Daily Business Headlines – February 07, 2023



Stocks Appreciate N84bn In New Week

Trading activities on the Nigerian Exchange Limited (NGX) yesterday, resumed the week on a positive note as market capitalisation appreciated by N84billion. Specifically, the NGX All-Share Index (ASI) rose by 154.65 basis points or 0.29 per cent to close at 54,367.74 basis points, while the overall market capitalization value gained N84 billion to close at… Read More

FG Raises N742.56bn Sukuk Fund For Road Projects

The Federal Government, through Debt Management Office (DMO), has raised N742.56 billion via Sovereign Sukuk for the construction and rehabilitation of roads across the country. This is from 2017 till December 2022. Director General of DMO, Patience Oniha, made the disclosure in Abuja on Monday while presenting the 2022 Sovereign… Read More


Nigeria To Emerge Africa’s Biggest Oil-Refining Hub – Report

Despite having no crude oil refining capacity currently, Nigeria is actually on track to becoming Africa’s biggest crude oil refining hub in the next two years, the latest research on African refineries, along with the continent’s outlook for 2023, stated. Hawilti, a pan-African investment research agency and advisor to businesses, investors, public… Read More

50% Pos Operators Close Shops Over Naira Scarcity

Over 50 per cent of Point of Sale operators have closed their shops as scarcity of new and old naira notes bites harder, it has been learnt. The National Chief Aggregating Officer of the Association of Mobile Money and Bank Agents in Nigeria, Hussein Olanrewaju, who made this disclosure on Monday, said the impact of the ongoing shortage of new… Read More



Oil Revenue Fell By N500bn In January – Report

Nigeria lost a total of N500bn in revenue in January as a result of low crude oil production in January, according to findings by The PUNCH. Shipping data obtained from Refinitiv Eikon, a company that tracks export flows, showed that the country’s production has yet to fully recover, as it exported 1.2mb/d as against the 1.6mb/d quota assigned… Read More


NIPC Moves To Slash Nigeria’s Appetite For Borrowing

As Nigeria’s debt profile continues to be on the rise, the Nigerian Investment Promotion Council (NIPC) has initiated steps to curtail future borrowings by boosting the country’s foreign exchange earnings. Speaking to journalists in Lagos yesterday, NIPC’s Executive Secretary/Chief Executive Officer, Hajiya Saratu Umar, said this is part… Read More  


Stakeholders Canvas Creation Of Aviation Bank To Tackle Industry Challenges

Stakeholders in the Nigerian aviation industry have canvassed for the establishment of an aviation bank in the country to properly address the multifaceted challenges confronting the sector. They also challenged the Federal Government to minimise its interference in the running of aviation business in the country. These were parts of the communiqué reached… Read More



2023: Why Warehoused Pvcs Can’t Be Used

Permanent Voter Cards (PVCs) that have been warehoused can no longer be used because they cannot be authenticated with Bimodal Voter Accreditation System (BVAS). This was disclosed by the Director-General of The Electoral Institute (TEI), Dr Sa’ad Idris, at the political parties’ polling agent training workshop and Training of Trainers… Read More


As Nigeria Prepares For General Election

The general election to bring in a new set of leaders to administer Nigeria, Africa’s largest democracy will take place on February 25 and March 11, 2023. The elections are thus a few weeks away. The people are already in election mode. Leading political parties whose presidential candidates are considered frontrunners include the incumbent… Read More



30,493 Telecom Subscribers Swapped Network In 2022 – Report The number of telecommunication subscribers that changed their mobile network providers rose by 171.05 per cent to 30,493 in 2022. Data obtained from the Nigerian Communications Commission’s portal indicated that 19,243 more telecom subscribers changed their service providers in 2022, compared to the 11,250 who ported to other networks… Read More