Business News

The value of mobile transactions rose to N11.10tn in the first eight months of 2022, figures from Nigeria Inter-Bank Settlement System has revealed. NIBSS stated on its website total mobile transaction value was N4.29tn in the corresponding period of 2021. Mobile payment experienced a surge in 2020 due to Covid-19, while the decline in the use of cheques set in, according to experts. The NIBSS figure added that mobile devices drove electronic payment in 2020, as it accounted for 43 per cent of total transactions in 2020, while 35 per cent of the transactions were USSD, indicating 78 per cent…
The gap between the official and parallel market exchange rates of the naira widened the most in six years last week, as demand for foreign currency continued to outstrip supply. Naira gained marginally against the United States dollars at the official market on Friday, appreciating 0.04 per cent to N436.33, according to FMDQ figures. But the currency fell to N715 against the greenback at the parallel market, leaving the gap between the two markets at 64 per cent, the widest since 2016, according to Bloomberg data. The spread between the two rates reached 84 per cent in June 2016 following…
Let’s play a game. Pretend you’re an investor and you’ve got US$20 million to invest in Africa. But you only have one or two choices: Aliko Dangote or Khabane Lame? Who will you pump your money into and why? The answer says a lot about which economy you think will win in Africa. Oil or the attention economy. You may wonder how we can compare a billionaire industrialist, Dangote, to Lame, a former factory worker who lost his job at the beginning of the pandemic. The answer is written in the words of Scott Galloway in a Medium post: “We…
Oil prices rose modestly in early trade on Monday after sliding to eight-month lows last week weighed down by a surging U.S. dollar and fears sharp interest rate hikes globally would spark a recession and hit fuel demand. The dollar index climbed to a fresh 20-year high on Monday, capping oil price gains. Brent crude futures were up 17 cents, or 0.2%, at $86.32 a barrel at 0116 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 21 cents, or 0.3%, at $78.95 a barrel. Both contracts slumped around 5% on Friday. Analysts said crude should find some…
Many entrepreneurs create a mission statement for their business. But do your consumers actually know what yours is? A mission statement, by definition, summarizes the values of a company and is the purpose of the business – the "why". For many companies, it is a generic statement that gets lost in the weeds of the website. But for the companies that take it seriously, a mission statement can drive every aspect of business into a more positive light. Crafting a powerful mission statement for your employees to adopt and customers to connect with takes effort and focus. With consumers becoming…
Ethiopian Airlines is the preferred bidder for Nigeria Air, the federal government said Friday, as it prepares for the commencement of operations of Nigeria’s new national carrier. Aviation Minister Hadi Sirika said at a press briefing in Abuja that Nigeria Air will launch with a shuttle service between Abuja and Lagos to establish a new comfortable, reliable and affordable travel between the two major airports and that other domestic destinations will follow thereafter. Ethiopian Airlines will own 49 per cent equity, the federal government will control five per cent equity, while a consortium of three Nigerian investors (MRS, SAHCO and…
Nigeria’s national carrier, Nigeria Air Limited, says it is seeking to fill up diverse positions in the organisation. The airline said this in a statement on Friday. The national carrier said it will be “launching shortly with Boeing 737-800 (NG) aircraft, followed thereafter with B787 aircraft for international operations”. “The new airline will be owned by a Nigerian private investor consortium together with a 5 percent federal government holding, including Ethiopian Airline’s shareholding,” the company said. Therefore, Nigeria Air said it is now recruiting qualified and experienced Boeing 737 captains, first officers, senior cabin crew and cabin crew, and engineers…
$1.5 billion Lekki port built by China Harbor Engineering Co Will be West Africa’s biggest port, cut waiting times offshore Nigeria is betting a deep sea port set to open early next year will help revive an economy grappling with soaring inflation, stagnating growth and slumping foreign investment. Cargo ships currently wait as much as a month offshore before unloading cargo in Lagos, Nigeria’s commercial hub. But the planned opening in March of the Lekki Deep Sea Port, on the eastern edge of the city, has the potential to slash cargo wait times to two days, Mohammed Bello-Koko, managing director…
Francis Eze spent nearly a decade at one of Nigeria’s biggest banks working for a salary far lower than the one he’d negotiated in his interview. As a bachelor and then as a newlywed, he found a way to manage on a tighter budget. His wife, a nurse, had long told him about colleagues at her hospital who had been recruited to move abroad but Eze wasn’t interested. Then with private school fees for two children coming due this year, the pair joined the flood of skilled Nigerians leaving the country amid a plummeting naira and a stagnating economy. “I…
When it comes to brainstorming, there are several personality types that I've found to all but guarantee a productive, successful and often enjoyable process and outcome. In my experience, people who embody the following designations tend to contribute greatly to group brainstorms in the form of stimulating creativity, provoking thought and keeping momentum going. The Devil's Advocate You know that person who's always challenging the status quo, voicing doubts, looking for the cracks and generally taking a contrarian stance on every proposed idea or conclusion? That would be your textbook devil's advocate. As soon as one person contributes a thought,…
June 09, 2025

Nigerian energy firm achieves 200,000 barrels daily output after Shell acquisition

Renaissance Africa Energy Company Limited (RAEC) announced it has successfully increased crude oil production beyond…
June 09, 2025

Northern leaders criticize Tinubu for focusing on 2027 re-election instead of national challenges

The Arewa Consultative Forum (ACF) has criticized President Bola Tinubu and the ruling All Progressives…
June 09, 2025

The two kinds of people in the world - and why it matters for leadership

Robert E. Siegel One provocative assertion I often make when teaching is that there are…
June 07, 2025

‘Nigerians are marrying all our daughters’, Kenya’s President Ruto, cries out

Kenyan President William Ruto has stirred up a storm on social media with his provocative…
June 06, 2025

Gunmen kill two policemen, abduct Chinese in Kwara

The Kwara State Police Command on Thursday confirmed the killing of two policemen and the…
June 09, 2025

Here’s the latest as Israel-Hamas war enters Day 612

Israel reveals tunnel under Gaza hospital, says body of Sinwar's brother found there The Israeli…
June 08, 2025

Let God back into the lab: Why science without God is failing us

David Rives In recent decades, a subtle and sinister revolution has occurred in our scientific…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

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