Daily Business Headlines – January 17, 2023



NGX Closes Negative As Investors Lose N90 Billion

The Nigerian Bourse (NGX) closed negative amidst buy-interests and sell-offs as bears dominated proceedings, driving down the broad market. The All-share Index (ASI) depreciated by 0.31% to close at 52,348.82 points. In the same vein, Market Capitalization grew by N253 billion to close at N28.512 trillion while the Year-to-Date… Read More


Nigeria’s Projected Crude Oil Production Short By 283m Barrels, $24.5bn Revenue In 2022

Nigeria’s crude oil production when put side by side its expected output of 1.88 million barrels per day in 2022, was short by a whopping 283 million barrels, amounting to roughly $24.55 billion, a THISDAY analysis has shown. This figure was arrived at when an estimated conservative price of $85 per barrel for which the commodity sold… Read More


High Interest Rate To Persist In 2023 — Access Pensions

Access Pensions Limited has projected that the high interest rate regime that characterised the investment climate in the second half of last year will persist this year. The company stated this in its outlook for the economic and investment landscape in 2023, citing post-election crises and collapse of commodity prices as key risks to the outlook… Read More  


CBN Injects $15.3bn To Stabilise Naira

The Central Bank of Nigeria injected $15.3bn into the economy to stabilise the value of the naira from January to October, 2022. This was obtained in the banking sector regulator’s monthly and quarterly economic reports on foreign exchange market developments. The reports noted that $4.86bn, $4.81bn and $4.18bn were injected… Read More



Review Economic Policies, NECA Tells FG

The Nigeria Employer’s Consultative Association has advised the Federal Government to review and reshape economic policies to enhance growth and development. According to NECA, the organised private sector of Nigeria believes there is a need to reshape economic policies to address the numerous challenges facing the country… Read More

Inflation Drops Slightly, Production Costs Remain High

Nigeria’s headline inflation fell from 21.47 per cent in November 2022 to 21.34 per cent in December 2022 according to the National Bureau of Statistics. In 2022, the country’s inflation rate rose from January to November, before falling by 0.13 per cent to 21.34 per cent in December. The NBS explained that while headline inflation fell… Read More


STI: Federal Govt To Implement 0.5% Of GDP For R&D

The federal government has moved to actualise the 0.5 per cent of Nigeria’s Gross Domestic Products (GDP) earmarked to improve Research and Development (R&D) in order to fast-track Nigeria’s drive to industrialization through Science Technology Innovation (STI). President Muhammadu Buhari revealed this in his speech… Read More



Polls: Why We Can’t Allow Temporary Voters Card, INEC Tells Court

The Independent National Electoral Commission, INEC, yesterday explained before the Federal High Court sitting in Abuja why it would not allow registered voters that failed to collect their Permanent Voters Cards, PVCs, before the deadline, to participate in the forthcoming general elections. The electoral body, through its team.. Read More


General Election: Concerns As Violence Poses Threat

A s the general election approaches, there is no doubt that the political atmosphere is tensed because of heightened violent attacks across the country, with many stakeholders expressing concern over the polls holding as scheduled. Since the flag-off of campaigns in September, there is no day electoral violence is not recorded across the country… Read More



Technology: There’re More Frontiers To Be Exploited By Talented Entrepreneurs, Says Osinbajo

Vice-President Yemi Osinbajo has observed that with the rapid growth of innovation and technology recorded over the years globally, there were more exciting new frontiers to be explored and harnessed by Nigeria’s talented and enterprising young entrepreneurs. Osinbajo said this in a pre-recorded speech at a weekend ceremony… Read More