Melissa Houston

You may have heard “You need money to make money.” It’s one of the most common phrases you will hear in entrepreneurship. It can hold true in some cases, but to get started, you can start a business without going into debt.

Building a business without debt is not only possible, but also a smart approach. With careful planning, strategic decision-making, and a resourceful attitude, you can launch and grow a successful business without the stress of loans or credit card debt weighing you down.

Let’s look at some tips to learn how to build a business without going into debt:

1. Start small and scale strategically

One of the most important steps that cannot be skipped when starting a business is to prove your offer in the market. Before you invest significant resources it’s essential to determine if there is a demand for your offer. By proving your offer, you reduce risk of failure.

2. Leverage existing skills and resources

Use the skills, tools, and resources that you already have to get a business going. It’s expensive to hire consultants to do work for you, so learn how to do as much as you can yourself. This will help reduce costs and save money for more important investments.

3. Adopt a pay-as-you-go approach

You need to generate revenue before you invest in growing your business. This generates the financial stability you need to grow your business. By securing paying customers first, you can reinvest profits strategically, avoid unnecessary debt, and create a solid financial foundation for long-term success.

4. Build a strong cash flow plan

Cash is queen in a business and a solid cash flowmanagement plan will ensure sustainability in your business. Create a business budget and follow it to ensure that you don’t overspend and put your business at risk.

5. Avoid the “shiny object syndrome”

Establish clear priorities for your business and avoid overspending on expenses that you did not plan for. It’s important to say no to alluring marketing schemes selling you things that you don’t need for your business. It’s helpful to create a spending checklist to help you stay on track.

6. Plan for profit, not just revenue

Be sure that you have priced your offer profitably and understand the difference between profit and revenue. Monitor your profit margins and ensure you are keeping them competitive. Most importantly, ensure your business is making money.

When Debt Might Be Necessary

There are situations when taking on debt can be a strategic move, especially when you are scaling after you’ve proven your business model. For example, if you’ve validated your offer, have steady cash flow, and see a clear opportunity for expansion that requires upfront investing, then borrowing money might be required.

Before you borrow money, you need to ask yourself if the loan will directly contribute to revenue growth. Can your business take on the debt repayments even during slow periods? If the answer is yes, then look for manageable and low-interest financing options.

The bottom line is that debt free growth in your business is possible with strategic planning and patience. Building a business takes time, and most businesses do not experience huge growth overnight. The best approach to building a business without going into debt is to start small, prove your offer, manage your cash flow, and focus on profitability. You then reinvest the profit that you are making in your business into growing your business.

Forbes

The Nigerian Exchange Limited (NGX) experienced a significant decline yesterday as investors lost N1.1 trillion in a broad market selloff affecting 41 stocks. The All-Share Index fell by 1,745.16 points (1.66%) to close at 103,622.09, while the market's total value dropped to N63.188 trillion.

Major companies, including Dangote Cement, Julius Berger Nigeria, and MTN Nigeria Communications, led the downturn. The market showed overall negative sentiment, with 41 stocks declining compared to just 23 gainers.

Among the top performers, Northern Nigeria Flour Mills led with a 10% gain, closing at N45.10. Other notable gainers included Livestock Feeds (+9.91%) and Academy Press (+9.90%). On the losing side, Honeywell Flour Mills saw the steepest decline of 10%, closing at N9.54, while both Julius Berger and Dangote Cement fell by 9.98%.

Trading volume increased slightly by 1.1% to 511.157 million units, with a total value of N12.759 billion across 13,052 transactions. Guaranty Trust Holding Company (GTCO) was the most actively traded stock, with 54.352 million shares worth N3.152 billion changing hands, followed by Nigerian Breweries with 32.198 million shares valued at N1.029 billion.

The market decline reflects broader investor concerns, with significant pressure on large and medium-sized companies across various sectors of the Nigerian economy.​​​​​​​​​​​​​​​​

The Central Bank of Nigeria (CBN) has imposed fines totaling ₦1.35 billion on nine deposit money banks (DMBs) for failing to ensure adequate cash availability at automated teller machines (ATMs) during the festive season.

The penalized banks include Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, United Bank for Africa (UBA), and Sterling Bank. Each bank was fined ₦150 million.

In a statement released on Tuesday, Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, explained that spot checks conducted by the apex bank revealed violations of its cash distribution guidelines. Consequently, the fines will be debited directly from the banks’ accounts with the CBN.

