Business News

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…

Friday, 02 September 2022 07:01

Nigeria spent N155bn on salt, palm-oil importation in 2 years as high costs knock out local production - NBS

Nigeria spent at least N155bn within the last two years on the importation of salt and other locally available products from Asia and South America even as domestic industries struggle with high production costs. This is as the country allocated about N198bn within the same period for the development of natural resources, including salt. According to Foreign Trade Statistics report by the National Bureau of Statistics, Nigeria spent the N155bn to import salt, palm oil and coals. Another report by the Federation Account Allocation Committee said the country earmarked N198bn for the purpose of developing natural resources in the country.…

Friday, 02 September 2022 06:57

Flutterwave secures CBN’s approval for switching and processing ahead of planned IPO

Flutterwave Inc., an Africa-focused financial technology firm, obtained a switching and processing license for electronic payments in the continent’s biggest market Nigeria as it seeks to expand across the region. The permit from Nigeria’s central bank enables Flutterwave to process fund transfers between banks and fintechs, handle card transactions, participate in agency banking and engage in other payment services without an intermediary, it said in emailed statement on Thursday. The license comes at at time when the Lagos and San Francisco-based firm is planning an initial public offering on the Nasdaq while battling allegations of financial misconduct, including claims of…

Friday, 02 September 2022 06:46

A simple hack to make your next product a runaway success

We've all heard the stories: Companies building products for 6+ months only to find out no one wanted them. These mistakes are costly since the average software-as-a-service company spends 23% of their budget on research and development, which can make or break your company. That's because R&D, when executed well, has proven to be an effective, although risky, growth strategy. According to the Harvard Business Review, companies have dramatically increased their investment in R&D since the 1970s when the average company spent less than 1% of its budget on R&D. And these mistakes are shockingly common: 42% of companies in…

Thursday, 01 September 2022 06:41

Capital importation declined 2.4 percent in Q2, 2022. These are the 4 states that got inflow

Capital importation into the country dropped by 2.4 percent in the second quarter (Q2) of 2022, latest report by National Bureau of Statistics (NBS) has shown. The total capital imported into the country in (Q2) 2022 stood at $1.54 billion from $875.62 million in the corresponding quarter of 2021, showing an increase of 75.34 percent. When compared to Q1 2022, capital importation decreased by 2.40 percent from $1.57 billion. Only four states out of 36 states and the federal capital territory (FCT), received capital investments in Q2 2022. These states are Lagos ($1.05 billion), FCT ($454 million), Anambra ($24.7 million),…

Thursday, 01 September 2022 06:31

3 ways to reduce company costs during difficult times

As markets continue to sag, organizations need to start thinking proactively about cutting costs. Like many companies, mine went through a cost-cutting exercise at the beginning of Covid-19. In those early days, no one had any clue how the pandemic would affect businesses. So, my company took a close look at what we were spending and instituted org-wide cost-efficiency standards. It turned out to be a prudent thing to do. In a generally bearish economic climate, we're in much better shape than we'd be otherwise. Two years after that first Covid-induced shock to the markets, we're seeing round two. But…

Wednesday, 31 August 2022 07:03

Crude oil purchase agreement for 20 years secured with Dangote refinery - NNPC

Federal government says it has high hopes the Dangote Refinery will help solve its petroleum importation challenge. And it hopes for more: amid fears of oil glut as nations move to cleaner energy, Nigeria will still be able to sell to the privately-owned refiner for at least 20 years. To do this, the government has locked down a right-of-first-refusal agreement with the company, with Nigeria owning 20 per cent of the firm. Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, said this on Tuesday in Abuja. He said Nigeria will stop importing refined fuel by…

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Wednesday, 31 August 2022 06:58

Successful innovation needs you to tap into people's unspoken needs

Henry Ford once said, "If I'd ask customers what they wanted, they would've told me a faster horse." Most people in the early 20th century would not have been able to envision a motorized vehicle replacing horse-drawn buggies. But, they definitely knew they wanted to get from their homes to the store faster. I have spent the entirety of my career (as an entrepreneur, designer, venture capitalist and business school professor) focusing on how to ensure that innovative ideas successfully gain traction in the market. One of the biggest lessons I have learned in my experience working with companies of…

Tuesday, 30 August 2022 07:11

Foreign airlines make available cheaper tickets after CBN’s release of trapped funds

Following announcement of the release of $265 million trapped funds to foreign airlines by the Central Bank of Nigeria (CBN), the international carriers have reintroduced their lower class tickets, better known as lower inventory in their operations in Nigeria. Some foreign airlines had raised the alarm over their inability to remit their revenues in Nigeria, amounting to about $450 million.Last week, Emirates Airlines announced that it would suspend all flights to Nigeria from September 1, 2022, over its stuck $95 million. However, the federal government bowed to the foreign airlines’ pressure on Friday with the release of $265 million of…

Tuesday, 30 August 2022 06:59

Success needs a growth mindset but it also needs a fixed mindset

According to research on achievement and success by Stanford psychologist Carol Dweck, most people embrace – whether consciously or not – one of two mental perspectives where talent is concerned: Fixed mindset: The belief that intelligence, ability and talent are inborn and relatively fixed. Someone with a fixed mindset might think, "Numbers have never been my thing... so I probably shouldn't try to start a business." Growth mindset: The belief that intelligence, ability and talent can be learned and improved with effort. Someone with a growth mindset might think, you're likely to think things like, "I didn't do well in…

Monday, 29 August 2022 06:40

3 tips for better negotiation outcomes, according to research

Business leaders can't go it alone. They must work with employees, customers, investors, suppliers, partners, and communities. Each of these relationships is at risk when leaders enter into negotiations. Here are some examples of how negotiations can put your business at risk: An engineering leader developing your company's new product gets an offer from a rival. If you can't agree on a new pay package, your competitor will be better off and your company could lose a growth opportunity. A supplier of a key raw material proposes a 20 percent price increase due to a surge in demand and a…

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