Daily Business Headlines – January 26, 2023



NGX To Focus On Listings, Digital Trade In 2023

The Nigerian Exchange Limited (NGX) has said it will be looking to position itself as a platform to support the administration (and the incoming one) by focusing more on attracting listings, enhancing liquidity through margin lending and developing new products regarding digital assets, non-depository receipts this year… Read More


$1.5bn Lekki Deep Seaport To Enhance Nigeria’s Export Competitiveness

The Minister of Transportation, Mu’azu Sambo, has disclosed that the full automation of the Lekki Deep Seaport would enhance the competitiveness of Nigeria’s exports in the international marketplace. The minister who stated this at the state banquet in honour of President Muhammadu Buhari by the Lagos State Government at the… Read More


Federal Government Budgets N1.2tn To Service CBN Loans

The Federal Government plans to spend N1.2tn on servicing the loans it got from the Central Bank of Nigeria through the Ways and Means Advances, findings by The PUNCH have shown. The 2023 fiscal framework document obtained by our correspondent showed that the Federal Government allocated N6.31tn to service its total debts… Read More


Federal Government Empowers Smart Farmers in Katsina, Plans 5m Jobs

The Federal Government of Nigeria, through National Information Technology Development Agency (NITDA), distributed smart agriculture materials to beneficiaries of the National Adopted Village for Smart Agriculture (NAVSA), which is a 5-Day Empowerment Programme that took place at Al-Qalam University, Katsina, Katsina State… Read More



CBN 17.5% Interest Rate Hike Could Boomerang On The Economy – Experts

Contrary to analysts’ expectations, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) yesterday increased the primary lending rate by 100 basis points (1%), from 16.5 to 17.5%. The committee cited the state of the economy amidst the high inflation rate as the reason for the continuous adoption of its hawkish stand…Read More


AfDB Tips Senegal, Mozambique Ahead Of Nigeria In Gas Investment

The African Development Bank (AfDB) has seen countries like Senegal and Mozambique growing their economies ahead of Nigeria in 2023 following revenue from gas investments. AfDB said, buoyed by revenues and investment related to large natural gas projects, Mozambique and Senegal will rank among Africa’s fastest growing economies… Read More  


NAICOM Sees Risk-Based Capital Driving Nigeria’s Insurance Sector Growth

National Insurance Commission (NAICOM) has expressed its readiness to drive Nigeria’s insurance sector grow through Risk-Based Capital (RBC) requirement. This is in line with NAICOM’s vision to maintain a safe and sound insurance industry, competing globally and contributing optimally to the economic growth and development of Nigeria… Read More



PVC Collection: 70 Csos Urge INEC To Extend Deadline

With barely 30 days to the scheduled general elections, the Nigeria Civil Society Situation Room, a coalition of over 70 groups working in support of credible and transparent elections in the country, has urged the Independent National Electoral Commission, INEC, to extend its deadline for the collection of Permanent Voters Card, PVC… Read More   


Why Buhari Should Walk His Talk On Credible Elections

A vital function of the executive arm of government is to ensure that national policies are properly implemented. It is on this backdrop that President Muhammadu Buhari has continued to “assure” fellow Nigerians that the Independent National Election Commission (INEC) under his regime would conduct free and fair elections in 2023… Read More



CBN, NIBSS Set To Transform The African Payment Ecosystem With The Brand Unveil Of Domestic Card Scheme

The Central Bank of Nigeria announced in 2022 that it will be launching a National Domestic Card Scheme in conjunction with the Nigeria Inter-Bank Settlement Systems (NIBSS) Plc, the Bankers Committee and other financial ecosystem stakeholders. The new Domestic Card Scheme is a robust in-country Scheme tailored to address the… Read More