“This enforcement action demonstrates the CBN’s zero-tolerance stance on cash flow disruptions. The affected banks failed to comply with our guidelines, especially during a period of high demand for cash,” the statement read.

Sidi Ali further emphasized that the CBN remains committed to ensuring seamless cash availability across the banking sector and warned that additional sanctions would be imposed on any financial institution found violating its cash circulation rules.

The regulator also announced plans to intensify monitoring of cash hoarding and rationing at bank branches and point-of-sale terminals. It pledged to work with security agencies to combat illegal cash sales and enforce adherence to the daily withdrawal limit of ₦1.2 million for POS operators.

On November 29, CBN Governor Olayemi Cardoso urged customers to report any withdrawal difficulties using designated contact channels. This followed a directive from the CBN mandating banks to prioritize ATM cash disbursement or face penalties.

The Nigeria Customs Service (NCS) has announced revenue collection of N6.1 trillion for 2024, surpassing its target by N1.026 trillion. Comptroller General Adewale Adeniyi revealed these figures during a press briefing in Abuja on Tuesday, highlighting a 90.4% increase from the N3.2 trillion collected in 2023.

The collection was broken down into three main components:

- Federation accounts: N3.6 trillion

- Non-federation account levies: N816.9 billion

- Value-added tax: N1.6 trillion

Notably, these results were achieved despite the government granting N1.68 trillion in concessions to support various economic sectors throughout 2024. Building on this, the federal government has set an even more ambitious target of N8 trillion for 2025.

To meet this new challenge, Adeniyi announced plans to leverage "Odogwu," a revenue collection technology developed under the Trade Modernisation Project in late 2024. This system will be central to the Service's strategy for achieving its heightened collection goals in the coming year.

The substantial increase in revenue collection signifies improved efficiency in customs operations and potentially stronger trade activity in Nigeria during 2024.​​​​​​​​​​​​​​​​

Gaza ceasefire appears close as US, Egyptian leaders put focus on 'coming hours'

Negotiators were near to hammering out the final details of a ceasefire in Gaza on Wednesday after marathon talks in Qatar, and the U.S. and Egyptian leaders promised to stay in close contact about a deal over the coming hours.

More than eight hours of talks in Doha had fuelled optimism. Officials from mediators Qatar, Egypt and the U.S. as well as Israel and Hamas said an agreement for a truce in the besieged enclave and release of hostages was closer than ever.

Qatar's foreign ministry spokesperson Majed Al-Ansari earlier told a news conference that both sides were presented with a text and talks on the last details were under way.

But a senior Hamas official told Reuters late on Tuesday that the Palestinian group had not delivered its response yet because it was still waiting for Israel to submit maps showing how its forces would withdraw from Gaza.

U.S. President Joe Biden, whose administration has been taking part alongside an envoy of President-elect Donald Trump, said a deal was close.

Biden and Egyptian President Abdel Fattah El-Sisi talked about progress in the negotiations on Tuesday.

"Both leaders committed to remain in close coordination directly and through their teams over the coming hours," the White House said in a statement after the leaders' telephone call.

The two presidents "emphasized the urgent need for a deal to be implemented."

Hamas said the talks had reached the final steps and it hoped this round of negotiations would lead to a deal.

An Israeli official said talks had reached a critical phase although some details needed to be worked out: "We are close, we are not there yet."

Visiting Rome, Israeli Foreign Minister Gideon Saar said on Tuesday he believed a majority of Israel's coalition government would support a Gaza deal if one is finally agreed, despite vocal opposition from hardline nationalist parties in the coalition.

Militant group Islamic Jihad, which is separate from Hamas and also holds hostages in Gaza, said it was sending a senior delegation that would arrive in Doha on Tuesday night to take part in final arrangements for a ceasefire deal.

If successful, the phased ceasefire - capping over a year of start-and-stop talks - could halt fighting that decimated Gaza, killed tens of thousands of Palestinians, made most of the enclave's population homeless and is still killing dozens a day.

That in turn could ease tensions across the wider Middle East, where the war has fuelled conflict in the West Bank, Lebanon, Syria, Yemen and Iraq, and raised fears of all-out war between Israel and Iran.

Israel would recover around 100 remaining hostages and bodies from among those captured in the Oct. 7, 2023 attacks by Hamas that precipitated the war. In return it would free Palestinian detainees.

