Daily Business Headlines – February 20, 2023


Stock Investors Lose N281bn In One Week

Stock investors lost N281bn at the end of trading on the floor of the Nigerian Exchange Limited last week. The NGX All-Share Index and market capitalisation depreciated by 0.96 per cent and 0.95 per cent to close the week at 53,804.46 and N29.310 trillion respectively. Also, all other indices finished lower with the exception of NGX Premium… Read More


Bauchi, Ondo, Anambra Top States With Highest Inflation Rates

According to a document obtained at the weekend, the review of inflation rate between January, last year and January, this year showed that Ondo and Anambra were the second and third worst-hit state with 24.54 per cent and 24.51 per cent. The data noted that in the period under review,  inflation rate was slowest in Jigawa with 19.09 per cent… Read More  


African Startups To Receive $385,000 To Develop Solutions For The Blue Economy

Triggering Exponential Climate Action (TECA) has announced the selection of seven startups that would benefit from the $385,000 startup grant, with each receiving $55,000 in funding to advance their solutions for the blue economy in Africa. The startup founders were selected following their participation in TECA’s fellowship program, where… Read More


Naira Scarcity: CIBN, Banks CEOs Assure Depositors Of Continued Operations

As Nigerians continued to experience naira scarcity across the country, while some depositors vented their frustrations on commercial banks’ facilities across the country, the Chartered Institute of Bankers of Nigeria (CIBN) and the Body of Banks CEOs have begun collaboration to address the lingering challenges. The Institute, in a statement… Read More



CIIN, SUNU Boost Insurance Growth

The Chartered Insurance Institute of Nigeria has commended SUNU Assurance Plc for its constant support of the institute and the insurance industry as a whole in ensuring growth and professionalism. A statement said the President, Chartered Insurance Institute of Nigeria, Mr Edwin Igbiti gave the commendation during a courtesy visit to… Read More


Banking Stocks Tumble Amid Naira Swap Polemics, Investors Profit-Taking

Prices of listed banking stocks on the trading floor of the Nigerian Exchange Limited (NGX) tumbled last week on the back of profit-taking and naira swap controversies that have continued to rock Nigeria’s banking sector. Consequently, the NGX Banking Index emerged worst performing index on the NGX as highly capitalised listed banking… Read More


Federal Government Borrows N2.13tr In Two Months

The Federal Government has borrowed about N2.13 trillion from the domestic capital market so far this year. Data obtained by The Nation’s Economic Intelligence yesterday showed that the government has stepped up its borrowings across all instruments as risk-averse investors crowded around sovereign debt issuances. The data indicated that… Read More



INEC To Get Poll Allocation From CBN Tuesday

The Independent National Electoral Commission has expressed hope that its cash request presented to the Central Bank of Nigeria would be met on or before Tuesday. INEC National Commissioner and Chairman of its Committee on Information and Voter Education, Festus Okoye, disclosed this to our correspondent on Sunday. The commission had earlier… Read More  


A poll like no other

ON Saturday, February 25, 2023, Nigerians will vote in an election to select the successor to the incumbent president, Muhammadu Buhari. This will be the seventh consecutive cycle of presidential elections since the country returned to civil rule in May 1999; the 10th since the onset of the presidential system of government in 1979. Nigeria’s start to the… Read More



How Deepened Internet Penetration Will Scale SME Activity In Nigeria Small and Medium-sized Enterprises (SMEs) among other obstacles are faced with the inability to have a seamless business operation due to internet connectivity. There is a need to digitalise businesses for a wider reach and global influence. Service providers have come up with strategies to enhance internet access. 3G, 4G, and 5G are now the… Read More