Businessday news headlines

Here are some recent business day news headlines:

Economy

  1. Nigeria's GDP grows by 2.55% in Q1 2023: The National Bureau of Statistics (NBS) has released the country's Gross Domestic Product (GDP) figures for the first quarter of 2023, showing a growth rate of 2.55%.
  2. Inflation rate drops to 15.92% in April: The Consumer Price Index (CPI) has dropped to 15.92% in April, according to the NBS, indicating a slight decline in inflation.
  3. CBN injects $210m into foreign exchange market: The Central Bank of Nigeria (CBN) has injected $210 million into the foreign exchange market to boost liquidity and stabilize the naira.

Markets

  1. Nigerian stocks gain 0.45% as market capitalization hits N23.4 trillion: The Nigerian Stock Exchange (NSE) has recorded a gain of 0.45% as market capitalization hits N23.4 trillion.
  2. Dangote Cement shares surge 10% on strong Q1 results: Dangote Cement Plc shares have surged 10% on the NSE following the release of strong first-quarter results.
  3. MTN Nigeria's shares drop 2.5% on profit warning: MTN Nigeria's shares have dropped 2.5% on the NSE after the company issued a profit warning due to regulatory challenges.

Business

  1. Airtel Africa to list on London Stock Exchange: Airtel Africa, a subsidiary of Bharti Airtel, is set to list on the London Stock Exchange (LSE) in a move that could raise up to $1 billion.
  2. UBA to acquire 90% stake in Ghana's First Bank: United Bank for Africa (UBA) has agreed to acquire a 90% stake in Ghana's First Bank for an undisclosed sum.
  3. Nigerian government to establish new national carrier: The Nigerian government has announced plans to establish a new national carrier to replace the defunct Nigeria Airways.

Technology

  1. Google to invest $1 billion in Nigerian tech startups: Google has announced plans to invest $1 billion in Nigerian tech startups as part of its efforts to support the country's digital economy.
  2. MTN Nigeria launches 5G network: MTN Nigeria has launched its 5G network, making it the first telecom operator to do so in the country.
  3. Nigeria's e-commerce market to reach $12 billion by 2025: Nigeria's e-commerce market is expected to reach $12 billion by 2025, driven by the growth of online shopping and digital payments.

These are just a few of the recent business day news headlines.