Business News

Tuesday, 13 September 2022 07:03

FG has granted cashew processors 100% capital allowances. This is what that means

Federal government says companies involved in cashew production and processing will enjoy 100 percent capital allowances. Capital allowance is an amount of money spent on business assets that can be subtracted from what a business owes in tax. Adebayo Adeniyi, minister of industry, trade and investment disclosed this at the 16th edition of the annual conference of the African cashew alliance in Abuja on Monday. The minister said the conference was held in Nigeria for the first time since it began in 2006, adding that the event which is held annually amongst cashew-producing countries, was an opportunity to share experiences…

Tuesday, 13 September 2022 06:54

How to use design principles to streamline your business

Have you ever had the experience where somebody forwards you an email thread and you have to read through fourteen different conversations to find the action items? You basically have to become an investigative journalist trying to piece together who said what, who was this again...and by the end of the email you find yourself frustrated with the entire experience. That's an example of bad design. And as a business owner, there are lots of things in your day to day that likely suffer from similar design flaws. So today, I want to share some examples of how you can…

Monday, 12 September 2022 06:18

6 ways to develop sharp business judgment

The best kinds of organizations to be a part of are winning organizations, ones that consistently meet or exceed lofty goals and have a confidence about them driven by everyone feeling they're working on a team of champions. The leader, of course, is the heartbeat of such an organization and within that, it's that leader's ability to consistently make good decisions that makes that heart beat. Nothing leads more directly to better results than better decisions and nothing aids better decisions better than good judgment. That's why Harvard Business Review's January-February 2020 issue caught my eye, because in it, London…

Sunday, 11 September 2022 06:42

Science shows many high achievers had troubled childhoods. Elon Musk's sister just explained why he's the perfect example

Look into the childhoods of many super high achievers, from Howard Schultz to Madonna to Eleanor Roosevelt, and you'll notice a common theme: They weren't very happy. In fact, a great many are downright tragic. Madonna lost her mother to cancer at age five. Schultz grew up in a tough housing project. Roosevelt's dad drank himself to death. At first this might look like just random anecdotes, but science suggests there is something more to this observation. One classic study of 400 high achievers who had at least two biographies written about them (for positive reasons) found that an incredible…

Friday, 09 September 2022 06:48

Nigeria recorded N3.2 trillion trade surplus in 6 months - NBS

National Bureau of Statistics (NBS) says Nigeria recorded a N3.2 trillion trade surplus between January and June of 2022. The bureau stated this in its recent report titled: ‘Foreign trade in goods statistics (Q2 2022)’. In the first half of the year, Nigeria’s total exports was N14.5 trillion and total imports was N11.3 trillion, which gives a trade surplus of N3.2 trillion. A trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh its imports. In Q1 2022, Nigeria’s total trade was N13 trillion. This was higher than the value recorded…

Friday, 09 September 2022 06:43

Entrepreneurs are susceptible to shiny object syndrome. Here's how to cure it

"I have a great idea for a new business or product". It's a statement that I hear almost every day and for the majority of business owners, it isn't necessarily a good thing. Let me explain. I coach business owners who have been in business for several years. They have a product or service that has proven itself and has shown the capacity for tremendous growth. So when someone comes to me, with an already successful business, excited about a new product line or service, I can't help but approach the conversation a little guarded. Entrepreneurs are particularly susceptible to…

Thursday, 08 September 2022 07:10

Russia-Ukraine war: Nigeria to send more LNG to Europe by next winter

Nigeria will be able to send more liquefied natural gas (LNG) to Europe by next winter, Oil Minister Timipre Sylva said on Wednesday at the Gastech conference in Milan. As Europe seeks alternatives to dwindling supplies of Russian gas, the minister said that security issues are delaying deliveries of more gas at the moment but Nigeria will build a pipeline of Nigerian gas through Algeria to Europe. Nigeria will soon take the final decision over the investment to build the infrastructure, the minister said, adding that the project is likely to cost more than $10 billion. The Nigerian and Algerian…

