Daily Business Headlines – March 10, 2023


Market Gains N12bn As Champion Breweries, Transcorp, Others Rally

Nigeria’s equities market strengthened its gaining streak on Thursday by 0.04percent or N12billion as investors bought shares of Champion Breweries Plc, Transcorp, Living Trust Mortgage Bank, and others. The market recorded positive close as investors continued to cherry-pick attractive counters in consumer and industrial goods sectors… Read More


Naira Gains Further At Investors, Exporters’ Window

The naira gained further on Thursday as it exchanged at N461 to the dollar at the Investors and Exporters’ window. The rate represented an increase of 0.05 per cent, compared to the N461.25 for which it exchanged to the dollar on Wednesday. The open indicative rate closed at N461.25 to the dollar on Thursday. An exchange rate of N462.11… Read More


Business Turnover, Profitability Dip Over Naira Scarcity

The Naira scarcity has led to major drop-in business activities at both the urban and rural areas. Many retail business operators have continued to lament low sales and drop in profitability in recent months due to the lingering naira scarcity triggered by the Central Bank of Nigeria (CBN)-led currency reforms. A Lagos-based entrepreneur… Read More


Nigeria Records N1.2tr Surplus As Foreign Trade Hits N52.38tr In 2022

The National Bureau of Statistics has disclosed that trade transactions between Nigeria and other countries in 2022 is estimated to be N52.38 trillion. In a report titled ‘Foreign Trade in Goods Statistics’ NBS stated that total imports amounted to N25.59tr while exports N26.79tr. This indicated that the country recorded a N1.2tr trade surplus as more… Read More



FG Rakes In 1.4tr From VAT, Company Income Tax In Q4 2022

The National Bureau of Statistics (NBS) stated that the federal government generated the sum of N1.45trn from Value Added Tax and Company Income Tax in the last quarter of 2022. The bureau in a report said the N753.8bn was generated from CIT, which was a -6.95 percent growth rate on a quarter-on-quarter basis from N810.19 billion… Read More


NGX Group Aims To Deepen Value In Subsidiaries, Investee Companies

The Nigerian Exchange Group Plc (NGX Group) has disclosed that it would generate increased growth by deepening value creation in its subsidiaries, and associate companies and expand into adjacent businesses. During its virtual 2022 Financial Year Investor and Analyst Presentation yesterday,  the Group Chief Executive Officer… Read More  


Crude Oil Sales Rise By 46% To N21tn – NBS

Nigeria’s crude oil sales rose by 46.41 per cent to push Nigeria’s total export to N26.79tn in 2022. This is as total trade rose by 31.79 per cent from N39.75tn in 2021 to N52.39tn in 2022. In 2022, crude oil sales totalled N21.09tn, a 46.41 per cent increase from N14.41tn in 2021. In 2022, crude oil accounted for 78.74 per cent of total export… Read More  



Presidential Poll: June 12, 1993, Saga Won’t Repeat Itself — Presidency

The Presidency yesterday ruled out annulment of the presidential and National Assembly elections of February 25 allegedly characterised by irregularities, saying it won’t allow June 12, 1993, saga to repeat itself. Consequently, it advised any candidate or political party not satisfied with the conduct and outcome of the election to approach the… Read More


INEC Rejects Ruling On Temporary Voter Cards Use

The Independent National Electoral Commission (INEC) has said it will appeal the court judgment that asked the commission to accept the use of the Temporary Voter’s Card (TVC) in this year’s general election. In a tweet via its verified handle @inecnigeria, the commission said: “INEC has been served a copy of the judgment delivered… Read More



INEC’s Flop Spurs Tech Industry Into Action On March 5, 2023, two web applications from Nigeria were announced on Twitter. They were built by a group of tech and media companies and individuals, with the aim of recovering missing or stolen votes and reducing the chance of such incidents happening again. Eligible Nigerian voters in many states will head out on March 18… Read More