Daily Business Headlines – March 29, 2023


Stock Market Dips By 1.2% Amid Profit-Taking

The Nigerian Exchange Limited on Tuesday witnessed a further drop in market indices by 1.2 per cent, amid sustained negative investment sentiments. Specifically, the NGX All-Share Index dropped 626.14 points or 1.2 per cent to close at 53,124.63 compared with 53,750.77 achieved on Monday. Consequently, the year-to-date gain… Read More

NNPCL To Boost Oil Reserves To 50 Billion Barrels

The ongoing oil exploration in Nigeria’s frontier basins is to grow the country’s crude oil reserves from 37 billion barrels to 50 billion barrels, the Nigerian National Petroleum Company Limited, announced on Tuesday. NNPC also commenced the official spud-in (drilling) for crude in the Ebenyi-A Well in Obi Local Government Area of… Read More


NPA Revenue Hit N361bn In One Year

The revenue generation profile of the Nigerian Ports Authority (NPA) has risen from N317 billion in 2020 to N361 billion in 2022. This is even as it’s remittances to the Consolidated Revenue Account (CRA) of the federal government has also increased from N80 billion to N91 billion in the last one year. Checks by Daily Trust revealed that NPA… Read More


Insurance GPI Rises 36.3% To N726.2bn, Claims Payment Up 31.2%

In line with the National Insurance Commission (NAICOM) plans for the insurance sector in its third quarter (Q3) industry performance report of 2022, the industry has recorded 36.3 percent increase quarter on quarter (QoQ) in Gross Premium Income (GPI) and 17.8% year on year (YoY) in the fourth quarter (Q4) of the same year under review… Read More



Taming Inflation With Interest Rate Hike

Nume Ekeghe examines the decision of the Monetary Policy Committee of the Central Bank of Nigeria to raise the benchmark interest rate by 50 basis points and its implication on the nation’s economy. The Monetary Policy Committee of the Central Bank of Nigeria (CBN) last week rose from its 290th meeting in Abuja raising benchmark interest rate by… Read More


Queues Disappear As Banks Increase Cash Payout To Customers

Banks, yesterday, increased cash payout to customers leading to sharp reduction in the long queues and massive crowds that characterised the cash dispensary points in the last two and half months. This followed the sustained cash evacuation from the Central Bank of Nigeria (CBN) to Deposit Money Banks since Friday last week… Read More


Domestic Airfares Jumped By 66% In 2022 – NBS

The National Bureau of Statistics has revealed that domestic air transport fares increased by 66.36 per cent in the last one year. In its latest report titled ‘Transport Fare Watch (February 2023)’, the NBS stated that the average fare paid by air passengers in air travel for specified routes single journey decreased by 0.18 per cent on a month-on-month… Read More



2023 Flawed General Election(S): Missed Opportunity For Nation-Building

Among other types of government, namely plutocracy, aristocracy, gerontocracy, ochlocracy, and others, democracy is the most popular type of government. And periodic election is a critical and pivotal component of democracy or representative government. Political leaders are products of periodic elections. And it is a fact that political leaders in a… Read More


2023 Polls: Politics Of Backwardness And Sustained Poverty

Assume a state with about 30 local government areas. Assume each LGA has 10 council wards. That will mean 300 wards in the state. If each ward has 10 polling units, that will mean 3,000 polling units in the state. If a political party in the 2023 election spent minimum $500 per polling unit in buying votes, that will mean $1,500,000… Read More



‘Nigeria’s Fintech Market Stands Out In Africa’ The Chief Executive Officer of Cellulant, Akshay Grover has stated that the Nigerian fintech market stands out in the continent on different counts. During a media chat, Grover pointed out that Nigeria and Kenya are the top two markets in African fintech but insisted that Nigeria is ahead in terms of market size, technology talents and market offerings… Read More