Daily Business Headlines – February 21, 2023


Nigeria Stock Market Closes Positive With Market Capitalization Up N228 Billion

The Nigeria Exchange (NGX) closed positive amidst buy-interests and sell-offs as bull dominated proceedings, driving up the broad market. The All-Share Index (ASI) appreciated by 0.78% to close at 54,224.35 points. In the same vein, Market Capitalization increased by N228 billion to close to close at N29.538 trillion while the year-to-Date (YtD)… Read More   


Petrol Rose By 55% To N257/Litre In Jan – NBS

Many Nigerians are still paying far above N185 per litre approved pump price of petrol amid fuel scarcity, a report of the National Bureau of Statistics has indicated. The punch had earlier observed that members of the Major Oil Marketers Association of Nigeria, and NNPCL Retail outlets, sold the product at N185 per litre to consumers, while… Read More


Issues Around Energy Demands In Nigeria, Others

Energy demand in Nigeria The Association of Nigerian Electricity Distributors (ANED) recently estimated that Nigeria needed 30,000 megawatts of electricity generation to meet its current demand of power. ANED, which is the umbrella body of electricity distribution companies (DisCos) noted that Nigeria with a population of more than… Read More


Foreign Investors’ Participation In Nigerian Stock Market Falls To 11% – Official

The level of participation of foreign investors in the Nigerian stock market has fallen to 11 per cent, as the exit of foreigners from the local bourse continues, an official of the exchange has said. “We have seen a gradual slowdown of foreign participation in the market.  From the highs of over 60 per cent in 2014, we have seen that slowdown to about… Read More



External Reserves Fall By $427m In One Month – CBN

The country’s external reserves fell by $427.14m in one month, figures obtained from the Central Bank of Nigeria revealed on Monday. This is as the crisis in the country’s currency worsened over the scarcity of the new naira notes. Figures obtained from the CBN on the movement of foreign reserves showed that the reserves, which stood at… Read More

1.8 Billion Litres Fuel Available For February, March – NNPCL

The Nigerian National Petroleum Company Limited, on Monday said, it had about 1.8 billion litres of Premium Motor Spirit, popularly called petrol, that would be enough from mid-February to March 2023. It said this was part of concerted efforts put in place to sustain the supply of petroleum products across the country, in order to forestall the… Read More


Naira Redesign Mops Up N1.8trn From Currency Outside Banks

The implementation of the Naira redesign and withdrawal of old banknotes by the Central Bank of Nigeria, CBN, has sucked in about N1.81 trillion from the Currency Outside Banks, CoB, while crashing Currency-in-Circulation to N1.4 trillion in January 2023. Though this development is in line with the policy plan of the apex bank, financial experts… Read More



Nigerians’ll Vote Without Money At Pulling Units, Saturday — INEC

The Independent National Electoral Commission, INEC, has stated that the 2023 elections would hold without bags of money at the polling units, adding that the same would be witnessed during Saturday’s Presidential and National Assembly polls. INEC also stated that it has concluded plans to conduct credible elections in Rivers State, urging… Read More


Jobs, Infrastructure Top Voter’s Desires As Elections Near

With three days to the presidential election, job creation, improved infrastructure and a better economy are the major desires of voters which they expect the next government to proffer prompt solutions to, a new survey has shown. According to the survey conducted by Political Africa Initiative (POLAF), these voters also want the government to address… Read More



Businesses In Nigeria, Others Adopting Cloud Tech To Unlock Competition

Nigerian businesses and others in West Africa are adopting cloud technologies at an unprecedented rate to unlock a range of competitive capabilities through digital transformation. According to Titilayo Adewumi, Managing Director for West Africa at SAP, the past few years have seen a sharp increase in the adoption of cloud… Read More