Daily Business Headlines – February 16, 2023



Stock Market Moves Slightly Up By 0.02%

Though on a slower rate, Nigeria’s equities market on Wednesday increased by 0.02percent or N6billion as investors tread cautiously on Custom Street. For the second time this week, Tripple G led the advancers league after its share price rose from N1.50 to N1.65, up by 15kobo or 10percent. It was followed by Ikeja Hotel which increased from N1… Read More

Nigeria’s Rig Count Surges To Highest Since 2020 But Oil Production Stuck At 1.3mbd

Nigeria’s oil rig count increased to 13 in January, its highest level since January 2020, according to new data from the Organization of the Petroleum Exporting Countries (OPEC). According to OPEC’s latest market report, the country’s oil rig count rose by 85.7 percent from seven in September to 13 last month. The rig count reflects the level… Read More


Private Sector Blames Fuel Scarcity As Inflation Hits 21.8%

Inflation soared to 21.82 per cent in January 2023 as the country struggled to grapple with persistent fuel and naira crises. According to the National Bureau of Statistics, January’s inflation rate is 0.48 percentage points higher than the 21.34 per cent that was recorded in December 2022. It stated that January’s inflation was driven by increases… Read More


CBN Policies To Bring Down Inflation Rate Are Not Working

The latest inflation rate data of 21.8% suggests that the Central Bank of Nigeria’s policies aimed at reining inflation are not working. The National Bureau of Statistics released its inflation report for January 2023, indicating that the inflation rate rose to 21.82%. It is the highest rate since March 2017 and the fifth consecutive monthly increase… Read More  



BREAKING: Buhari approves old N200 note as legal tender till April 10

The President, Major General Muhammadu Buhari (retd.) has approved the continuous use of the old N200 as legal tender till April 10. The President made this known on Thursday morning during an address to Nigerians. He also apologised to Nigerians over the difficulties experienced in accessing the scarce new naira notes. He said, “During the… Read More


Banks, POS Charge Cuts Nigerians Purchasing Power

The charges imposed by money deposit banks and Point of Sales (PoS) on Nigerians who make use of their services for cash withdrawal is cutting into their purchasing power. Currently, PoS operators charge their customers an average of N2,000 on every N10,000 withdrawal. While most money deposit banks have programmed their ATM to… Read More


Oil Expert Lists Constraints To Economic Development

The Managing Director/CEO Jacycal Ventures Ltd and former Independent Petroleum Marketing Association of Nigeria (IPMAN) Secretary General, Barrister Chinedu Onwuatuegwu, has said that the Nigeria business environment is bedevilled by multi-taxation, power infrastructure deficiency and lack of political will to execute… Read More



2023: Naira Redesign Policy Has Minimised The Influence Of Money In Politics – Buhari

Ahead of next week’s presidential election, President Muhammadu Buhari on Thursday justified the Naira redesign policy of his administration, saying it has contributed immensely to the the reduction of throwing money around in political season. In a nationwide broadcast monitored by DAILY INDEPENDENT, the President also directed the… Read More


2023: Prioritise Substance Over Technicalities To Ensure Justice, Forum Tells Judiciary

The Electoral Forum has emphasized that judicial decisions on elections should prioritize substance over technicalities to ensure that justice is not perverted on the basis of technicalities and that people do not lose faith in the judiciary as the last hope of the common man. In a statement issued by the Chairman, Professor Adebayo Olukoshi… Read More



FEC Okays Electronic Tracking System To Curb Oil Theft, Monitor Maritime Cargo Movements The Federal Executive Council (FEC) yesterday approved a contract for the Electronic Cargo Tracking (ECT) note which will revolutionise Nigeria’s capacity to monitor maritime cargo movements. Transportation Minister Mu’azu Jaji Sambo announced this while addressing State House correspondents after the week’s FEC meeting, which… Read More