U.S. Secretary of State Antony Blinken, who gave a speech in Washington outlining a vision for governing the Palestinian territories after the war, said it was up to Hamas to accept a deal that was already set for implementation.

CHILDREN, WOMEN HOSTAGES WOULD BE RELEASED FIRST

"The deal ... would free the hostages, halt the fighting, provide security to Israel and allow us to significantly surge humanitarian assistance to the Palestinians who suffered terribly in this war that Hamas started," Biden said on Monday.

Despite the efforts to reach a ceasefire, new Israeli strikes in Gaza killed at least 15 people on Tuesday in attacks on Deir al-Balah and Rafah, medics said.

Meanwhile, the United Nations said it was busy preparing to expand humanitarian assistance to Gaza under a potential ceasefire but uncertainty around border access and security remained obstacles.

Families of hostages in Israel were caught between hope and despair.

"We can't miss this moment. This is the last moment; we can save them," said Hadas Calderon, whose husband Ofer and children Sahar and Erez were abducted.

An Israeli official said the deal's first stage would see the release of 33 hostages, including children, women including some female soldiers, men above 50, and the wounded and sick. Israel would gradually and partially withdraw some forces.

A Palestinian source said Israel would free 1,000 Palestinian prisoners in the first phase over 60 days.

Israel launched its assault in Gaza after Hamas-led fighters stormed across its borders on Oct. 7, 2023, killing 1,200 people and taking more than 250 hostages, according to Israeli tallies.

Since then, Israeli forces have killed more than 46,000 Palestinians in Gaza, according to Palestinian health officials.

Both sides have been committed in principle for months to the prospect of a ceasefire accompanied by a swap of remaining hostages for detainees. But Hamas rejected any deal that stopped short of bringing a permanent end to the war, while Israel said it would not end the war until Hamas is dismantled.

Trump's Jan. 20 inauguration is now widely seen as a de facto deadline for a ceasefire agreement.

Reuters

WESTERN PERSPECTIVE

Ukraine fires US, British missiles into Russia, launches one of largest drone attacks so far

Russia's military on Tuesday said it would retaliate against Ukraine after Kyiv attacked Russian regions by firing six U.S.-made ATACMS ballistic missiles, six UK-made Storm Shadow cruise missiles and launching one of the biggest drone attacks to date.

After Ukraine first launched ATACMS and British Storm Shadow missiles into Russia last year, Moscow responded on Nov. 21 by launching a new intermediate-range hypersonic ballistic missile known as "Oreshnik", or Hazel Tree, at Ukraine.

Russia's defence ministry said it had shot down all of the Western missiles fired by Ukraine at the Bryansk region, as well as 146 drones outside the war zone. It said two more Storm Shadows had been shot down over the Black Sea.

"The actions of the Kyiv regime, supported by its Western curators, will not go unanswered," the defence ministry said.

The Ukrainian General Staff said it had struck as deep as 1,100 km (680 miles) inside Russia, targeting oil storage, refinery, chemical and ammunition plants in the Bryansk, Saratov, Tula and Tatarstan regions.

Kyiv did not say exactly how it struck the targets, but said that drone and missile forces were among the units involved in the attack.

Russian President Vladimir Putin said in November that the Ukraine war was escalating towards a global conflict after the United States and Britain allowed Ukraine for the first time to launch their missiles deep inside Russia.

President-elect Donald Trump has pushed for a ceasefire and negotiations to end the war quickly, leaving Washington's long-term support for Ukraine in question.

Russia's 2022 invasion of Ukraine has left tens of thousands of dead, displaced millions and triggered the biggest crisis in relations between Moscow and the West since the 1962 Cuban Missile Crisis.

DRONE ATTACK

The drone attack on Russia was one of the biggest to date.

Roman Busargin, governor of the Saratov region about 720 km (450 miles) southeast of Moscow, said the cities of Saratov and Engels, on opposite banks of the Volga River, had been subjected to a mass drone attack and there was damage to two industrial sites. Schools had shifted to remote learning, he said.

Ukraine attacked the same region last week and claimed to have struck an oil depot serving an airbase for Russian nuclear bomber planes, causing a huge fire that took five days to put out.

The Ukrainian General Staff said it had hit the Kristall Plant oil storage facility in Engels, part of an operation run by Ukrainian drone units and military intelligence.

The General Staff also said it had struck the Bryansk Chemical Plant, which it said produced ammunition for artillery, multiple launch rocket systems, aviation, engineering ammunition and components for cruise missiles.

