Daily Business Headlines – February 28, 2023


NGX Closes Positive As Investors Gain N207bn

The first day of trading in the week closed positively for investors on the Nigerian stock exchange as they gained N207bn on Monday. The All Share Index grew by 0.69 per cent to reach 55,328.42 on Monday from  54, 949.21 recorded at the end of the trading last Friday. The market capitalisation also increased by N207bn to N30.140tn from… Read More

Energy Cost, Pollution Affecting Growth In Nigeria, Others –Report

The available energy in Nigeria, Cameroon, Egypt, and other African countries, is expensive, inefficient, polluting and unreliable, the latest February 2023 report of the International Gas Union, in partnership with Hawilti Limited, has stated. It also pointed out that Nigeria and other nations on the continent were energy-poor despite the presence… Read More


Central Bank of Nigeria Policy Boosts Local Palm Oil By 360,000 Tonnes

The Central Bank of Nigeria (CBN) has boosted local palm oil production by more than 360,000 tonnes in the last one year through its backward integration. The surge in local production is valued at N158.5billion ($343.8million). This was achieved through massive investment and foreign exchange restriction by CBN to discourage importers…Read More


Capital Market: SEC, NAIC To Deepen Commodities Trading

The Securities and Exchange Commission (SEC) has restated its readiness to partner with the Nigerian Agricultural Insurance Corporation (NAIC) to deepen the commodities trading ecosystem. Director General of the SEC, Lamido Yuguda, stated this during a meeting with the management of NAIC in Abuja recently. Yuguda stated that the… Read More



Nigeria’s Balance Of Trade Reverses To Deficit

Nigeria’s balance of trade position has reversed from surplus to deficit, recording a $20 million trade deficit in November 2022 as against a surplus of $50 million in the previous month, October 2022. Disclosing this in its Monthly Economic report released yesterday, the Central Bank of Nigeria (CBN) said the deficit was a result of  low crude oil… Read More


Stakeholders Blame Policy Inconsistency As Manufacturing Woes Persist

Edidiong Ikpoto looks at how policy inconsistencies and failed promises have put players in the manufacturing industry on the edge. During an interactive session with journalists in Lagos recently, the Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir described manufacturing as one walk of life that was… Read More


Downstream Deregulation Inconsistency Cost Nigeria N7trn In Subsidies – IEA

Nigeria may have spent about N7 trillion ($15.19 billion) as a result of flawed downstream deregulation policy as well as the challenges posed by the ongoing Russia, Ukraine conflict. The International Energy Agency (IEA), in a recent report on ‘Fossil Fuels Consumption Subsidies 2022,’ disclosed that, governments in both developed an… Read More



BVAS: Observer Groups Seek Fresh Elections In Parts Of FCT

Observer groups under the auspices of the Coalition of United Accredited Election Observers, has called for the conduct of fresh elections in places where the Bimodal Voters Accreditation System (BVAS) failed during the last Saturday’s Presidential and National Assembly elections in the Federal Capital Territory (FCT). They noted that… Read More


2023 Polls: Marwa Lauds NDLEA Officers For Good Conduct, Blocking Access To Illicit Drugs

Chairman and Chief Executive Officer of the National Drug Law Enforcement Agency(NDLEA) Brig. Gen. Mohamed Marwa (Retd.) has commended officers, men and women of the anti-narcotics body for their good conduct, visibility and blocking access to illicit substances during the Presidential and National Assembly elections… Read More



ICT GDP Contribution Hits N12.49tn Over Rising Subscribers – NBS

The sustained growth of telecommunication subscribers pushed the Gross Domestic Product contribution of the Information Communications and Technology sector, in real terms, to N12.32tn in 2022. Last year, the total number of mobile telecom subscribers rose by 13.89 per cent to 222.23 million from the 195.13 million that was recorded as… Read More