Business News

Instant payments in Nigeria's banking sector reached N566.39 trillion in the first seven months of 2024, according to the Nigeria Inter-Bank Settlement System (NIBSS). In July alone, instant payments surged to N89.50 trillion, a 12.45 percent increase (N9.91 trillion) from the N79.5 trillion recorded in June. This also marked an 89 percent year-on-year growth compared to N47.38 trillion in July 2023. The total value of instant payments for 2024 so far brings the overall electronic transaction volume to N566.39 trillion. For context, in 2023, the country processed N600 trillion in electronic transactions. In July, instant payment transaction volume rose by…
The Corporate Accountability and Public Participation Africa (CAPPA) says Coca-Cola’s promise of a $1 billion investment in Nigeria is a hollow pledge. In a statement on Wednesday signed by Robert Egbe, CAPPA’s media and communication officer, the non-governmental organisation (NGO) said Coca-Cola’s latest investment promise was made to the previous administration under President Muhammadu Buhari, but nothing came of it. On September 19, Coca-Cola announced a $1 billion investment pledge to Nigeria over a period of five years. According to CAPPA, the government has embraced the company’s latest pledge with undue fanfare, whereas their presence is allegedly harmful to Nigerians.…
Airtel Nigeria has revealed that it spends N28 billion monthly on diesel to power its over 15,000 sites across the country. The telecom giant is set to embark on a sustainability drive aimed at reducing its reliance on diesel and lowering its carbon footprint. Femi Adeniran, Airtel Nigeria’s Director of Corporate Communications and CSR, shared this during a media roundtable in Lagos. He noted that the company currently consumes 22 million litres of diesel each month, which contributes significantly to environmental degradation. However, collocation, a practice that allows telecom operators to share infrastructure, has helped reduce potential higher costs. “We…
Aliko Dangote, founder of the Dangote Petroleum Refinery, has urged the federal government to remove the petrol subsidy, stating that now is the opportune time to take this step. In an interview with Bloomberg TV on Monday, Dangote explained that many countries have already eliminated subsidies, and Nigeria should follow suit. According to Dangote, subsidies are a complex issue that can lead to inflated prices. He pointed out that government spending on subsidies often exceeds what is necessary, adding that removing them could help alleviate financial pressure. Dangote also revealed that petrol sold by his refinery within Nigeria would be…
Manufacturers in Nigeria expressed a lack of confidence in the nation’s economic outlook in August 2024. This is according to the latest Business Expectations Survey (BES) conducted by the Central Bank of Nigeria (CBN). The survey, which involved 1,600 business enterprises, revealed that while many sectors were optimistic about the economy, the manufacturing sector was notably pessimistic. The report highlights that the manufacturing sector posted a negative confidence index of -5.5 points, reflecting ongoing concerns about the current business climate. Mixed sentiments towards Nigeria’s economy According to the BES report, the sectors, such as manufacturing, construction, mining, and utilities, had…
British consumer goods giant PZ Cussons Plc is contemplating a partial or complete withdrawal from its African operations, with Nigeria and Kenya as its primary manufacturing centers. This move comes as the latest in a series of multinational companies reconsidering their presence in Nigeria due to challenging economic conditions. The potential exit was announced in a statement by PZ Cussons Nigeria, the local subsidiary, revealing that the parent company has "received a number of expressions of interest for our African business." This development follows the group's disappointing 2024 financial results, which saw a 39.7% drop in net profit, largely attributed…
Coca-Cola Hellenic Bottling Company has revealed plans to invest $1 billion in Nigeria over the next five years. This commitment was announced during a meeting with Coca-Cola's global leadership team, including John Murphy, President and Chief Financial Officer, and Segun Apata, Chairman of the Nigerian Bottling Company. Murphy highlighted Coca-Cola's significant economic impact in Nigeria, noting that the company generates ₦320 billion annually from nearly 300,000 customers and contributes close to ₦90 billion in revenue to the Nigerian government. "We are very proud of the growth of the business over a long period and its impact on the daily lives…
Friday, 20 September 2024 04:21

5 lessons I learnt from running a business

Sui Guillory Every entrepreneur is on her path to running a business, and each will learn her own lessons in time. But take it from me, an entrepreneur who has started several successful businesses over the past 20 years: Sometimes it’s helpful to learn from others’ experiences! And so I offer five deceptively simple lessons I’ve learned as a business owner. Lessons learned from running a business 1. It’s okay to pivot When you start a business, there’s often this drive to build the business, make it a success, and then…what? Most entrepreneurs keep running their businesses for years and…
The Nigerian National Petroleum Company Limited, NNPCL, has authorised major petroleum marketers to commence lifting the premium motor spirit, PMDS, otherwise known as petrol, from Dangote Petroleum Refinery under the existing agreement between it and the refinery. The initial agreement stated that NNPCL is the sole distributor of the refinery’s petrol with the first batch of the consignment put at 16.8 million liters lifted by NNPCL’s retail entity. Findings by our correspondents indicated that some major marketers, including 11 Plc have already lifted the product for distribution to their outlets in Lagos and other parts of the nation. One of…
Jennifer Liu Like a lot of hiring managers, Adriane Schwager likes to ask candidates about times in their career they've made a mistake. Usually, it's to get an idea of how you handle stressful situations and how you learn from previous errors. For Schwager, the CEO and co-founder of the hiring platform GrowthAssistant with 20 years of recruiting experience, the answer can uncover a big red flag: whether the person has low ownership of their work. In listening to the response, Schwager tells CNBC Make It that she tries to assess whether the person can own up to the mistake,…
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October 09, 2024

Tinubu’s foreign investment drive falters as FDI hits record low, capital inflows decline

Despite President Bola Tinubu’s efforts to position foreign capital inflows as a solution to Nigeria’s…
October 06, 2024

Hold political office holders to account, Kukah urges Nigerians

The Catholic Bishop of Sokoto Diocese, Matthew Kukah, on Saturday, urged Nigerians to compel political…
October 10, 2024

2 mental models for intelligent decision making

Mark Travers Mental models are cognitive frameworks or representations that help individuals understand and interpret…
October 05, 2024

80-year-old woman reaches Miss Universe final

Choi Soon-hwa, an 80-year-old woman from South Korea, recently shocked the world by qualifying as…
October 08, 2024

Court orders prevent us from investigating corruption cases in 10 states across Nigeria - EFCC

Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission (EFCC), says the commission…
October 10, 2024

Here’s the latest as Israel-Hamas war enters Day 370

Biden, Netanyahu speak, Israel vows lethal retaliation against Iran U.S. President Joe Biden and Israeli…
September 23, 2024

LUTH begins bone marrow transplant treatment for sickle cell patients

Following years of research and planning, the Lagos University Teaching Hospital (LUTH) has successfully launched…
September 22, 2024

Dubois knocks down, knocks out Joshua to retain IBF heavyweight world title

In an astonishing upset, Daniel Dubois delivered a career-defining performance, defeating former two-time world heavyweight…

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