Daily Business Headlines – February 03, 2023



Bullish Sentiments Persist At NGX As Investors Further Earn N271.5bn

Equities trading at the Nigerian Exchange Limited (NGX) on Thursday ended positive, extending the bullish run as the benchmark index gained 0.93 per cent to settle at 53,998.12 basis points. Specifically, gains in MTN Nigeria and Seplat Energies kept the market in the positive territory, having appreciated in share value by… Read More


139 Bidders Qualify For Gas Flare Commercialisation Programme -Federal Government

The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, (NUPRC) Mr. Gbenga Komolafe, on Thursday, disclosed that out 300 bidders that applied for the Nigerian Gas Flare Commercialisation Programme (NGFCP) only 139 were adjudged qualified following the evaluation exercise conducted in line with the RFQ… Read More


Exchange Rate Steadies Amid New Naira Scarcity

Naira/dollar exchange rate has steadied at the official foreign exchange market as the scarcity of naira redesign persists in Africa’s most populous country. At the Investors and Exporters (I&E) forex window, Nigeria’s official foreign exchange market, dollar was quoted at around N461/$1 year-to-date, though on a weakening level compared… Read More


CBN Directs Banks to Pay Redesigned Naira Notes Over The Counter

The Central Bank of Nigeria (CBN) has directed deposit money banks (DMBs) to commence the payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of N20,000. Director Corporate Communication, CBN, Osita Nwanisobi disclosed this in a statement adding that the apex bank will collaborate… Read More



Federal Government Earned $18bn from Export of Urea Fertilizer, Ginger, Sesame in Seven Years

The federal government has said it achieved significant revenue of $18 billion from 2015- 2022 from non-oil exports such as Urea Fertilizer, Ginger and Sesame. Minister of Industry, Trade and Investment Adeniyi Adebayo disclosed this  at the 21st edition of President Muhammadu Buhari administration scorecard series (2015-2023) in Abuja… Read More


‘Nigeria’s Food Production Has Grown By 39.6% In Recent Years’

Nigeria’s food production has been said to grow by 39.6per cent in recent years, from €26billion in 2016 to €36.3billion in 2020 and is expected to rise by 48per cent between 2021 and 2024, from €42.3billion to €62.6billion. It is also said that with €346million, Nigeria in 2021 for the first time, became the largest investor in food and packaging… Read More


Missing Crude Probe: IGP Refers Reps To Malami

The House of Representatives Ad Hoc Committee to Investigate Alleged Loss of Over $2.4bn in Revenue from Illegal Sale of 48 Million Barrels of Crude in 2015 Including Crude Oil Export from 2014 Till Date, is to write the Minister of Justice and Attorney-General of the Federation, Abubakar Malami (SAN), and the Directorate of Public… Read More



Constitution Review: NILDS Urges Oyo, Sokoto, Seven Others to Vote for LG Autonomy

The National Institute for Legislative and Democratic Studies (NILDS) has urged Nigerians to mount pressure on the nine states yet to pass the bills on local government financial and administrative autonomy to do so in the interest of the country. The Director- General, of NILDS, Prof. Abubakar Suleiman, stated this yesterday, in Abuja… Read More


Bandit Leader Flaunts Redesigned Naira Notes, Claims To Have ‘Plenty In Sacks’

Kachalla Baleri, a bandit kingpin, terrorising Kaduna communities has released a video clip showing off the redesigned naira notes. In the video, Baleri could be seen alongside some armed men displaying N1000 and N200 notes. The bandit kingpin who claimed to have used some of the new notes to buy ammunition said only God knows the amount… Read More



How Infrastructural Deficit May Affect 5G Rollout

Mafab and MTN have launched 5G in Nigeria. Mafab’s recent 5G launch raised many questions concerning the rollout of this new technology in the country. Temitayo Jaiyeola writes about these questions in this piece. On Thursday, January 26, 2023, Mafab Communications launched its 5G network in Lagos, 48 hours after launching… Read More