Daily Business Headlines – March 1, 2023


Nigeria Stocks Gain N1.4trn In Election Month

Nigeria’s equities market gained about N1.403trillion in February, the nation’s presidential election month. The equities market had opened February this year with its key indicators – the All-Share Index (ASI) and equities capitalisation at 53,238.67 points and N28.997trillion. At the close of trading session on Tuesday February 28, the Nigerian… Read More

Banks Open But No Cash After Election

Many Nigerians who hoped to get access to cash after Saturday’s elections were disappointed on Tuesday as banks started resuming operations with no cash at their branches. The BusinessDay visited several banks in Lagos, including Ecobank and Access Bank at Ojuelegba, Zenith and GTBank at opposite Abalti Barracks, and… Read More


How Rising Oil Production May Boost FG Revenue Target

Nigeria’s rig count has been growing since the last quarter of last year and crude oil production has also been on the rise on the back of aggressive exploration and improved security in the Niger Delta. Opeoluwani Akintayo examines the impact these recent developments would have on the country’s economy. Nigeria’s oil rig… Read More


Nigerian Exchange, PAPSS Sign Mou On Cross-Border Securities Trading

The Nigerian Exchange Limited on Tuesday signed a Memorandum of Understanding with the Pan-African Payment and Settlement System for the facilitation of transactions on securities trading across the continent. PAPSS, developed by the African Export-Import Bank (Afreximbank), is a cross-border financial infrastructure… Read More



FDC Forecasts 1.35% GDP Growth For Nigeria In Q1’23

Financial Derivatives Company Limited (FDC) has said the Nigerian economy is likely to grow by 1.35 per cent in the first quarter of this year compared with 3.52per cent in Q4’22. The firm made the forecast while reacting to the 2022 full-year Gross Domestic Product (GDP) report released by the National Bureau of Statistics (NBS) last week… Read More  


Only 24% Of CBN Anchor Borrowers’ Loans Repaid – IMF

The International Monetary Fund has disclosed that only 24 per cent of loans dirbursed under the Anchor Borrowers’ Programme of the Central Bank of Nigeria have been repaid. This disclosure was contained in the IMF’s Selected Issues paper on Nigeria, which was prepared by a staff team of the fund as background documentation… Read More

Private Sector Gets N42tn Bank Loans – Report

Banks credit to the private sector rose from N35.18tn recorded at the end of January 2022 to N42.25tn in the corresponding period of 2023, figures obtained from the Central Bank of Nigeria have shown. The CBN’s money and credit statistics indicated this amounts to a rise of N7.07tn in the one-year period. The figures also showed that total… Read More



INEC Declares Tinubu Winner Of Presidential Election

The Independent National Electoral Commission has declared the All Progressives Congress presidential candidate, Bola Tinubu, as the president-elect. Tinubu, a former Lagos State governor, was declared the president-elect after the 70-year-old polled 8,794,726 votes to win the 2023 presidential election. The INEC… Read More


2023 Election: Traders Count Losses, Shut Down Over Fear Of Violence

Traders and corporate enterprises across major markets and high streets in Lagos have shut down their businesses over fear of possible attack as Nigerians await the result of the 2023 election. Findings by Daily Sun shows that traders at the popular Idumota market, Mandilas, Ebute-Ero, Nnamdi Azikwe, Broad and Martins Street on Lagos Island… Read More



Nigerians Hit INEC For Abandoning BVAS For Manual Collation Of Result

Mixed reactions have continued to trail the manual collation of votes for the presidential election, an action some say is in contravention of the provisions of the 2022 electoral act. Recall that in the run-up to the presidential election, the Independent National Electoral Commission, INEC chairman, Professor Mahmoud Yakubu, had… Read More