Daily Business Headlines – January 20, 2023



Energy Subsidies Are Contributing To Energy Insecurity In Africa – Afdb

The African Development Bank (AfDB) said that energy subsidies are one of the reasons why Africa experiences energy insecurity. The AfDB stated this in its 2023 Africa’s Macroeconomic and Performance Outlook report which was released on Thursday, January 19. In the report, the AfDB explained that energy subsidies are controversial… Read More

1,374km Road Concessions Approval To Generate N11.54 Trillion – ICRC

The Nigerian Government revealed that the 25 years concession period approved by the Federal Council (FEC) to maintain Nigeria’s highways will generate the sum of N11.54 trillion for the economy. This was disclosed by the Infrastructure Concession Regulatory Commission (ICRC) Acting Head, Media and Publicity of ICRC… Read More


Naira Redesign: CBN May Increase Money Supply To Boost Availability Of New Banknotes

The Central Bank of Nigeria (CBN) yesterday said it would take appropriate measures where necessary to increase money supply in order to boost the availability of the redesigned naira notes nationwide. The CBN Director/Managing Director, NIRSAL Microfinance Bank, Mr. Abubakar Abdullahi Kure, disclosed this while conducting on-the-spot… Read More


Federal Government To Revoke More Unutilised Mining Licences

In its bid to generate appropriate revenue for the government, the Nigeria Mining Cadastre Office, responsible for the management and administration of mineral titles in the country, says it plans to revoke more unutilised titles in 2023. The Director-General of the agency, Obadiah Nkom, who disclosed this yesterday while appearing… Read More



Federal Government Can Save N10trn From Fuel, Forex Subsidies In 2023 — CPPE

The Centre for the Promotion of Private Enterprise (CPPE) has said that the Federal Government stands to save an estimated N10 trillion in 2023 if the incoming administration musters the will to end the controversial fuel subsidy and multiple foreign exchange (forex) window regimes. Muda Yusuf, Director, CPPE, stated these… Read More  


Rising Petrol Price Hits N300 Per Litre

The scarcity of Premium Motor Spirit, popularly called petrol, grew worse across the country on Thursday, as massive queues were witnessed in Abuja, Lagos, Port Harcourt, Calabar, Warri, Nasarawa, Minna, among other places. Oil marketers stated that the scarcity became worse due to the fact that dealers could hardly access the product… Read More


Economy On Growth Path, Says Finance Minister

Projects 3.5% economic growth in 2023 • Debt service to gulp 60% revenue. The economy is on the path of consistent growth with 3.5 per cent growth expected this year, Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed announced yesterday. Speaking on the sidelines of the 2023 World Economic Forum (WEF)… Read More  



2023 Elections: INEC, Stakeholders Offer Assurances On Insecurity, BVAS

The European Union (EU) has raised concerns over security challenges in the country, saying they could significantly impact the poll, if not urgently addressed. The body also expressed concern about the workability of the Bimodal Voter Accreditation System (BVAS) in all parts of the country. The team leader, EU Support to Democratic… Read More

Unlocking The Potential Of Nigeria’s Logistics Market Towards 2023 General Election

As Nigeria draws closer to the 2023 general elections, conversation around the economy is expected to dominate and feature prominently on the political agenda.  From worsening macroeconomic fundamentals, unemployment, multidimensional poverty, inflation, hunger among others, the fragile economy continues to have a significant impact… Read More



What To Expect From Nigeria’s $179m Digital Advertising Landscape

The digital advertising landscape continues to grow as many organisations leverage technology to improve brand visibility. Brian Abel, Regional Sales Manager, West Africa, Ad Dynamo by Aleph, an agency that services some of the top companies in the country and Africa said the industry is presently valued at $179.20 million… Read More