Daily Business Headlines – March 24, 2023


Stock Investors Record N7bn One-Day Loss

After days of upward swing in the market capitalisation of the Nigerian Exchange Limited, investors suffered a N7bn loss at the close of trading on Thursday. The All-Share Index depreciated by 0.02 per cent to close at 54,924.08 points. Similarly, the market capitalisation lost N7bn to close the day at N29.920tn, while the Year-to-date returns… Read More


Amid Cash Crunch, Petrol Price Rose By 54.76% In February

The National Bureau of Statistics (NBS) has said the average retail price of a litre of Petrol increased 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 recently. It stated that the February 2023 price of N263.76 represented a 54.76 per cent increase… Read More


Federal Government Spends $46bn On Electrification Projects In Three Years

The Federal Government spent N45.89 billion on 1,375 electrification projects from 2020 to 2022, according to a new report by the Rural Electrification Agency (REA). In the report themed ‘REA’s Strategic Intervention: Adopting a Programmatic Approach to Deliver Capital Projects’, it details how, in the last decade, it has implemented over… Read More


Cash Crunch: Banks, Businesses Lament Scarcity Of Currency Notes

The expected improvement in supply of cash to the banks is yet to materialise as POS agents and other business owners lament the crushing impact of the ongoing cash crunch on patronage. Vanguard investigation showed that two weeks after the Central Bank of Nigeria, CBN, directed banks to comply with the Supreme Court that… Read More



Inflation: Consumer Goods Firms Woo Buyers With New Flavours

Fast-moving consumer goods (FMCG) companies in Africa’s biggest economy are expanding their taste segments to boost sales amid rising inflation that is eroding purchasing power and soaring cost of doing business in the country. This coping mechanism is in addition with other strategies such as the repackaging of products into… Read More


Tax Incentives, Infrastructure Key To Industrialisation – IMF

The International Monetary Fund has said that subsidies, tax incentives, infrastructure development and protective regulations will help fast track the growth of industries in Nigeria and other emerging market economies. In a new report titled “Industrial Policy and the Growth Strategy”, the Washington-based lender noted that when… Read More


MPR Hike: LCCI Warns Of Stunted Economic Growth

The Lagos Chamber of Commerce and Industry (LCCI) in tandem with other analysts say that continuous increase in the Monetary Policy Rate (MPR) by the Central Bank of Nigeria (CBN) to curb inflation could lead to stunted economic growth. Director General, LCCI, Dr. Chinyere Almona, in a statement made available to Vanguard, noted that… Read More  



‘Incoming Government Must Build Enabling Environment For Private Sector’

The Harvard Kennedy School Alumni Association of Nigeria (HKSAAN) has called on the incoming government to be people focused and build an enabling environment for the private sector to thrive.  Speaking at a dinner hosted by Harvard Kennedy School Alumni Association of Nigeria (HKSAAN) to welcome 64 students from 24 countries… Read More


Subnational Elections: A Rounded View Of Our Failings

One of my friends who had come to monitor the 2023 elections told me before any vote was cast that I should be grateful as a Nigerian, that no matter what happens, we still get to change our leaders at most in eight years. Whilst I have always been aware of that fact, hearing a foreigner say that helped to centre my attention on something… Read More



What State-Generated Electricity Could Mean For Nigerians And Local Tech Ecosystems President Buhari signed 16 bills into law last week in a bold move that will bring changes to several parts of the 1999 Constitution. Amongst other things, the assent of the presidency will devolve power from the Federal Government to the states, making it possible for states to generate and transmit electricity within their borders… Read More