Daily Business Headlines – January 31, 2023



Equities Market Begins Weekly Trading Strong, Gains N273bn

The equities market of the Nigerian Exchange Limited (NGX) on first trading session of the week closed on a positive note, as market capitalisation gained N273 billion to close at N28.954 trillion, amid strong corporate earnings and increased interest in Airtel Africa Plc and 27 other stocks. Specifically, the All Share Index (ASI) rose by 499.95… Read More


FG Bonds Tumble Following Moody’s Rating Downgrade

The Federal Government bonds recorded a significant fall yesterday with the nation’s sovereign-risk premium jumping highest in three months following the downgrading of Nigeria’s ratings by Moody’s Investors Service. Recall that Moody’s downgraded the country on Friday to Caa1 from B3, noting the government’s fiscal and debt position… Read More

Credit To Government Rises 8% To N24.6trn

Credit to the government rose month-on-month (MoM) by eight percent to N24.6 trillion in December 2022 from N22.6 trillion in November. Similarly, credit to the private sector rose MoM by 0.72 percent to N41.8 trillion in December 2022 from N41.5 trillion in November. Data from the Central Bank of Nigeria, CBN, money and credit statistics, showed… Read More


High Energy Cost Takes Toll As Diesel Prices Soar 182.6% In One Year

The cost of energy supply has continued to take a depressing toll on Nigerians with the average retail price of Automotive Gas Oil (diesel) paid by consumers in 12 months soaring by 182.64 per cent. The latest National Bureau of Statistics (NBS) report showed that the cost of a litre of the fuel rose from N289.37 in December 2021 to N817.86 per… Read More



Fuel Scarcity: No Justification For PMS To Be Sold At High Prices – PENGASSAN

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), has warned that marketers have no justification to sell PMS at highly inflated prices of over N300. This was disclosed in a statement by PENGASSAN on Monday by its National President, Mr Festus Osifo to address the current fuel crisis. They urged the… Read More


Boosting Agric Exports for Increased Revenue Generation

There is no better time than now for economic managers to have a renewed focus on prioritising investment and policy decisions into the nation’s agricultural sector especially at a time when the country’s capacity to earn foreign exchange is dwindling. Gilbert Ekugbe writes. There is no gain saying that Nigeria’s dependency on hydrocarbon… Read More


The Economics Of Code-Sharing Agreements For Nigerian Airlines

The airline industry is one of the most competitive industries in the entire world. A large number of incumbents in this industry are making losses. This is primarily because of their lack of efficiency. Since success in the airline industry is solely based on efficiency, many companies have explored unconventional options in order to increase… Read More



FG Backs US Visa Ban On Election Riggers

The Minister of Information and Communication, Lai Mohammed, has described the decision of the United States to place visa restrictions on those undermining Nigeria’s democracy, as “right and justified.” The minister said this during the 20th session of the Presidential Scorecard series, held at the National Press Centre, Abuja on Monday. Mohammed, who addressed guests before the presentation of the Minister of the… Read More


Unwritten Rules Of The 2023 Elections

NIGERIA’s general election, the largest democratic exercise in Africa, begins on February 25. All the parties and candidates are jostling to get voters attention and convince them to vote for them in the elections. The wait is palpitating, and the electioneering campaign drama is thus far exhilarating. Everything but the issues facing Nigerians… Read More



Digital academy eyes 10m youths for skills development

A new skills development initiative, Digital Expert Academy Digital, has set the target of training 10 million youths in soft skills that will make them fit for emerging technologies jobs over the next 10 years. Founded by 21st Century Technologies, the academy said it will train youths in skills such as the management of digital infrastructure… Read More