Daily Business Headlines – February 24, 2023


NGX Closes Positive As Investors Gain N180bn

Gains recorded by MRS, MCNichols and others lifted the stock market by N180bn at the close of trading on the floor of the Nigerian equity market on Thursday. This bullish trend extended the gains recorded by stock investors after the dip experienced on Tuesday. As a result, the market capitalisation closed stronger at N29.768 trillion higher… Read More

CBN Proposes eNaira For $800m Cash Transfer Scheme

In an effort to drive a cashless economy, the Central Bank of Nigeria has suggested the use of eNaira for cash transfers during the National Social Safety Net Programme Scale Up. This was according to the National FinTech Strategy document obtained from the website of the CBN. The strategy document was created by the National Financial… Read More


Nigerian Banks Face Credit Risks From Regional Expansion – Fitch

Nigerian banks will face near-term execution and credit risks from their presence in other Sub-Saharan African (SSA) markets, depending on the degree of operating environment difficulty and underlying sovereign ratings of these markets, Fitch Rating has said. However, longer-term, increased geographic diversification may support banks… Read More


Forex Issues, Others Worsen Foreigners’ Apathy To Stocks

mid uncertainty, insecurity, sustained foreign exchange liquidity challenge and other macroeconomic challenges, foreign investors’ appetite for stocks have continued to wane, even as participation from domestic investors accounts for 84 per cent of total transactions conducted on the Nigerian Exchange Limited (NGX)… Read More



Insecurity May Worsen Poverty, Unemployment, Says Report

Insecurity challenges in the country which continued after 2022 may worsen poverty and high unemployment rate in 2023, according to a report by Augusto&Co, a research, credit ratings and risk management firm. The firm said in its report titled ‘2023 outlook: Nigeria, a nation on the precipice’ that, “In addition, Nigeria’s insecurity challenge will… Read More

Manufacturing Sector Growth Dropped By 24.7% In 2022 – Report

Manufacturing growth in 2022 slowed by 24.7 per cent to 6.93 per cent, compared to 31.66 per cent in 2021, a new report by the National Bureau of Statistics has shown. The nominal Gross Domestic Product of the manufacturing sector in the last quarter of fell by 16.6 per cent from 25.52 recorded in 2021 to 8.86 in 2022, on the back of the… Read More


ICT Contributed 16.22% To Nigeria’s Real GDP In Q4 2022

Activities in the information and communication Technology (ICT) sector contributed 16.22% to Nigeria’s real Gross Domestic Product (GDP) in Q4B 2022. This is according to the Q4 GDP statistics report that was released yesterday by the Nigeria Bureau of Statistics (NBS). This shows an increase in contribution when compared to the 15.21%… Read More



87.2m PVCs Collected As Nigerians Go To Polls Tomorrow

ABUJA — After weeks of preparation, the Independent National Electoral Commission, INEC, has cleared 87,209,007 voters out of the 93.5 million it registered to vote in tomorrow’s Presidential and National Assembly election and the March 11 governorship and state Assembly polls. The 87.2 million voters were the number of people… Read More


Economic Turmoil Weighs On Nigerians Ahead High-Stakes Election

Kalu Vincent, a 43-year old trader living in Aba, Abia State, has decided to vote for the first time in his life. He says he now realises how important the President’s policy decisions are to his life. Vincent is heading out to vote after severe struggles to keep his business at Ahia Ohuru, Ngwa Road, Aba afloat due to the cash scarcity and fuel crisis… Read More



DMO Innovates Digital Bond Subscription

The Debt Management Office (DMO) has created a digital bond subscription system to attract more investors, especially young Nigerians, to the sub-sector of the capital market. The Director-General of the DMO, Ms. Patience Oniha, disclosed this at a meeting with Distribution Agents and Market Stakeholders for Final Demonstration… Read More