Daily Business Headlines – February 02, 2023



Stock Market Resumes February Trading With N142 Billion Gain

The Nigerian equities market extended bullish sentiments to commence trading for the month of February in an upbeat mood yesterday, as investors’ wealth increased by N142 billion. At the close of transactions yesterday on the Nigerian Exchange Limited (NGX), the All Share Index (ASI) rose by 261.01 absolute points, representing… Read More


How Domestic Card Scheme Will Benefit 38m Unbanked Nigerians

The Central Bank of Nigeria (CBN) recently launched Africa’s first central bank-driven, domestic card scheme known as AfriGo and analysts say this could help over 38 million unbanked customers.This latest development now adds Nigeria to the list of countries with their own domestic card schemes such as India, Turkey, China, and Brazil… Read More


Banking Halls Empty As Naira Scarcity Worsens

Banking halls across various commercial banks in Lagos, Osun, Ekiti, and other parts of the country witnessed minimal activity as frustrated customers resorted to alternative means of cash withdrawal following the scarcity of naira notes in the banks. Checks by our correspondents revealed that while most banking halls were empty… Read More

Agents Protest Hike In Shipping Fee

Clearing agents have protested against Grimaldi Shipping Company’s plans to charge N25,000 for Personal Identification Number release. The agents claimed the increment in PIN release charge by the company would have a negative impact on importers. The PIN is usually used for imports that do not have al bill of lading. If an importer… Read More



IMF Upgrades Nigeria’s 2023 Economic Growth Prospects To 3.2%

The International Monetary Fund (IMF) has upgraded Nigeria’s economic growth projection to 3.2 percent in 2023. The latest forecast is 0.1 percentage point higher than the 3.0 percent earlier projected in its October 2022 report. The Washington-based institution, in its recently released January 2023 world economic outlook (WEO)… Read More


Following OPEC’s Mute Mode, Nigeria Can Now Finally Meet Its Oil Production Quota

In a brief meeting held via videoconferencing on Wednesday, February 1, the Organization of Petroleum Exporting Countries (OPEC) decided to go on mute mode regarding oil production policy. The oil cartel decided there would be no change to its previous decision made in November 2022. Before the OPEC meeting… Read More


FG Harps On Sustaining Quality Services

The Head of Civil Service of the Federation (HoCSF), Dr. Folasade Yemi-Esan, has urged the management and staff of the Office of the Head of Civil Service of the Federation (OHoCSF) to ensure continuous improvement in Quality Management System (QMS) in their delivery of services. She made the call yesterday in Abuja at the official… Read More



2023: NBC Warns Broadcasters” Shall Pay” For Glamorizing Political Derogatory Statements

Nigeria’s broadcast media regulatory body, the National Broadcasting Commission (NBC) warned media broadcasters not to glamorise derogatory accusations by politicians during the election season, adding that media operators engaging in such acts “shall pay”. This was disclosed in a statement by the Director-General of NBC… Read More


Election Not War, Religious Leaders Tell Nigerians

With just 25 days to the general elections, religious leaders on Wednesday have called on Nigerians to see the polls as a time of peace and not war. The clerics gave the advice at the Interfaith Peace Summit with the theme, ‘Prosecuting peaceful election: The role of faith communities’, organised by the NTA Abrahamic Mission in conjunction… Read More



5 Best PayPal Alternatives to Try in 2023

PayPal revolutionized online money management when it was launched in 1998 by a team of tech trailblazers, including Elon Musk, Max Levchin, and Peter Thiel. By 2021 its mobile payment volume had leaped to an astonishing $227 billion – accounting for 22% of all internet-based transactions. PayPal usage in Nigeria started in 2014… Read More