Daily Business Headlines – February 27, 2023


Despite Political Tension, Stock Market Expands by N624bn

The stock market segment of the Nigerian Exchange Limited (NGX) closed positive last week, gaining N624billion in market capitalisation amid tension towards 2023 general elections. Accordingly, the NGX All-Share Index advanced by 2.13 per cent week-on-week (W-o-W) to close at 54,949.21 basis points. Also, market capitalisation… Read More


Manufacturing Slowdown Fuelling FX Shortage – NESG

The Nigerian Economic Group Summit says Nigeria’s weak manufacturing is a major factor fuelling shortage of foreign exchange. The NESG Senior Economist, Dr Wilson Erumebor, disclosed this in a recent paper published by Foresights Africa. The report, titled, “Nigeria in 2023: Bridging the productivity gap and building economic resilience… Read More

Real Estate, Construction Sectors Add N8.9tn To GDP – Report

The contributions of the real estate and construction sector to Nigeria’s real Gross Domestic Product increased by N8.9trn in the fourth quarter of 2022, according to the latest GDP report released by the National Bureau of Statistics. The sector’s GDP contribution rose to N28.9tn despite high-interest rates, inflation, cost of building… Read More


Petrol Scarcity: Depot Owners Undermine FG, Still Sell Petrol At N220 Ex-Depot Price, IPMAN Alleges

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm, accusing depot owners in Ijegun, Apapa and Tin Can Island, all in Lagos State, of frustrating efforts of the federal government by selling petrol to retailers at N220 per litre, against the approved N172 ex-depot price. IPMAN’s National Operations Controller… Read More



Amidst Macro Economic Challenges, Banks’ Prime Lending Rate Hit 13.67% In January

Amid severe macro-economic challenges and increase in Monetary Policy Rate (MPR), commercial banks’ prime lending rate to most credit-worthy customers increased to 13.67 per cent in January 2023, a 1.99 per cent Year-on-Year (YoY) increase from 11.68 per cent in January 2022. According to the Central Bank of Nigeria (CBN) “Money… Read More


Non-Oil Export Earnings Hit $75m In Two Months – Report

Earnings from non-oil export in October and November rose to $75m, figures obtained from the Central Bank of Nigeria have revealed. The CBN stated in its November economic report that non-oil export earnings rose by 16.9 per cent to $0.40bn, from $0.35bn in October. It stated, “Non-oil export earnings rose by 16.9 per cent to $0.40bn, from… Read More

Indirect Taxes Rise To N3tn – NBS

The indirect tax burden on Nigerians rose by 18.88 per cent to N3.03tn in 2022 amid an economic downturn and rising inflation. According to the National Bureau of Statistics, Nigerians paid N3.03tn as indirect tax in 2022, an 18.88 per cent increase from the N2.55tn that was paid in 2021. This is based on current basic prices. Indirect taxes… Read More


THIS DAY        

Tension As Nigerians Await Presidential Election Results

Tension is palpably high across the country as Nigerians await results of the presidential and the national assembly elections, over 24 hours after time was called in on the exercise. But the Chairman of the Independent National Electoral Commission (INEC) Professor Mahmood Yakubu, has assured the Nigerian people that the process… Read More


Poll Results: Anxiety As INEC Keeps Nigerians Waiting

Anxiety in the polity reached feverish peak, yesterday, as the Independent National Electoral Commission, INEC, for the third time, shifted the announcement of Saturday’s Presidential and National Assembly election to 11 a.m today. However, before adjourning announcement to Monday, the INEC National Collation Centre, chaired by INEC… Read More



Elections: Pantami Inaugurates Committee For Cyberspace, ICT Infrastructure Protection

Minister of Communications and Digital Economy, Prof. Ali Ibrahim Pantami, has, inaugurated a Committee led by the Chairman of the Nigerian Communications Commission (NCC), Prof. Adeolu Akande, to advise the Federal Government on appropriate measures to protect the nation’s cyberspace and ICT infrastructure from potential… Read More