DAILY BUSINESS HEADLINES
NAIRAMETRICS
Nigerian Stock Market Closes Positive With Market Capitalization Up N72 Billion
The Nigerian Exchange (NGX) closed positive amidst buy-interests and sell-offs as bulls dominated proceedings, driving up the broad market. The All-share Index (ASI) appreciated by 0.24% to close at 54,496.31 points. In the same vein, market capitalization increased by N72 billion to close at N29.682 trillion while the Year-to-Date (YtD) returns… Read More
THIS DAY
Kyari: Energy Demand In Nigeria, Others To Increase By 35% In 20 Years
The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPC), Mallam Mele Kyari has projected that energy demand in Nigeria and other African countries would increase by between 30 to 35 per cent in the next 20 years. Kyari also called for strong collaboration amongst oil and gas producing countries in… Read More
BUSINESS DAY
Mobile transfers surge 231% in one year on CBN’s cashless policy
The volume of mobile transfers in Africa’s biggest economy, has risen year-on-year by 230.6 percent in January 2023, according to government data and experts say the Central bank of Nigeria (CBN)’s cashless drive is having an impact. Data from the Nigeria Interbank Settlement System (NIBSS) indicates that transaction volume rose to… Read More
Manufacturers’ Confidence In Nigerian Economy Drops On Inflation, FX Crisis
Manufacturers’ confidence in the Nigerian economy dropped in the fourth quarter of last year on the back of surging inflation and foreign exchange crisis, new data released on Tuesday have shown. The aggregate Manufacturers CEO’s Confidence Index (MCCI) of the Manufacturers Association of Nigeria (MAN) declined to 55.0 points in… Read More
ECONOMY HEADLINES
VANGAURD
Nigeria’s Oil Production Rises 1.9% To 1.258 Mb/D — OPEC
Nigeria’s oil production has risen month-on-month, MoM, by 1.9 per cent to 1.258 million barrels per day, mb/d, in January 2023, from 1.235 mb/d recorded in December 2022. The figures exclude Condensate. The Organisation of Petroleum Exporting Countries, OPEC, in its February 2023 Monthly Oil Market Report, MOMR, obtained by… Read More
THIS DAY
REA: Private Sector Driven Rural Electrification Projects Most Sustainable
The Rural Electrification Agency (REA) has stated that private sector-driven rural electrification projects remain the most sustainable partnership to penetrate and perpetuate access to electricity in rural regions of the country. It disclosed that since its establishment in 2006, it has not only taken deliberate steps to ensure that qualitative… Read More
Nigeria Eyes £14bn In UK Trade Scheme For Developing Countries
The Executive Director/Chief Executive, Nigerian Export Promotion Council (NEPC), Dr. Ezra Yakusak has said that the Developing Countries Trade Scheme (DCTS) recently unveiled by the United Kingdom (UK) would further support sustainable economic growth for Nigeria’s non-oil export sector. Specifically, the NEPC boss said Nigeria… Read More
POLITICAL HEADLIINES
PUNCH
U-Turn: INEC To Keep Sensitive Election Materials With CBN
The Independent National Electoral Commission has said that sensitive materials for the 2023 general elections are in the custody of the Central Bank of Nigeria. This was disclosed by the National Commissioner and Chairman, Information and Voter Education Committee, INEC, Festus Okoye, to our correspondent on Tuesday. It would be recalled… Read More
TRIBUNE
2023 Elections: Buhari Committed To Fair, Credible Electoral Process ― Fg
The Federal Government on Tuesday reaffirmed the commitment of President Muhammadu Buhari to allow a fair and credible electoral process and hand over the reins of power to the next President on May 29. Secretary to the Government of the Federation, Mr Boss Mustapha, spoke during the inauguration of the Presidential Transition… Read More
TECHNOLOGY HEADLINES
PUNCH
Tech Startup Wins 2023 NCC Innovative Competition A tech mobility startup, Nairaxi, has coasted to victory after emerging as the winner out of the selected startups that participated in the third Annual Nigerian Communications Commission’s Information and Communications Technology Innovation Competition and Exhibition in Nigeria. The PUNCH reports that Nairaxi clinched the cash prize… Read More