Business News

Wednesday, 09 April 2025 04:53

5 big distractions that sabotage your entrepreneurial success

Neil Patel Seldom does success come easily in business. Not to be pessimistic, but most entrepreneurs who make it have inevitably faced a myriad of challenges along the way. That's just the way it is. And what has stunted their growth and success along the way hasn't necessarily been major obstacles or turbulent storms. It's been the distractions they've allowed to invade their lives. These are often subtle distractions, so entrepreneurs may not even know there's a problem until one day they wake up to see that their efforts have been derailed. The key to moving forward is being able…

Tuesday, 08 April 2025 04:56

Ten companies listed on NGX incur N2.17trn in forex losses

Some of Nigeria’s leading companies incurred a combined forex loss of N2.17 trillion in the financial year 2024, according to data collated by Nairametrics from published financial statements. The sheer size and magnitude of the losses were so significant that they negatively impacted the bottom line for some firms. These staggering losses were largely triggered by the devaluation of the naira, following the Tinubu administration’s foreign exchange unification policy launched in June 2023. In context, the exchange rate opened 2023 at N461.5/$1, closed the year at N907.11/$1, and ended 2024 at N1,535/$1. This sharp devaluation led to massive FX losses…

Monday, 07 April 2025 04:12

Oil prices dip further on fears global trade war could trigger recession

Oil prices slid more than 3% on Monday, deepening last week's losses, as escalating trade tensions between the United States and China stoked fears of a recession that would reduce demand for crude. Brent futures declined $2.28, or 3.5%, to $63.30 a barrel at 0049 GMT, while U.S. West Texas Intermediate crude futures lost $2.20, or 3.6%, to $59.79. At the session low, both benchmarks hit their lowest since April 2021. Oil plunged 7% on Friday as China ramped up tariffs on U.S. goods, escalating a trade war that has led investors to price in a higher probability of recession.…

Monday, 07 April 2025 04:11

Nigerian stock market records steep decline in trading volume

Trading on the Nigerian Exchange Limited (NGX) saw a dramatic 93% decline over a three-day period in early April, according to the latest market report. Investors traded just 1.18 billion shares valued at N28.87 billion across 42,397 deals between April 2 and April 4. This represents a significant drop from the previous week's activity, which saw 7.5 billion shares worth N398.95 billion changing hands in 61,312 deals. The sharp decline coincides with the shortened trading week following the federal government's declaration of March 31 and April 1 as public holidays for the 2025 Eid el Fitr celebration. Financial Services Sector…

Sunday, 06 April 2025 04:41

Zelle app no longer offering money transfer services. Here's what it means for users

The mobile payment app Zelle no longer allows users to send and receive money transfers. However, the platform's services remain available. The ability to transfer money through the Zelle mobile app became unavailable on Tuesday, as announced by the company in October 2024. Now, Zelle is only available through "more than 2,200 banks and credit unions" in the U.S. that offer the platform through their websites or mobile apps, according to the Zelle website. The decision came as only about 2% of Zelle transactions were made through the standalone Zelle app, the company reported last year. In December 2024, the…

Friday, 04 April 2025 04:28

Oil set for worst week in months over Trump's new tariffs

Oil prices fell further in early Asian trade on Friday, and were on track for the worst week in months over U.S. President Donald Trump's new tariffs, stoking concerns over a global trade war that could weigh on oil demand. Brent futures fell 31 cents, or 0.4%, to $69.83 a barrel by 0157 GMT. U.S. West Texas Intermediate crude futures were down 32 cents, or 0.5%, to $66.63. Brent was on course for its biggest weekly loss in percentage terms since the week ended October 14, and WTI since the week ended January 21. Adding to the bearish sentiment was…

Thursday, 03 April 2025 02:49

Oil prices sink after Trump announced sweeping new tariffs

Oil prices dropped $2 on Thursday after U.S. President Donald Trump announced reciprocal tariffs on trading partners, stoking concerns that a global trade war may dampen demand for crude. Brent futures fell $1.97, or 2.63%, to $72.98 a barrel by 0033 GMT. U.S. West Texas Intermediate crude futures were down $1.98, or 2.76%, to $69.73. Trump touted April 2 as "Liberation Day," bringing new duties that could overturn the global trade system. Both benchmarks settled higher in the previous session but turned negative over the course of Trump's press conference on Wednesday afternoon in which he announced a 10% baseline…

