consecutive month in a row in March as cash scarcity in Africa’s biggest economy hampered private sector activity. The drop in production consequently led to reduced sales as manufacturers navigated through headwinds occasioned by a shortage of cash. According to the latest edition… Read More


Non-Oil Export Rejects: NEPC Begins Certification Process For 200 SMEs

The Nigerian Export Promotion Council (NEPC) has begun the non-oil export certification for 50 Micro Small Medium Enterprises (SMEs) in the country under its Go Global, Go Certification” project. The Commission said the project is geared towards obtaining appropriate international certifications for products of Nigerian origin… Read More



All Electoral Offenders Must Be Punished

One of the major fallouts of the 2023 general elections is the need to tackle violence and other offences that continue to mar Nigeria’s electoral process, from campaigns to voting and even collation of results. According to the Nigeria Police Force, a total of 489 major electoral infractions occurred during the February 25 and March 18 rounds… Read More


No court can grant injunction stopping President-elect inauguration – SAN

A Senior Advocate of Nigeria, Afam Osigwe, speaks with ESTHER BLANKSON on election petitions as well as the illegality of the call for an interim government among other issues. Those calling for an interim government premise it on the need for reform in the country. Do you consider this to be a good reason? There can’t be any talk of reform… Read More



Moni, Nigerian Fintech, Offers Business Loans To African SMEs

Moni, a Nigerian fintech firm, has launched a new line of business loans targeting African SMEs. The new loans are intended to help small businesses gain access to the working capital they require to operate and expand by harnessing the power of their communities. In Africa and other emerging markets, community groups and associations… Read More