Daily Business Headlines – March 28, 2023


Stock Market Capitalisation Declines By N622bn

Investors lost N622bn at the close of trading on Monday due to sell-offs of some telecoms and banking stocks. The market which opened with the All-Share Index at 54,892.53 lost 2.08 per cent to close 53, at 750.77. The market capitalisation also depreciated by 2.08 per cent to N29.281tn. In terms of volume, a total of 100.882 million shares… Read More

Bank Credit To Govt Hits N28.43tn

Banks’ credits to the government rose by N3.77tn in the first two months of 2023. Figures obtained from the Central Bank of Nigeria revealed that the total government credit which ended December 2022 at N24.66tn rose to N28.43tn as of the end of February 2023. The CBN disclosed in its ‘Money and credit statistics’ report that the credit rose… Read More


Afreximbank, NEXIM, FG Seal $350,000 Deal To Boost Water Transportation

A strategic move towards boosting water transport in Nigeria has been made by the African Export-Import Bank (Afreximbank), the Nigerian Export-Import Bank (NEXIM), the Federal Ministry of Transportation and the Nigerian Navy  to Chart the Lower River Niger. To this end, Afreximbank has provided a grant of $350,000 meant to unlock the… Read More


Industrialization: Stakeholders Seek Govt, Private Sector Collaboration

The Executive Secretary, Petroleum Technology Development Fund (PTDF), Dr Bello Aliyu Gusau; Vice Chancellor, University of Ibadan (UI), Prof. Kayode Adebowale and Chief Executive Officer, Jola Global Industry Limited, Dr. Moses Omojola, have called for collaboration among government, the academia and the private sector to… Read More



CBN To Regulate Volume Of Cash In Circulation

The Central Bank of Nigeria (CBN) has said it will continue to reassess the volume of currency in circulation (CIC) to avoid the repeat of what happened before its naira redesign programme kicked off. This was even as cash scarcity continued to ease off as banks in Lagos continued from where it left off at the weekend by dispensing cash to… Read More

Nigeria’s Money Supply Hits N53trn In Feb 2023

Nigeria’s money supply rose to N53.3 trillion from N52.2 trillion recorded at the beginning of the year. This represents a 2.2 per cent increase to date compared to 0.3 per cent recorded in the previous month where money supply increased from N53.14 trillion. This is according to the Central Bank of Nigeria (CBN)’s Money and Credit Statistics which… Read More


Despite N8trn Subsidy Payment, Petrol Price Jumps 54% in One Year

Despite the expenditure of a cumulative sum of N8 trillion on petrol subsidy in 2022 and the projection till June 2023, Nigerians spent an extra 54 per cent of their incomes buying the product during the period, a new report by the state-controlled National Bureau of Statistics (NBS) has indicated. According to the February data released by the NBS… Read More  



2023 Electoral Infractions Have Dented Nigeria’s Image — GoNigeria

The electoral infractions that took place during the conduct of the 2023 presidential, governorship, national, and state legislative elections have dented the image of Nigeria in the eyes of the international community, says GoNigeria, a non-governmental organisation dedicated to the promotion of good governance and credible transfers of… Read More


Boris Johnson to Nigeria’s Leaders: Allow People Freely Choose Those to Lead Them

With the dust from Nigeria’s 2023 general election yet to settle, a former Prime Minister of the United Kingdom, Mr. Boris Johnson has stressed that the people should always be allowed to freely choose who would govern them. The advice from Johnson came just as Lagos State Governor, Mr. Babajide Sanwo-Olu, also advised Nigerians… Read More



Audit Processes: Banks Must Adopt Technology To Tackle Fraud – ACAEBIN Amid the rapidly changing environment arising from digitalisation, the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has urged banks to adopt technological advancements in their audit processes which would make tasks such as analysing vast amounts of data, real-time monitoring, reduced human error and bias… Read More