Wednesday, 02 April 2025 04:36

Nigeria's net FX reserves increased to $23bn in 2024, highest in 3 years

The Central Bank of Nigeria (CBN) has reported that Nigeria's net foreign exchange reserves (NFER) reached $23.11 billion in 2024, marking the highest level in three years. This represents a substantial increase from $3.99 billion recorded at the end of 2023, $8.19 billion in 2022, and $14.59 billion in 2021. Net foreign exchange reserves, which adjust gross reserves to account for near-term liabilities such as FX swaps and forward contracts, are considered a more accurate indicator of the country's ability to meet immediate external obligations. Additionally, Nigeria's gross external reserves rose to $40.19 billion at the end of 2024, up…

Tuesday, 01 April 2025 04:27

How to create buy-in without selling your idea

Tendayi Viki You don’t ever have to make your case. You don’t have to beg, coerce or plead with people to join your movement. You don’t need to host a massive event to announce the start of the transformation. There is only one thing you need to do… createmomentum. Invite the right people to your movement at the beginning. Then work with those people to create the gravity that will attract the rest of the organization. Over time you will get to a tipping point where the momentum you have created makes organizational change inevitable. Find Your Tribe Forget about…

Monday, 31 March 2025 04:53

Petrol prices climb back up to nearly N1,000/litre as import costs rise

Fuel stations across Lagos and surrounding areas have increased the price of Premium Motor Spirit (PMS), commonly called petrol, to between N930 and N970 per litre, up from the previous N865 per litre rate. On Sunday morning, BusinessDay observed that numerous filling stations throughout Lagos had adjusted their pump prices upward. Concurrently, depot prices rose to between N890 and N900 per litre, marking an increase from below N850 per litre just two weeks ago. Industry experts attribute this price hike to recently reported increases in petrol landing costs, which oil marketers say have jumped by N88 per litre in a…

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Monday, 31 March 2025 04:48

The ‘fatal mistake’ most people make starting a business, says Stanford Prof who co-founded 4 startups

Tom Huddleston Jr. People who start a new business often make one “fatal mistake” that″ll likely doom their venture before it even starts, says Steve Blank. The mistake: not researching your prospective customers or clients before deciding what kind of company you want to build, and the products or services you’ll offer. ”[I’ve] seen this a million times,” says Blank, an adjunct professor at Stanford University who has written four books on the subject of entrepreneurship and helped build eight different tech startups, of which he co-founded four. Coming up with an idea for a business first, and then determining…

Sunday, 30 March 2025 04:56

Foreign investment in Nigerian equities market declined 30% in February

Foreign investment inflows to Nigeria's equities market dropped by 29.66% in February 2025, falling to ₦18.05 billion from ₦25.66 billion in January. The reduction in foreign participation was significant, with total foreign portfolio transactions on the Nigerian Exchange Limited (NGX) declining by 40.36% from ₦71.51 billion to ₦42.65 billion. Foreign outflows also decreased substantially, down 46.33% to ₦24.60 billion from January's ₦45.85 billion. Overall trading activity on the exchange fell by 16.07% month-on-month, with total transactions dropping from ₦607.05 billion (approximately $410.84 million) in January to ₦509.47 billion (about $341.36 million) in February. However, compared to February 2024, trading volumes…

Saturday, 29 March 2025 04:54

Nigerian importers forced to pay $1.5bn War Risk Insurance premium. This is why

Despite being declared piracy-free since 2021, Nigeria has paid a staggering $1.5 billion in War Risk Insurance (WRI) premiums over the past three years—a cost that shipping experts and government officials say is no longer justified. The Nigerian Maritime Administration and Safety Agency (NIMASA) revealed the figures in a statement on Friday, calling the continued imposition of WRI surcharges on Nigeria-bound cargo an unfair financial burden that harms the nation’s economy. Why Are Nigerian Importers Still Paying War Risk Premiums? War Risk Insurance covers losses from acts of war, piracy, and insurrection. It was introduced during the peak of Niger…

Friday, 28 March 2025 04:11

NNPCL approaches final stages of Initial Public Offering

The Nigerian National Petroleum Company Limited (NNPC Ltd) is in the "final" stages of preparing for its initial public offering (IPO), company officials confirmed on Thursday. The state-owned oil company is moving forward with plans to list its shares on the stock market, in compliance with the Petroleum Industry Act (PIA) 2021. Olugbenga Oluwaniyi, the Chief Finance and Investor Relations Officer (CFIO), revealed that NNPC is currently conducting an "IPO Beauty Parade" to engage with prospective partners. The company is seeking investor relations executives, IPO readiness advisers, and investment bank partners, with the best offers to be selected for each…

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