Daily Business Headlines – March 22, 2023


Investors Gain N10bn As Market Rebounds

The bearish run of the Nigerian Exchange Limited was halted on Tuesday as the market rebounded with N10bn gain for investors. The equities market capitalisation appreciated by 0.03 per cent to N29.909tn, the same percentage as the All Share Index, which rose to 54, 906.65 from 54, 886.04 recorded on Monday. A total volume of 127.744m… Read More


LCCI: High Inflation May Hurt Productivity, Raise Poverty Figures

The Lagos Chamber of Commerce and Industry (LCCI) has warned that sustained high inflationary rate in the Nigerian economy might further constrain production of goods and services and lead to a steeper rise in poverty figures in the country. It sounded this warning in a press statement titled, “LCCI Statement on February 2023 Inflation Rate… Read More


Federal Government To Grow GDP With Maritime Linkages To African Countries

The Federal Government has said it will link the country’s maritime with the rest of Africa to attract Foreign Direct Investments (FDI), increase the speed of output growth, create jobs and boost intra-African trade. According to the Federal Government, this will be achieved through well-developed and efficient inland water transportation, which is… Read More


NEXIM Bank, NIWA Boost Regional Trade

The Nigeria Export-Import Bank says its efforts to improve regional trade and promote bulk movement of commodities through the Nigerian water ways has received a boost with the unveiling of navigational charts of the lower River Niger in Abuja. The survey and charting, which was jointly undertaken by hydrographers of the  Nigerian navy and… Read More



Federal Government Removes 5% Tax On Calls, Data

The Federal Government has announced the removal of its proposed five per cent excise duty on telecommunication services. The government announced that this was in line with the recommendations of a committee, the Presidential Review Committee on Excise Duty in the Digital Economy Sector, which was constituted to review… Read More


CBN Admits Weak Links In Cash Withdrawals, Raises Policy Rate

Amidst the continued scarcity of cash under the Naira redesign policy the Central Bank of Nigeria, CBN, has admitted failures in the online payment channels that have frustrated banks’ customers in the past two months. Meanwhile in its bid to rein in inflationary pressures the apex bank has raised its Monetary Policy Rate, MPR by 50… Read More

Petrol Price Increased By 54.76% Per Litre In One Year – NBS

The National Bureau of Statistics says the average retail price of a litre of the Premium Motor Spirit, popularly known as petrol, increased by 54.76 per cent from N170.42 in February 2022 to N263.76 in February 2023. It made the declaration in its Petrol Price Watch for February 2023 released in Abuja on Tuesday… Read More



2023 Elections: I’m Unhappy Some Candidates Lost – Buhari

President Muhammadu Buhari has expressed his sadness that some candidates lost in the just concluded general elections in Nigeria. He also hailed the conduct of the elections, describing it as credible. He made the comment while speaking at a farewell meeting with the outgoing United States Ambassador, Mary Beth Leonard, at the State… Read More

Buhari rejects NASS Bill on power to summon President, Governors

PRESIDENT Muhammadu Buhari has failed to sign into law, Constitution amendment bills  on power to summon President and Governors. Speaking yesterday in Abuja, President of the Senate, Senator Ahmad Lawan who lamented over the refusal of presidential assent on the Constitution alteration bill and 18 others by President Buhari, said that… Read More



Cashless Policy: Leveraging Technology To Detect, Curb Fraud Given that the deployment of technology is generally touted as an effective strategy for combating corruption, Nigerians can expect to soon see a significant reduction in the high rate of criminal activities, such as advance fee fraud, graft and extortion, following the nationwide implementation of the Central Bank of Nigeria’s cashless policy… Read More