Daily Business Headlines – February 01, 2023



Nigeria’s Stocks Gain N1.08trn In January

The value of Nigeria’s listed equities increased by 3.88percent or N1.082trillion in the month ended Tuesday, January 31, 2023. Equity research analysts expect companies’ full year 2022 results to further fuel market activity in the short-term. Positive sentiment persisted in the market as investors continued to take position in stocks trading… Read More


ANLCA Charges Newly Promoted Customs Officers To Add Value To Trade Facilitation

Speaking with newsmen in Lagos,  the acting president Association of Nigerian Licensed Customs Agents (ANLCA) Dr. Kayode Farinto, described the newly promoted officers particularly the Comptrollers and Assistant Controller Generals (ACG’s) as core officers who can add value to the service. Farinto who described the last management… Read More

AfDB’s Financing For Women Businesses Hits  $1bn

In a statement issued by the Communication and External Relations Department of AfDB on Tuesday, it said this was another milestone for the bank following the Dakar 2 Africa Food Summit. The Affirmative Finance Action for Women in Africa (AFAWA) was inaugurated in 2015 in Dakar during the first Feed Africa conference… Read More


As Africa’s Manufacturers Await Liberalised Market For Free Trade

Notwithstanding the trade restrictions among African countries, the African Continental Free Trade Area (AfCFTA), so far indicates a large amount of optimism but a far more realistic pace towards the goal. To the Pan-African Manufacturers Association (PAMA), addressing negotiations on schedule of tariff offers, finalisation of work… Read More



IMF Raises Nigeria’s Economic Growth Forecast To 3.2% In 2023

Due to improved securities combating crude oil heists, the International Monetary Fund (IMF) has revised Nigeria’s growth forecast to 3.2 percent from an earlier projected 3.1 percent. According to the Washington-based lender, IMF noted the small upward revision for 2023 (0.1 percentage point) reflects Nigeria’s rising growth… Read More

10 reforms to turn tide of Nigeria’s worst-ever Moody’s rating

There are at least 10 swift and audacious reforms that can convert Africa’s biggest economy from its worst-ever credit rating to macroeconomic stability, human capital development, and widespread sectoral reforms, findings by BusinessDay show. On Monday, Moody’s downgraded Nigeria’s credit rating to its lowest credit rating… Read More


Bank Loans To Government Rise By N10.82trn In 1 Year

Financial institutions’ total loans to the government rose by N10.82trillion or 78.18 per cent, to N24.66trillion as at December 2022, from N13.84rillion in December 2021, latest data released by the Central Bank of Nigeria (CBN) shows. New Telegraph’s analysis of updated “money and credit statistics,” released by the apex bank, over the weekend… Read More



INEC Requests Use Of NNPC Fuel Mega Stations To Tackle Fuel Crisis On Election Day

The Independent National Electoral Commission (INEC) has requested the assistance of the Nigerian National Petroleum Company (NNPC) to tackle the issue of lingering fuel scarcity in the country ahead of this month’s elections. According to reports, the INEC Chairman, Prof Mahmood Yakubu met with the management of the NNPC at its Abuja office… Read More


CAN Denies Endorsing Candidates

The Christian Association of Nigeria, CAN, in Plateau State has denied endorsing any governorship candidate in the state and emphasised the need for members to make use of their PVCs and vote for the person who has the interest of the state at heart and would demonstrate selfless leadership to the people. The State Chairman of CAN… Read More



Google Launches First Dedicated Startups Accelerator For Women Founders

Google yesterday announced that applications are now open for the inaugural Google for Startups Accelerator: Women Founders Africa Program. The program aims to empower and support women founders on the continent by providing resources and opportunities for them to scale their startups and address African problems. Women founders… Read More