Daily Business Headlines – January 23, 2023



Petrol May Hit N800/Litre On Subsidy Removal – Marketers

As the scarcity of the Premium of Motor Spirit, popularly called petrol, continued on Sunday, oil marketers have stated that the cost of the commodity would cross N800/litre once subsidy on PMS is removed. Industry operators had repeatedly stated that the high cost of subsidy on petrol was a burden on the Nigerian National Petroleum Company… Read More


Profitable Wheat Farming Stuck Between Rice, Better Seeds

Between January and September 2022, Nigeria imported at least N753.6 billion worth of wheat. The grain is widely used for different products across the country; both by individuals and especially industries such as flour millers. However, local production can barely meet 2-4 percent of the country’s demand. The challenges of wheat production… Read More


‘Nigeria To Face Economic Slowdown, Not Recession This Year’

The Nigerian-British Chamber of Commerce (NBCC) has projected that Nigeria’s economic growth would decelerate to 2.7 per cent in 2023. The chamber said this its 2023 macroeconomic outlook presented by Bismarck Rewane, chief executive officer (CEO) of Financial Derivatives, on Thursday in Lagos. In her welcome… Read More


Financial Services, Power And Aviation Top Customer Complaints For 2022 – FCCPC

The Nigerian Federal Competition, and Consumer Protection Commission, (FCCPC) said it received the most customer complaints about the financial services, power/electricity and aviation sectors in 2022. According to a statement by the FCCPC’s Director of Operations, Dr Adams Abdullahu, a total of 13,580 complaints were received in 2022… Read More



Cost Of Living To Dominate Global Risks In The Next 2yrs — WEF’23

A major conclusion reached at the World Economic Forum, WEF’23, which ended last weekend in Davos, Switzerland, was that the next decade will be characterized by environmental and societal crises, driven by underlying geopolitical and economic trends. However, ‘cost-of-living crisis’ was ranked as the most severe… Read More


What CBN’s N22.7trn Overdraft-To-Debt Means For Economy

The proposed securitisation of the N22.7 trillion loans from the Central Bank of Nigeria (CBN) to the Federal Government, if approved, is expected to have several implications for the economy. Securitisation is the conversion of an asset, especially a loan, into marketable securities, typically for the purpose of raising cash by selling… Read More


Go After Fuel Saboteurs, Group Tasks DSS, NSCDC

An anti-sabotage organisation under the aegis of The Natives, has tasked security agencies, especially the Department of State Services (DSS) and the Nigeria Security and Civil Defencee Corps (NSCDC) to fish out oil marketers and other saboteurs responsible for fuel scarcity across the country. The group described as ‘politically motivated’… Read More



Cleric Tasks Youths Against Electoral Violence

A renowned cleric, Prophet Samuel Olu-Alo, has cautioned Nigerian youths against allowing themselves to be used as political thugs in the forthcoming general election. Olu-Alo, who is the planter of the Christ Apostolic Church (CAC), Grace of Mercy Prayer Mountain, said the youths should know that they too can occupy top political positions in the future… Read More  


2023 Elections: Stop Verbal And Physical Violence – Afenifere Pleads

As the days for the general elections draw near, the Pan Yoruba socio-political organisation, Afenifere, has expressed concern over the increasing verbal and physical attacks that are characterising election campaigns in various parts of the country. In a press release signed by the organisation’s National Publicity Secretary, Comrade Jare Ajayi, made… Read More



Nigeria’s Active Mobile Subscriptions Rose By 14% To 222 Million In 2022 Active subscriptions for telecommunications services across the mobile networks of MTN, Airtel, Glo, and 9mobile rose to 222 million at the end of 2022. This represents 14% growth for the year compared to 195 million subscriptions the country had as of December 2021. This is according to the latest industry data released by the Nigerian… Read More