Daily Business Headlines – January 10, 2023



Airtel Gets 5G Licence, Mafab Begins Test-Run

Airtel Networks Limited has paid the Nigerian Communications Commission $316.7m for 100 MHz of spectrum in the 3500MHz band for the deployment of fifth-generation network and 2x5MHz of 2600MHz to boost its fourth-generation coverage in the country. The firm stated this in an announcement on the Nigerian Exchange titled, ‘Nigeria 4G and 5G… Read More


Fuel Importation To End By 2024 – FG

The Federal Government on Monday projected that by the first Quarter of 2024 Nigeria will put an end to the importation of petroleum products into the country. The Minister of state Petroleum Resources, Timipre Sylva said by the first quarter of 2024 the rehabilitation of the Port-Harcourt refinery would be partly completed while the 650,000 barrel… Read More


Equities Open With N257b Amid Bargain-Hunting

Nigerian equities reopened yesterday with a strong bullish sentiment as investors jostled to take positions in value stocks. Benchmark indices at the Nigerian Exchange (NGX) indicated average gain of 0.92 per cent, equivalent to net capital gain of N257 billion. The rally nudged the average year-to-date return to 0.9 per cent. The All Share Index (ASI)… Read More


How Nigeria Can Achieve Economic Turnaround Through Equity Investments, Industrial Policy

Issue equity, not debt, economist tells govt Nigeria, which is currently burdened with a debt overhang, can turn around its economic fortunes by embracing equity. Nigeria, which is currently burdened with a debt overhang, can turn around its economic fortunes by embracing equity investment instead of borrowing, and initiating new industrialization… Read More



Scarcity: FG Orders NNPC To Reduce Petrol Price

The Nigerian National Petroleum Company Limited is selling Premium Motor Spirit, popularly called petrol, at a loss because of its mandate from the Federal Government as regards PMS subsidy, the Minister of State for Petroleum Resources, Chief Timipre Sylva, said on Monday. Sylva’s remarks came as oil marketers stated that the supply hitches… Read More


New Notes Scarcity Persists Despite Cbn Order

New naira notes were still hard to get on Monday nearly one month after they entered circulation, with some Nigerians now treating them as collector’s items, findings show. Many banks failed to load their Automated Teller Machines (ATMs) with the new naira notes despite an order from the Central Bank of Nigeria (CBN) last week… Read More


Nigeria Records N170.2trn Worth Of Foreign Trade In 5 Years

Trade conducted between Nigeria and other countries hit N170.265 trn from 2018 to 2022 (5 years), analysis of reports from the National Bureau of Statistics (NBS) has shown. Daily Trust reports that during the period, total exports were N89.5trn while imports were N80.6trn. This made Nigeria record an N8.9trn surplus of the balance of trade during… Read More



Security Threat To Next Elections Real – INEC

The Independent National Election Commission (INEC) has gain maintained that security challenge across states in the country remained real threat to the conduct for forthcoming general election. National Commissioner and Chairman of the Board of the Electoral Institute, Professor Abdullahi Zuru made the declaration, on Monday, in Abuja at… Read More


Buhari Appoints New Board For NDIC

President Muhammadu Buhari has approved the reconstitution of the Board of the Nigeria Deposit Insurance Corporation (NDIC). He has also approved the appointment of some new members and reappointment of some existing members to the Board. NDIC operates a semester system for its Board. Therefore, the Board stands dissolved… Read More



Chip Wars: How Nigeria Can Tap $1trn Industry

The use of the majority of silica sand deposits in construction and the gaps in human capital development means Nigeria will be totally missing in the chip war between the United States and China in 2023. But should the most populous country in Africa with many developmental challenges change track, it could be one of the major beneficiaries… Read More