Daily Business Headlines – January 24, 2023



Equity Market Opens Week With N35bn Gain

The nation’s bourse resumed the week on a bullish note as market capitalisation increased by N35 billion or 0.12 per cent to close at N28.681 trillion from N28.646 trillion at the previous trading. The All-Share Index also increased by 63.01 points or 0.12 per cent to close at 52,657.69 as against 52,594.68 recorded on Friday… Read More  


Banks Lending Rate To Customers Hits 29.13%

The maximum lending rate in the banking sector hit 29.13 per cent while savings deposit rates was 4.13 per cent as of the end of December 2022. Figures obtained from the Central Bank of Nigeria on money market indicators revealed on Monday. According to the report, prime lending rate was 13.85 per cent, while inter-bank call rate was 12 per cent… Read More


Stockbrokers Forecast Economic Recovery

Top stockbrokers have x-rayed the state of the Nigerian economy in 2022 and forecast recovery in 2023 despite the headwinds and uncertainties associated with the economy. The brokers noted that the Nigerian economy was going through a tough period with headwinds including imported inflation, huge debt service-to-revenue ratio, high… Read More


Nigeria To Overturn $11bn P&D Arbitration

The federal government will, on Monday mount a high-stakes attempt at London’s High Court to overturn an $11bn arbitration award that left it owing more than a quarter of its foreign reserves to an obscure oil and gas company. The legal dispute, which has dragged for more than a decade, centres on a contract that Federal Government… Read More



FIRS Rakes In N10.1trn Revenue

The Federal Inland Revenue Service, FIRS, collected over N10.1 trillion tax revenue in 2022. Chairman/Chief Executive Officer of the agency, Mohammed Nami, disclosed this in a report, titled “FIRS 2022 Performance Update,” he personally signed yesterday. The report read:    “The FIRS, in the year 2022 collected a total of N10.1 trillion… Read More


Lekki Port To Contribute $361bn Economic Impact In 45 Years – ICRC

Nigeria’s Infrastructure Concession Regulatory Commission (ICRC) stated that the newly inaugurated Lekki Port is a Major success story for Public-Private Partnerships in Infrastructure Development in Nigeria and is expected to contribute over $361 billion in economic impact expected in 45 years. The ICRC disclosed this… Read More  


Economic Outlook: Nigeria’s Business Prospects For 2023 Positive –Adedipe

The Chief Consultant of B. Adedipe Associates Limited, Dr Biodun Adedipe, has said that Nigeria’s economic prospects for 2023 will be positive amid its growing population. Adedipe made the assertion while speaking at this year’s edition of the First Bank Plc’s Nigeria Economic Outlook tagged “A look ahead” which held via Zoom.He stated that.. Read More



We’re Collaborating With EFCC, ICPC To Check Vote-Buying –INEC

Independent National Electoral Commission (INEC) has said it is collaborating with the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Other Related Matters Commission (ICPC) to check vote-buying in the forthcoming general election. INEC Resident Electoral Commissioner (REC) in… Read More


2023 Polls: Ongoing Military Operations Have Eliminated Fears – Group

A civil society organisation, the Socio-Economic Analysis Group (SEAG) has said that the ongoing military operations across the country have eliminated fears associated with the 2023 general elections. The group said in a press release on Monday morning that its study showed that the military has significantly reduced the capacity… Read More



3 Nigerian Startups, 8 Others To Receive Benefits Worth $750,000 In ASIP Accelerator Program

Three Nigerian startups have been named alongside eight others in the third cohort of the Africa Startup Initiative program, an accelerator program by Startupbootcamp Afritech and leading telecom giant Telecel Group. The program will take place in Dakar, Senegal, and startups will be hosted at the D-hub, – a space commissioned by… Read More