Daily Business Headlines – MAY 03 2023


Stock market resumes May trading with N58 billion losses

The Nigerian Exchange Limited (NGX) halted three sessions of gain to commence trading for the month of May on a downward note yesterday, as market capitalisation dropped by N58 billion. Specifically, at the re-opening of transactions for the month of May, the All-Share Index (ASI) fell by 107.03 points, representing a decline of 0.20 per cent… Read More


Nigeria’s E-Payment Transactions Soar By 836% Increase In Four Years – Emefiele

Nigeria’s Central Bank Governor, Mr Godwin Emefiele, stated that the electronic transaction volumes in Nigeria increased by 836 per cent between 2017 and 2021 The CBN Chief disclosed this on Tuesday at the 34th seminar organised for finance correspondents and business editors on Tuesday in Calabar, Cross River. The governor was… Read More


NSIA Launches 2 Companies To Deliver Healthcare Plan

The Nigeria Sovereign Investment Authority, NSIA, managers of Nigeria’s Sovereign Wealth Fund, has announced the launch of two of its flagship companies, namely the NSIA Advanced Medical Service Limited, MedServe, and Equilease Systems Limited, EquiLease. This is coming on the heels of the receipt, yesterday, of the Enugu State… Read More


FG, States Can’t Pay Salaries Beyond June Without Removing Fuel Subsidy – Obaseki

The Edo State Governor, Mr Godwin Obaseki, on Monday, said the Federal Government may not be able to pay workers’ salaries beyond June 2023 without resorting to massively printing money or removing fuel subsidy. Obaseki disclosed this in his address during the 2023 May Day celebration with the theme, “Workers’ rights and socio…Read More



Food Inflation: Average Price Of Beef Rises By 25.05% In One Year – NBS

The average price of 1kg of Beef in Nigeria grew by 25.05% on a year-on-year basis. The price of Beef was recorded at N2,479.61 in March 2023 compared with the price recorded in March 2022 (N1,982.92) and a 1.38% rise in price on a month-on-month basis from N2,445.96 in February 2023. This was disclosed by Nigeria’s Bureau of… Read More


Buhari Excludes Finance Ministry From TSA

The President, Major General Muhammadu Buhari (retd.), on Tuesday, in Abuja, approved the partial exclusion of the Ministry of Finance Incorporated from the Treasury Single Account. Buhari also granted the request of the Board of MOFI to charge management and transaction fees; and the inclusion of the Minister of Power in the Governing… Read More


IMF Raises 2023 Economic Outlook For Asia, Sees China And India Making Up Half Of Global Growth

The IMF’s upgraded outlook would mean the region would contribute around 70% of global growth, it said. The region expanded 3.8% in 2022.“Asia and Pacific will be the most dynamic of the world’s major regions in 2023, predominantly driven by the buoyant outlook for China and India,” the IMF said in its report. “The two largest emerging… Read More



Senate Presidency: Negotiations, Intense Lobbying Among Contenders As NWC Meets

After some lull in political intrigues since the completion of the general elections in March, next month’s inauguration and election of principal officers of the 10th National Assembly is another crucial contest Nigerians are anxiously waiting to see how the All Progressives Congress (APC) and the President-elect, Bola Ahmed Tinubu, will unravel… Read More


The Comoros Appoints First Honorary Consul-General For Nigeria

The Union of the Comoros has appointed is first Honorary Consul-General for Nigeria, Donald Roy Joseph Abed.The island African nation opened its honorary consulate in Nigeria following the approval granted to the country by the Federal Government. This appointment is contained in a note sent by the Ministry of Foreign Affairs… Read More



Nigeria To See 10% 5G Penetration By December

Telecommunications operator, MTN, is hoping to achieve a 10 per cent fifth-generation (5G) network reach by the end of this year. The telecoms giant, which disclosed this in its Integrated Report for the year ended December 31, 2022, at the weekend, said it has deployed over 2,500 5G sites across its 19 markets in two continents. In… Read More