The drone attack struck a munitions storage facility holding guided bombs and missiles at the Engels airbase in Russia's Saratov region as well as other targets, a source in the Security Service of Ukraine said on Tuesday.

The General Staff said attacks on the Saratov Oil Refinery and the Kazanorgsintez plant triggered fires.

RUSSIAN PERSPECTIVE

Russian military downs 14 Western-made missiles – MOD

Russian anti-aircraft defenses have repelled a large-scale Ukrainian attack on Bryansk Region, downing a dozen Western-supplied missiles and over 30 drones, the Defense Ministry in Moscow said on Tuesday.

The ministry reported the details of the overnight attack in its daily briefing, stating that Ukrainian forces used six US-made ATACMS ballistic missiles and six Franco-British Storm Shadow cruise missiles. Some 31 fixed-wing kamikaze drones were also used in the attack, it added.

All the projectiles were intercepted by anti-aircraft defenses, the military said, adding that two other Storm Shadow missiles were shot down over the Black Sea. The missiles appeared to be heading for the Crimean Peninsula, one of the main targets of Ukrainian long-range attacks during the conflict with Russia.

During the attack, some 42 private homes were damaged and one completely destroyed by falling debris of the shot-down missiles, Bryansk governor Aleksandr Bogomaz has said. No one was injured during the strike, he added.

According to media reports, the attack on Bryansk Region appeared to target the town of Seltso, which lies just to the northwest of the regional capital and hosts a major chemical plant.

Ukrainian forces have repeatedly staged long-range attacks on Russian soil in recent weeks using Western-supplied ballistic and cruise missiles. Kiev began using the weaponry to target internationally-recognized Russian territory late last year, after several of its Western backers lifted restrictions on the use of long-range systems they had been supplying.

Moscow has repeatedly warned that the attacks make the US-led NATO military bloc a direct party to the conflict, pointing out that Kiev would not be able to use such sophisticated systems without the involvement of Western specialists.

Reuters/RT

Melissa Houston

Due to technological advancements and global digitization, there are growing opportunities to make money online in 2025. However, it isn’t as easy as it used to be. There are essential skills needed to make money online in 2025, and you need these skills to thrive in a competitive online market.

Understanding the Online Landscape in 2025

In 2025, the online economy is more dynamic and opportunity-filled than ever, driven by technological advancements like artificial intelligence (AI) and the normalization of remote work. AI tools are reshaping how businesses operate, from automating mundane tasks to enhancing creativity with content generation and data analysis.

The global acceptance of remote work has also expanded access to online opportunities, enabling individuals to collaborate and monetize their skills from anywhere in the world.

In this fast-changing digital landscape, adaptability is the cornerstone of success. Trends and technologies evolve rapidly, requiring online entrepreneurs to stay informed and agile. Those who embrace learning, pivot with market demands, and continuously upgrade their skill sets will find themselves better positioned to capitalize on the opportunities in the online space.

Here are some top skills that you will need to make money online:

1. Digital marketing

This is a top skill because it enables you to effectively reach, engage, and convert your target audience, driving visibility and sales in a competitive digital marketplace.

2. Entrepreneurial thinking

Entrepreneurial thinking allows you to identify opportunities, adapt to changing trends, and create innovative solutions that drive success in a competitive digital market.

3. Financial literacy

Financial literacy skills equip you to manage budgets, price your products or services effectively, and maximize profits while making informed decisions to sustain and grow your business.

4. Sales skills

Sales skills enable you to effectively communicate value, build relationships, and convert prospects into paying customers, driving revenue and business growth.

5. Networking and collaboration

These skills allow you to build meaningful relationships, share resources, and create mutually beneficial opportunities that expand your reach and accelerate growth in the digital space.

6. Problem solving and resiliency

These skills help you navigate challenges, adapt to unforeseen obstacles, and maintain momentum in a rapidly changing digital environment, ensuring long-term success.

7. Time management

Time management skills help you prioritize tasks, meet deadlines, and maximize productivity, enabling you to efficiently grow your business and achieve your financial goals.

In the rapidly evolving online economy, staying ahead requires a commitment to continuous learning and upskilling. As trends and technologies shift, keeping your skills relevant is essential to maintaining a competitive edge.

By dedicating time to learning and staying curious, you can adapt to changes in the digital landscape and position yourself as an innovator in your chosen field.

