Daily Business Headlines – April 26 2023


The Stock Market Closes Positive With Market Capitalization Up N136 Billion

The Nigerian Exchange (NGX) closed positive amidst buying of interests and sell-offs, as bulls regain dominance, driving up the broad market. The All-share Index (ASI) appreciated by 0.48% to close at 51,606.49 points. In the same vein, Market Capitalization grew by N136 billion to close at N28,099 trillion while the Year-to-Date (YtD) returns settled… Read More

Made In Nigeria Tiles Gain Traction Among Developers As Preference Shifts From China Made Tiles

Rising demand and limited access to forex to facilitate imports are some of the factors driving the rise in local tile manufacturing. This is according to market research conducted by Nairametrics. Some industry experts who spoke to Nairametrics opined that the country is no longer wholly dependent on imports to meet local demand for tiles. That’s… Read More


FMDQ: Corporate Bonds Listing Up 51% To N1.50trn

The value of outstanding corporate bonds listed on the FMDQ Securities Exchange (FMDQ) rose Year-on-Year (YoY) by 50.9 percent to N1.498 trillion in February 2023 from N993.57 billion in the corresponding period in 2022. FMDQ’s Monthly Financial Market Report for February also showed that the figure rose Month-on-Month (MoM) by 6.94… Read More


Airfares Hit New High As Foreign Airlines Settle For N582/$1

For the third time in less than a month, the rate of exchange (RoE) applicable to foreign airlines has ballooned, hitting N582/$1 with attendant spike in the cost of international air travel. At the new RoE, registered by the Global Distribution System (GDS), a six-hour Lagos-London economy class ticket now fluctuates between N1.1 million… Read More



Cooking gas price rises 22.03%  — NBS

The National Bureau of Statistics (NBS) has disclosed that the average price of 5kg of cooking gas rose year-on-year (YoY) by 22.03 per cent to N4, 610.48 in February 2023 from N3,778.30 in the corresponding period of 2022. This comes as the average retail price of a litre of petrol increased YoY by 43.62 percent to N264.29 in March… Read More


NDDC To Link Oil Producing States With $15b Rail Project

A $15 billion railway project that will link the nine oil-producing states in the country  is in the offing. The proposed project is a major component of a Memorandum of Understanding (MoU) signed by the Niger Delta Development Commission (NDDC) and United States-based Atlanta Global Resources. Atlanta Global’s Director, Tony Akpele… Read More


Nigeria Has 222.5 Million Telephone Subscribers – NBS

There were 222.5 million telephone subscribers in Nigeria as of the end of 2022, the National Bureau of Statistics (NBS) has said. The 2022 figure showed an increase of 27.1 million subscribers over the 195.5 million subscribers recorded at the end of 2021. The NBS stated the figures in its Telecoms Data: Active Voice and Internet per State… Read More  



Gulf Of Guinea: Buhari Advocates Regular GGC Summit To Ensure Peace, Security

President Muhammadu Buhari on Tuesday in Accra, Ghana, identified regular meetings amongst countries that make up the Gulf of Guinea Commission as a critical route towards achieving peace and security in the region. Femi Adesina, the President’s spokesman in a statement, said the president was speaking for the last time as Nigeria’s… Read More


Knocks, Kudos Trail Buhari’s Apology To Nigerians

President Muhammadu Buhari’s eight years administration will end in one month’s time. He will head home on May 29. Buhari emerged as President in 2015 amid heightened hope as a messianic figure that would rescue the country from downslide. He rode into power under the change mantra, promising Nigerians a more profitable deal than the… Read More



Leveraging Afcfta, Technology For Growth

The African Continental Free Trade Area (AfCFTA) presents great business opportunities for financial sector operators that have the network to explore its possibilities. In a string of expansions across the African continent, Access Corporation says the AfCFTA enables it to channel resources and networks to areas within the continent that were… Read More