Daily Business Headlines – March 6, 2023


Equities Market Sustains Rally Ahead Of Gubernatorial Election

The equities market sustained the positive sentiment ahead of the forthcoming gubernatorial general election and expectations of more dividend declarations by listed companies. Analysts attributed the equities rally to confidence boost by the local investors due to the better than expected corporate earnings post-COVID, higher… Read More


Manufacturers’ Confidence In Nigeria’s Job Market Hit 21-Month Low

Manufacturers’ confidence in Nigeria’s employment conditions for the first quarter of 2023 dropped to the lowest in 21 months on the back of growing macroeconomic challenges. According to the latest aggregate Manufacturers CEO’s Confidence Index (MCCI) of the Manufacturers Association of Nigeria (MAN), employment conditions for… Read More


CBN Releases N114bn Under 100-For-100 Policy

The Central Bank of Nigeria has disbursed N114.17bn to beneficiaries under its 100-for-100 Policy on Production and Productivity since the commencement of the intervention. This was disclosed in a communiqué issued by the CBN Governor, Godwin Emefiele, after the last Monetary Policy Committee meeting held in Abuja. He stated that the… Read More


Banks’ NPL Sustains Decline at 4.2%, Assets Up 24.24% to N73.59trn

The Central Bank of Nigeria (CBN) has stated that the non-performing loans (NPLs) in the nation’s banking sector have sustained a decline further below the regulatory benchmark of 5 per cent to 4.2 per cent at the end of December 2022. This decline, furtherance from 4.9 per cent recorded in September 2022 was highlighted in the personal… Read More



Banks’ Credit To Govt Rises By N11tn – Report

Banks credit to the government rose by N11.75tn in one year, figures obtained from the Central Bank of Nigeria have revealed. The CBN disclosed in its ‘Money and credit statistics’ report that the credit rose from N14.9tn as of the end of January 2022 to N26.65tn in the corresponding period of 2023. According to reports released by the… Read More


Petrol: NNPC Declares 35 Days Sufficiency With 1.2bn Litres

The NNPC Limited has declared that it has in stock about 1.2 billion litres of Premium Motor Spirit (petrol) which would ensure a robust supply of the product for at least 35 days. Chief Corporate Communications Officer, NNPC Limited, Mr Garba Deen Muhammad, in a statement weekend, explained that the 2.1 billion litres represented 0.9 billion… Read More


How Nigeria’s GDP Growth Beat Imf’s Forecast

The National Bureau of Statistics (NBS) recently released its fourth quarter report that stated that Nigeria’s annual Gross Domestic Product (GDP) for 2022 rose to 3.10 per cent in real terms, a drop from 3.40 per cent recorded in 2021. The report, which indicated that the economy recorded slower growth when compared to 2021… Read More


THE SUN          

Nigeria Decides 2023: Presidential Election: Fundamental Issues As Atiku, Obi Head To Court

In the early hours of Wednesday, March 1, 2023, the Chairman of the Independent National Electoral Commission, INEC, Prof. Mahmood Yakubu, declared former Lagos State Governor and presidential candidate of the All Progressives Congress (APC), Senator Bola Ahmed Tinubu, as winner of the February 25, presidential election… Read More  


2023 Elections: Economic Agenda The Incoming Administration Should Focus On – CPPE

The incoming Nigeria Presidential administration sworn in on May 29th should focus on Fiscal Consideration, Foreign Exchange Reform, Trade and tariff, Agriculture, Industralisation and financial sector reforms. This was disclosed by Dr Muda Yusuf, Director, Centre for the Promotion of Private Enterprise in a statement viewed by… Read More



Flutterwave Denies N2.9bn Hacking Claims

Flutterwave has denied reports that it was hacked and over N2 billion being funds from the company’s account removed. According to a story by Techpoint Africa, hackers made away with ₦2,949,557,867, were illegally transferred from the accounts of the African fintech unicorn, Flutterwave. The alleged breach led to the company taking an… Read More