Daily Business Headlines – February 23, 2023


Stock Market See First Net Foreign Inflow In Five Years

For the first time in five years, foreign investors bought more Nigerian stocks than they sold in 2022, data collated by BusinessDay have shown. But it is no cause for cheer as foreigners were forced to reinvest their dividends and sales proceeds into securities because they could not get dollars to repatriate their funds, stock market analysts said… Read More


Naira May Fall To N900/$ From Demand Pressure – Report

Andersen, an independent tax and business advisory firm has said that the parallel rate of the naira may fall to N900 in 2023 from demand pressure if mitigating measures are not taken. The firm that has a worldwide presence through the member firms and collaborating firms of Andersen Global disclosed this in its report titled ‘Nigeria’s 2023… Read More


NITDA eyes $13 trillion global AI market

The National Information Technology Development Agency (NITDA) is working hard to ensure that Nigeria has substantial share of the $13trillion global market of Artificial Intelligence (AI) and another $20billion from software developers through its National Digital Skills Strategy Implementation (NDSSI). Its Director-General(DG), Kashifu… Read More

Pipeline Protection Contract Increases Crude Oil Production By 100%

Owing to pipeline protection contract model to curb crude oil theft, its production has increased by 100%. Presidential Amnesty Programme (PAP) Administrator, Major General Barry Ndiomu (Rtd) said in Abuja during the “Stakeholders’ conference on oil theft and losses in Nigeria.” Ndiomu, who is also the chairman, Special Investigative… Read More



New Project Will Raise Transmission Capacity To 25,000MW – FG

The Federal Government has commenced the construction of a 2×30/40MVA, 123/33kv electricity substation with six feeders and stated that the project would help grow the country’s power transmission capacity to 25,000 megawatts. Nigeria’s power transmission capacity currently hovers around 7,500MW and 8,000MW, though electricity… Read More


Nigeria GDP Growth Drops To 3.1% In 2022 – NBS

Nigeria recorded annual Gross Domestic Product, GDP, growth of 3.1 per cent in 2022, representing a 0.3 percentage point decline from the 3.4 per cent recorded in 2021. But the GDP growth in the fourth quarter of last year, Q4’22 rose to 3.52 per cent from 2.25%in Q3’22. The improved GDP growth in Q4’22 was driven mainly by the Services… Read More


How Rich Africans Grew Wealth In 2022 – Report

Six out of 10 Africa’s Ultra-High-Net-Worth Individuals grew their wealth in 2022, despite the economic challenges recorded in the year, Knight Frank’s latest wealth research has said. In a statement, it said the drivers of the performance were real estate, currency trades, market timing and, for the first time in more than a decade, the return on cash… Read More



INEC Distributes Election Materials As Buhari Meets Security Chiefs

Ahead of Saturday’s presidential and National Assembly elections, the Independent National Electoral Commission on Wednesday commenced the distribution of sensitive materials in states including Lagos, Benue, Ondo, Ekiti and Osun. Also, as part of the preparations for the polls, the President, Major General Muhammadu Buhari (retd.), on… Read More


2023 Elections: Will Nigerians, INEC, Politicians, Or The Courts Decide?

On Saturday, Nigerians will go to the polls in the first of two batches of elections to elect their leaders. Nigerians have borne the brunt of the All-Progressives Congress’s (APC) catastrophic economic management and inept governance for the better part of eight years. Inflation, poverty, unemployment, and insecurity are at an all-time… Read More



As Nigeria’s Big Banks Struggle With Reliability, More Customers Are Turning To Digital Alternatives

Over the last three weeks, making payments with Nigerian bank apps has felt like Russian Roulette. As Nigeria’s cash scarcity worsens, traditional banks are seeing higher demands on their digital payments services, leading to customer delays, crashes and frustrations. I’ve had my fair share of these problems, having been to lunch and then… Read More