Thursday, 08 September 2022 06:45

Here’s a great advice on time, money, and how best to make the most of both

“The greatest lesson I’ve learnt about time is that it only goes forward. No matter how much money you have, you can’t go back and relive the moment. All you have is the present.” When asked about the greatest lesson he’s ever learned, Luthuli says: “My mother was murdered in 2013, and that horrific incident has taught me a lesson I’ll never forget. Don’t hesitate to act because we never know the value of a moment until it becomes a memory. “There are so many things left unsaid, and I’ll never get the chance again. Now I live my life…

Wednesday, 07 September 2022 06:54

Foreign capital inflow into Nigeria declined 23 percent in Half 1, 2022 - Report

Insecurity and lingering foreign exchange crisis have forced the capital importation into Nigeria to decline further by 23 percent. Capital Importation measures the aggregate of foreign investments into an economic entity within a given period. It is divided into portfolio investments, other investments and Foreign Direct Investments. According to data collated from separate reports by the National Bureau of Statistics, capital inflows into Nigeria in the first and second quarters of 2022 was $3.1bn, while $3.9bn came into the country by way of Capital Importation in the third and fourth quarters of 2021. This represents an $810.5m decline in foreign…

Wednesday, 07 September 2022 06:42

3 things you need to do to keep customers

Customer retention comes down to managing these key points A ton of research has been conducted over the years on how businesses can best develop relationships with their customers. Most companies aim to keep as many of their customers happy for as long as possible while minimizing churn or customer turnover. Some companies may even have lofty goals like winning customers for life. But what levers can you pull to help increase your customer retention rate? In short, there are three key elements to focus on: 1. Setting expectations and beating them. 2. Ensuring your product/service is competitive. 3. Building…

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Tuesday, 06 September 2022 06:28

Oil up 3 percent as OPEC+ agrees to small oil output cut

Oil prices rose about 3% on Monday, as OPEC+ members agreed to a small production cut of 100,000 barrels per day to bolster prices. Brent crude futures for November delivery settled $2.72 higher at $95.74 a barrel, a 2.92% gain. Prices had climbed nearly $4 earlier in the session, but were tamed by comments from the White House that U.S. President Joe Biden was committed to taking all steps necessary to shore up energy supplies and lower prices. U.S. crude rose $2 to $88.85 per barrel, a 2.3% rise after a 0.3% gain in the previous session, in thin volumes…

Tuesday, 06 September 2022 06:19

3 reasons your business is stagnant and what to do about it

Business growth typically isn't a linear trajectory. There are many ups and downs, and oftentimes we may even find our growth stagnant. So today, I wanted to share with you three reasons why your business growth might be at a stand still and discuss ways that you can get things moving in the right direction again. A Lack of Strategic Depth I was recently talking with one of our clients who had one of their key team members fell in love and quit suddenly to move to Fiji. Which left our client short staffed. And while they were genuinely happy…

Monday, 05 September 2022 06:38

Stocks on NGX lost N1.69trn in 3 months - Report

As Nigeria continues to grapple with economic challenges, the equities market has maintained a downward slide with investors’ wealth dwinddling by a whopping N1.69 trillion in just three months. Analysis of market activity from June to August 2022 revealed that in August, the stock market depreciated by N283billion in market capitalisation, while in July, the market capitalisation went down by N772 billion as investors moved to fixed income market that comes with low-risk investment and modest yield, yet above the inflation rate. The stock market had depreciated by N632.23 billion in June to N27.94 trillion in market capitalisation. In terms…

Monday, 05 September 2022 06:24

The difference between strategic and non-strategic spending and why it matters

When it comes to spending money in your business, not all expenses are created equal. In your business there are certain areas where a small investment can make a leveraged return and there are other areas where a big investment can be a waste of money. The flip side of that is there are places and times where a big investment could have an even bigger payoff. The trick is knowing the difference between the two. Over the last 25 years, I have talked to and coached hundreds of thousands of business owners in various stages of growth. And one…

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