Daily Business Headlines – February 17, 2023


Stock market moves further high by 0.02%

The Nigeria stock market increased further by 0.02 percent or N8billion on Thursday as investors continued to buy penny stocks. Topmost on the advancers league at the Nigerian bourse includes Tripple G Plc which for the third time this week has led other gainers. Its share price moved up from preceding day low of N1.65 to N1.81, up… Read More


Moody’s: Nigeria FX Shortage May Threaten Banks’ Liquidity

Foreign exchange shortages faced by local Nigerian companies may threaten bank liquidity, while a devaluation of the naira precipitated by these shortages would weaken banks’ capital, ratings agency Moody’s said in a note yesterday. Banks have been providing trade finance to companies to cover the foreign exchange (FX) costs of imports… Read More


Solve Trade Barriers, World Bank Tells Nigeria, Others

In order to reap the benefits of the African Continental Free Trade Area, non-tariff barriers and hurdles affecting cross-border goods crossings must be addressed, according to the World Bank Group. In a new report titled “Can African trade integration be a game changer?”, the Washington-based bank noted that the AfCFTA, which hopes… Read More  


Boi, French Firm In N1.23bn Pact To Tackle Climate Change

The Bank of Industry (BoI) and the French Development Agency (AFD) have signed a grant agreement for €2.5 million (about N1.23 billion) delegated by the Green Climate Fund to fight climate change in Nigeria. A statement said though the grant agreement sets up a technical assistance scheme for BoI, the grant was designed to build the capacity… Read More



Naira Scarcity Disrupting Flow Of Goods, Manufacturers Lament

The Manufacturers Association of Nigeria has said that the current scarcity of naira notes has negatively impacted business activities by disrupting the proper flow of goods. The president of the association, Otunba Francis Meshioye, stated this on Tuesday during an interaction with journalists in Lagos. According to him, the current naira… Read More  


NNPC Fixes March 21 to Begin Drilling of Oil in Nasarawa

The Nigerian National Petroleum Company Limited (NNPC) yesterday announced that it will commence the drilling of crude oil in Nasarawa State  from March 21, 2023. Group Chief Executive Officer of the national oil company, Mallam Mele Kyari, who spoke when he visited the Governor of the state, Abdullahi Sule, in Lafia, the state capital… Read More

Agusto&Co: Insurance Industry Poised to Survive Weak Macro Economy

Pan-African credit rating agency and business information provider, Agusto & Co. Limited, has predicted that the insurance industry will survive the weak macro economy and continue its steady growth in 2023. the rating agency which stated this in its 2023 insurance industry report, stressed that it expects a modest performance by the Industry in FY… Read More



Political Rallies, Citizen Engagement And The 2023 Elections

Nigeria is in the season of elections. It is a particularly fraught time for the citizens, and those aspiring to lead them. There is a quickening of the pace of political activities. The excitement in the air is building up to fever pitch. The advent and widespread adoption of social media in Nigeria has added an extra dimension to citizen engagement… Read More


Let Democracy Prevail

Ahead of the 2023 general elections, it has become imperative for Nigerians of all hues to come together and be decisive on the need to ensure we conduct a peaceful, free, fair and credible election. This is my humble conviction and irreducible expectation from all patriots who desire the finest ideals of democracy founded on peaceful choice and… Read More



Amid Deadline Confusion, CBN Launches Website For Old Naira Notes Deposit

The Central Bank of Nigeria (CBN) is forging ahead with its policy on the old naira notes, having launched a website for bank customers to register to deposit their old notes. This is coming amid confusion over the deadline of February 10 earlier announced by the apex bank and the Supreme court’s recent ruling on the matter… Read More