Daily Business Headlines – April 17 2023


Weekly Stock Update: Nigerian Exchange Group Record 2.08% Loss

The Nigerian equities market closed bearish during the week as the All-Share Index depreciated by 2.08% in the week ended 14th April 2023. According to the weekly stock market report released by the Nigerian Exchange Group, the benchmark index, ASI, depreciated by 2.08% from 54,232.34 points to close the week at 51,893.94… Read More


Fitch: Global Sukuk Q2 Outlook Robust Despite Slowdown

Despite a slowdown in global sukuk issuances from core markets during the first quarter, the pipeline for the Islamic bonds is building up for Q2, according to Fitch Ratings. Sukuk issuance from core markets in Q1 was $45.3 billion, down 18.5% quarter on quarter. “Persistent macro volatilities and uncertainties, contraction in global liquidity… Read More


Why Global Value Chain Is Important For Job Creation – Okonjo-Iweala

At the ongoing World Bank/International Monetary Fund Spring meetings in Washington DC, the Director-General of the World Trade Organisation, explained that the coronavirus pandemic taught the world how important global value chains have become for job creation and inclusion. Speaking, the WTO DG, Ngozi Okonjo-Iweala said the… Read More


Oil Marketer Blames High Cost Of Cooking Gas On Inadequate Infrastructure, FX Scarcity

Founder and Chief Executive Officer of Hyde Energy Limited, a downstream oil and gas company, Mr. Oladimejj Edwards, has attributed the high cost of Liquefied Petroleum Gas (LPG), popularly known as cooking gas, to the inadequate supply, storage, and distribution infrastructure as well as scarcity of dollars in the market. Edwards, also… Read More



Analysts: Old Naira Notes’ Reissuance Triggers Rise In Savings

Analysts at the research department of Coronation Merchant Bank have attributed the recent increase in interest rates on savings accounts as well as Treasury bill (T-bill) rates to the reduced liquidity in the banking system, which was occasioned by deposit money banks’ (DMBs) compliance with the Supreme Court’s ruling that the old N200, N500… Read More


Nigeria’s 96% Revenue Used To Service Debt In 2022 – World Bank

The World Bank says Nigeria’s constant fiscal deficit has worsened the nation’s public debt stock, with 96.3 per cent of government revenue spent on servicing debt in 2022. This was according to the Macro Poverty Outlook for Nigeria: April 2023 brief released by the bank. The report read in part,  “The fiscal position deteriorated. In 2022, the cost… Read More


As Food Prices Push Headline Inflation To Frightening Highs

The National Bureau of Statistics (NBS), on Saturday, announced that the rate of inflation in the country rose to 22.04 per cent in March 2023 from 21.91 per cent in February. According to the NBS, “On a year-on-year basis, the headline inflation rate was 6.13 percent points higher compared to the rate recorded in March 2022 which was 15.92… Read More



Federal Government: $800m World Bank Post-Petrol Subsidy Removal Facility Awaiting NASS Approval For Disbursement

The Minister of Finance, Budget and National Planning of Nigeria, Mr. Zainab Ahmed, at the weekend clarified that the $800 million facility the country recently got from the World Bank for post-petrol subsidy removal palliative was awaiting parliamentary approval for the federal government to commence disbursement. Ahmed, said this during an… Read More

10th Senate Presidency: Aspirants Move Battle To Opposition Senators’ Camp

The leadership and members of a strong coalition made up of the 43 opposition Senators-elect, are now the beautiful brides of the aspirants for the position of the Senate Presidency, reports Sunday Aborisade. Ranking senators of the All Progressives Congress who are aspiring to lead the 10th Senate are now looking beyond the zoning… Read More



CEOs Must Prioritise Digital Strategy For Growth – Firm

The Chief Executive Officer of a Lagos-based real estate development company, Eystone, Hassan Ismail, has said it is important to ensure digital strategy and data-driven decision-making in driving business success and growth. Ismail disclosed this during a digital strategy bootcamp organised by Hassan Ismail Consulting for CEOs which was… Read More