Daily Business Headlines – February 22, 2023


Stock Market Sees First Dip In Election Week

As Nigerian prepare to elect a new President on February 25, the stock market community is also affected by tensed atmosphere on who pilots the affairs of the country in next four years. For the first time this week, the market on Tuesday recorded a decline by 0.06percent or N19billion, thereby pushing lower the record positive return year-to-date… Read More


Kerosene Soared By 136% To N1,105 In Dec – Report

The average retail price per litre of household kerosene rose by 136 per cent to N1,105 in December 2022 from N468 in the same period of the previous year, the latest data released by the National Bureau of Statistics has shown. The report titled ‘National Household Kerosene Price Watch- December 2022’ stated that while consumers in… Read More

Firm Promotes Solar Energy Usage

Westa.solar, a clean energy company that offers an all-inclusive solar power purchase agreement has commissioned a 148kWp solar installation at FrootMultitradeNigeria Limited and a 600kWp solar installation at SacvinNigeria limited. It said in a statement that energy experts have shown relentless concern over the fuel scarcity in Nigeria… Read More


Economics Of Narrow-Body Aircraft For Nigerian Operators

Many Nigerian airline operators are seeing the sense or gains of operating narrow-body aircraft. There is a paradigm shift in the way established Nigerian airlines are thinking just as new entrants are equally avoiding the mistakes of defunct carriers to operate smaller jets as opposed to the big B737, A320, and other regional jets that are too expensive… Read More



Federal Government Reopens Shut Oil Wells, Projects N29tn Annual Revenue

The Federal Government is reviving shut-in crude oil wells in a bid to produce about 2.1 million barrels of oil daily, with an estimated worth of N2.4tn monthly, from various drilling facilities in the Niger Delta. Data obtained from the Nigerian Upstream Petroleum Regulatory Commission in Abuja on Tuesday, showed that about 900,000 barrels of oil… Read More


Nigeria is one of the most “Cashless” economies in the world – Taiwo Oyedele

The fiscal Policy Partner and Africa Tax Leader at PwC, Mr. Taiwo Oyedele, has said that Nigeria is one of the most cashless societies in the world going by cash in circulation relative to the country’s Gross Domestic Product. Analyzing the Central Bank of Nigeria’s (CBN) policy vis-à-vis the naira redesign and the scarcity of cash, Oyedele said a… Read More


Despite N2.13tr In Two Months, DMO Promises Not To Exceed 2023 Borrowings

The Debt Management Office (DMO) has assured that it will not exceed the legally approved new borrowing in the 2023 Appropriation Act. The DMO was reacting to a report that the Federal Government had borrowed N2.13 trillion between January and February this year through regular bond issuance, the retail savings bonds and treasury bills… Read More  



CBN Releases Cash To INEC Ahead Of Polls

The Central Bank of Nigeria (CBN) has released cash to the Independent National Electoral Commission (INEC) ahead of national and state elections on February 25 and March 11. A source at the apex bank confirmed to The Nation that the cash was released to INEC on yesterday following the assurances of CBN Governor Godwin Emefiele to… Read More


Taking Positive Decisions Amid Electoral Frenzy

Investors in their decisions are already faced with uncertainties ahead of the nation’s presidential election and the release of 2022FY corporate earnings with accompanying dividend declarations. This development may most likely bring about cautious trading, ahead of the 2023 general elections scheduled to hold this week on February… Read More  



Tech Startup Unveils App For Business Solutions The firm, in a statement, said the app is a cost-effective solution to everyday challenges ranging from financial services and fintech, domestic and cross-border payments, healthcare services delivery, education, agribusiness, e-commerce, and lots more. Speaking on the App payment vertical, Chief Executive Officer, Wynk Limited, Dr. Jerry Igwilo… Read More