Daily Business Headlines – March 2, 2023


NGX closes negative with market capitalization down N162 billion

The Nigeria Exchange (NGX) closed negative amidst buy-interests and sell-oofs as bears dominated proceedings, driving down the broad market. The All-Share Index (ASI) depreciated by 0.53% to close at 55,508.61 points. In the same vein, Market Capitalization declined by N162 billion to close at N30.238 trillion while the Year-to-Date… Read More  


Naira Crisis, Fuel Shortages End 31-Months Of Business Growth – S&P

The private sector suffered a sharp decline in business activity in February as companies reduced output and cut jobs because of cash and fuel shortages. This is according to the Purchasing Managers’ Index compiled by S&P Global, which gauges the level of activities in the real sector. The headline PMI dropped below the… Read More


Banks’ Assets Rise To N73tn – CBN

Total assets of the banking industry grew by N14.36tn or 24.24 per cent from N59.24tn at the end of December 2021 to N73.59tn in the corresponding period of 2022. The Central Bank of Nigeria disclosed this in the personal statement made by the Deputy Governor, Financial System Stability Directorate, CBN, Aishah Ahmad, at the last… Read More


Export: Nigerian Smes Need To Be Positioned For Global Market –Solarin

Export for survival will continue to be a cliche till we become more deliberate about positioning Nigeria’s small and medium Enterprises (SMEs) for the global market. Founder of Dasun Integrated Farms Ltd and DIFL Nigeria, Bosun Solarin, made the remark during the Talking Trade and Investment Global February webinar with the… Read More



NITDA: Talent Development Will Enhance Nigeria’s Economic Growth

The Director General, National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi, has stressed the need for government to develop technology talents among Nigerian youths in order to boost the country’s economic growth. Abdullahi who spoke at a technology forum in Lagos recently, said since… Read More


CBN To Raise N1.13tn Treasury Bills In Q2

The Central Bank of Nigeria plans to raise N1.13tn via treasury bills for the second quarter of 2023. This was according to the latest Nigerian Treasury Bill Issue Programme for the Second Quarter 2023 available on the bank’s website. This is a significant increase from N926bn raised in the second quarter of 2022. The bills are divided into… Read More


Nigeria’s Oil Production, Rig Count Rose In Jan – OPEC

Crude oil production in Nigeria slightly rose to 1.258 million barrels per day (b/d) in January 2023, representing at least a 23,000 increase from the 1.235m b/d in December 2022, according to the Organisation of Petroleum Exporting Countries (OPEC). The rig count of Nigeria which shows oil exploration activities also rose to 13 in January this… Read More



Presidential Poll: Losers Should Go To Court Not Streets – Buhari

President Muhammadu Buhari, yesterday, congratulated the winner of the 2023 presidential election and andidate of the All Progressives Congress, APC, Asiwaju Bola Ahmed Tinubu, and urged any aggrieved person to go to court. The President said candidates that lost the election and their supporters should take their grievances to court and not… Read More  


Tinubu’s N6trn challenge

A major challenge awaiting Bola Tinubu, Nigeria’s president-elect, is petrol subsidy, which is on track to gulp N6 trillion in 2023. President Muhammadu Buhari has presided over the biggest jump in the nation’s petrol subsidy expenditure. The 2022 Macroeconomic Outlook report by the Nigerian Economic Summit Group showed Buhari’s payment… Read More



Transitioning Digital Economy Through Naira Redesign, E-Banking

With digitisation deepening across the globe, many countries, especially developing economies, are gradually moving towards a cashless society, in which all financial transactions are electronic. In addition to simply eliminating the costs and hassles of managing currency, going cashless may also reduce certain types of… Read More