Daily Business Headlines – MAY 08 2023


Banking Stocks Lift NGX Index, As Investors Gain N34bn

Gains recorded in some banking stocks last week lifted the Nigerian Exchange (NGX) from the negative region even as investors gained N34 billion at the end of the week. The positive sentiments, therefore, ended the five straight weeks of losing streak as investors continued to focus on fundamentally sound stocks, impressive first quarter (Q1)… Read More

Agric Sector Growth Defies N1.8 Trn Loan Infusions

In apparent reflection of the impact of insecurity, flooding and extreme weather on farming activities, agriculture sector growth fell by more than half in five years to 2022, defying the  double digit increase in banks’ lending to farmers during  the same period. Financial Vanguard analysis of banks’ lending in the last 10 years  showed  that  loans… Read More


Edo Refinery Orders 200,000 Barrels Of Crude

Edo Refinery and Petrochemicals Company Limited has placed an order for 200,000 barrels of crude from Oza Oil Field operated by Decklar Resources Inc and Millenium Oil and Gas Company. It said this was in line with the Edo State Governor, Godwin Obaseki’s drive to transform the state into a major investment and industrial haven in the… Read More


Businesses opt for unconventional debts as interest rate nears 35%

Rising interest rates, devaluation, and inflation have continued to push businesses away from conventional loans, with six firms raising N364.1 billion from the debt capital market in the last five years. This comes as blue chips explore alternative funding to survive unaffordable borrowing cost, which has risen to the region of 30 per cent… Read More



Inflation, FX Scarcity Shave Off N1.6trn From Nigeria’s Stock Market In April

Despite some very impressive 2022 corporate earnings and dividend payout to shareholders of quoted companies, investigations has revealed that market capitalisation of the Nigerian Exchange Limited (NGX) fell N1.580 trillion at the end of transactions in April. Although the stock market gained 2.25 per cent in four months of 2023, inflationary… Read More

CBN To Roll Out Guidelines On Contactless Payment System

The Central Bank of Nigeria (CBN) has revealed that it is set to issue guidelines to promote safe and efficient use of contactless payments across the country. This, according to the apex bank is part of its effort to modernise and drive the cashless payment policy in Nigeria.

The Director, Payment Systems Management Department at CBN, Musa… Read More


Dangote: My Refinery Can Save Nigeria $10bn In FX, Generate Another $10bn In Exports

Africa’s richest man and owner of the Dangote Refinery, Mr. Aliko Dangote, has said with the planned commencement of the refinery located in Lagos, Nigeria could save up to $10 billion in foreign exchange (FX) and generate another $10 billion in exports when the facility begins operation. The 650,000 barrels per day Dangote Refinery, the world’s… Read More



Asset Declaration: CCB Tells Tinubu, Others To Submit Forms Before May 29

Twenty-two days before the presidential inauguration, the Code of Conduct Bureau has said the President-elect, Asiwaju Bola Tinubu; the Vice President-elect, Kashim Shettima and 28 incoming governors must declare their assets before May 29.Other officials, including senators-elect and Reps-elect, are expected to declare their assets before… Read More


10th NASS: South East Senators-Elect Demand Senate President Seat

Ahead of the inauguration of the 10th National Assembly, senators-elect from the South East geopolitical zone have demanded that the seat of Senate President be occupied by one of them, in the spirit of justice, fairness and unity. They rejected the perceived zoning of the position to any oother geopolitical zone other side the South East, while… Read More



More Phones Hit Nigerian Market As Approved Devices Rise To 2,112 Mobile manufacturers are releasing more phones to the Nigerian market to meet the growing demands. With this, the number of phones approved for sale in the country by the Nigerian Communications Commission (NCC) has increased to 2,112 as of April 2023. The devices, which are of different brands and models are those that have been tested… Read More