The bottom line is that when you want to build a business and make money online, you must stay current with the trends and adapt to them. The digital landscape evolves rapidly, driven by technological advancements, shifting consumer behaviors, and emerging markets. These skills will allow you to adapt with changing market needs while building profitable businesses that make money for you.

Forbes

Conflicting reports on Nigeria’s crude oil production for late 2024 have highlighted discrepancies between data from the Organisation of the Petroleum Exporting Countries (OPEC) and Nigeria’s own authorities.

According to OPEC’s Monthly Oil Market Report (MOMR) for December 2024, Nigeria’s average daily oil production, including condensates, rose by 152,000 barrels per day (bpd) in November 2024. This marked an 11% increase, bringing total production from 1.333 million bpd in October to 1.486 million bpd in November. The data suggested a significant recovery in output, with a month-on-month increase of nearly one million barrels.

However, figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) present a different narrative. NUPRC data for December 2024 showed that average daily oil production actually declined by 1.35% from 1.690 million bpd in November to 1.667 million bpd in December. Peak production for December was reported at 1.79 million bpd, with the lowest daily production at 1.57 million bpd.

Cumulatively, NUPRC indicated that total oil output for December stood at 51.69 million barrels, a marginal 1.9% increase compared to 50.71 million barrels in November. The report also revealed that Nigeria’s production, excluding condensates, averaged 1.484 million bpd—falling short of OPEC’s production quota of 1.5 million bpd and the 1.7 million bpd benchmark set in Nigeria’s 2024 budget.

Further analysis of NUPRC’s data showed Forcados Terminal as the highest producer in December, with 8.49 million barrels, followed by Bonny Terminal (7.78 million barrels) and Qua Iboe (4.15 million barrels).

The discrepancies between OPEC and NUPRC data raise questions about the accuracy and consistency of Nigeria’s oil production reporting. While OPEC’s figures suggest an increase in production, NUPRC data paints a less optimistic picture, highlighting challenges in meeting both international quotas and domestic budget benchmarks.

Chief of Defence Staff (CDS), Christopher Musa, has disclosed that over 60,000 children are among the more than 120,000 Boko Haram members who have surrendered.

In an interview with Arise News on Monday, Musa detailed ongoing efforts to combat insurgency in Nigeria. He noted that not all individuals associated with Boko Haram willingly joined the group, as many were coerced, conscripted, or enslaved.

“Not everyone involved is a terrorist. Some were forced, some enslaved,” Musa explained. “Of the 120,000 who surrendered, over 60,000 were children.”

Musa highlighted that after losing their territorial control, Boko Haram shifted to a grim recruitment strategy. The group focused on impregnating women to produce a new generation of fighters, further exacerbating the crisis.

“In the past, they captured communities and forced men to join, often under threat of execution,” he said. “Now, without territories, they resorted to impregnating women repeatedly to create new fighters. These children, raised in an environment normalising violence, would have been extremely dangerous.”

The CDS expressed relief that many of these children are now in custody, reducing the potential threat they posed. He stated that those found culpable of crimes are being investigated and prepared for trial, while women, children, and the elderly are undergoing rehabilitation and care.

Musa reassured Nigerians of the government’s commitment to ensuring peace through deradicalisation, rehabilitation, and prosecution. “Nigeria is safe and will continue to be safe,” he affirmed.

Suspected Islamist militants killed 40 farmers in an attack on the Dumba community in Nigeria's northeastern Borno State on Sunday, a senior state official said on Monday.

The militants were believed to belong to the armed group Boko Haram and its offshoot Islamic State West Africa Province (ISWAP), who have been waging a deadly insurgency in northeast Nigeria since 2009 that has displaced millions and killed thousands, with Borno at its epicenter.

Sunday's attack comes amid a worsening food crisis in Borno, exacerbated by flooding in September and years of insecurity and displacement caused by the insurgency.

Initial reports indicate the farmers strayed outside a security corridor set up by the military, venturing into an area known for insurgent activity and strewn with landmines, Usman Tar, commissioner of information said.

Security forced were looking for any farmers who had escaped the attack, Tar added.

Borno Governor Babagana Zulum condemned the attack in a statement, calling on the military to "track and deal decisively with the perpetrators"

He said the attack will be investigated and asked farmers and fishermen in the area to operate within the safe corridors demarcated by the military.

Boko Haram and ISWAP have stepped up attacks in Borno since the turn of the year, with a failed ambush on a military patrol last week leaving 34 militants dead. Six soldiers were killed in action.

Reuters