Business News

Wednesday, 03 November 2021 06:09

Industrial policy paved the way for Dangote's empire, but didn't deliver for all Nigerians. Here’s why

Dangote Industries Limited dominates the Nigerian cement market and is a key player in the rapidly expanding African cement business. The conglomerate has also expanded its manufacturing activities in a range of food processing industries such as sugar and salt. This expansion has made it the biggest group listed on the Nigerian Stock Exchange. By 2020, the three Dangote subsidiaries listed on the Nigerian Stock Exchange employed 19,672 workers. This is equal to 51% of all workers in listed manufacturing firms. Dangote has been a main beneficiary of Nigeria’s backward integration policy. Introduced in 2002, it was operated through tariffs,…

Wednesday, 03 November 2021 06:07

FG offers generous incentives to solid minerals investors

Nigeria is offering would-be investors a generous three-year tax holiday and other incentives in a bid to turn around its moribund mining industry Minister of Mines and Steel Development, Olamilekan Adegbite, on Tuesday called on foreign investors to invest in the country’s mining sector to benefit “100 per cent ownership” of their investments. “Some foreign mining investors are not aware that Nigeria is a mining nation; we want them to come and invest in Nigerian mining as our incentives are good compared to other mining nations,” he told journalists ahead of forthcoming sixth edition of the Nigeria Mining Week on…

Wednesday, 03 November 2021 06:02

Yahoo pulls out of China, cites ‘challenging’ environment

Yahoo said it had stopped allowing its services to be accessible from mainland China “in recognition of the increasingly challenging business and legal environment”, the second Western tech brand to quit the country in recent weeks. The company stopped providing content for users in mainland China as of Nov. 1, according to a statement published on its website, which directed users of Yahoo and AOL mail to other links. Local Chinese media reported Yahoo’s move on Tuesday. “In recognition of the increasingly challenging business and legal environment in China, Yahoo’s suite of services will no longer be accessible from mainland…

Tuesday, 02 November 2021 05:52

Insecurity on Nigerian roads forces travelers to go by air, with airfares skyrocketing. Here’s what you’ll pay depending on the airline, your destination

Although more airlines are flooding the Nigerian airspace, the cost of tickets for domestic flights has continued to skyrocket, getting beyond the reach of many Nigerians. The worsening insecurity on Nigerian roads across the country forces many passengers who otherwise would have traveled by road to resort to air travel. Airfares have increased by 20 to 40 percent in major routes in recent times as virtually all airlines have adjusted their fares, investigations by Daily Trust have shown. For instance, Lagos-Abuja on Air Peace for a one-way ticket costs between N38,000 and N60,000 for a trip scheduled for the next…

Tuesday, 02 November 2021 05:47

3 habits that actually cause you to spend more money, according to a behavioral researcher

When it comes to managing your finances, you can set out with the best intentions but still make mistakes because, well, you're human. Maybe you feel discouraged when you make a budget but overspend anyway. Or, you tell yourself you'll only order one glass of wine at dinner with friends but end up drinking three instead. You might challenge yourself to save $50 every month, but find yourself with only $25 in savings once you pay your bills. In these scenarios, our psychology may have a hand in why we spend more than we intended to — and understanding our…

Monday, 01 November 2021 05:49

5 ways passive income can help you change your financial future

Take control of your finances and have the life you want to live. "Don't let making a living prevent you from making a life." Said John Wooden. The guy lived for almost 100 years. Does his statement seem relevant to your current lifestyle? Have you ever wanted to change or improve your financial dependency? I'm not talking about getting a raise or finding a better-paying job. I am talking about taking control of your finances and living the life you want to live, rather than one that is dictated by someone else's expectations. People who don't have or earn a…

Thursday, 28 October 2021 05:45

How to keep your business and personal finances separate

It can be difficult to keep your personal and business finances separate when you own a small business. It is especially challenging to keep your accounts divided if your business... It can be difficult to keep your personal and business finances separate when you own a small business. It is especially challenging to keep your accounts divided if your business is structured as a sole proprietorship. Since sole proprietorship is considered a nonentity, there is no legal separation between you and the business. When you set up your business as a Limited Liability Company (LLC) or corporation, however, you must…

Wednesday, 27 October 2021 05:27

The fish market where gods and commerce meet

Folasade Ojikutu wears a traditional white lace dress for her work at the lagoon dock behind Oluwo market in Epe. The small town is home to one of the largest and most popular fish markets in Lagos – and almost all 300 traders are women. Many are from families who have sold fish here for generations, and Ojikutu, 47, is their “Iya Alaje”, meaning the mother or carrier of wealth. As she strides past a small waterfront shrine, dozens of women fishing waist-deep in the water chant and hail her, calling out “Aje”- in part a reference to the Yoruba…

Wednesday, 27 October 2021 05:25

5 ways you're sabotaging your employees' productivity

There are loads of articles out there about improving time management, and a lot of them contain great tips that worker bees can implement. But the part of this equation that’s missed all too often is the part that involves you, the leader. Whether you’re the owner, the CEO, the manager or in some other leadershipposition, how you act and manage your people has an enormous impact on them. So, are you strengthening their productivity — or sabotaging it? Here are five mistakes many bosses make leading to unintentional sabotage. 1. You’re not setting priorities. You give your direct report…

Monday, 25 October 2021 05:49

Buhari launches eNaira today, CBN announces

President Muhammadu Buhari will on Monday (today) launch a digital currency, the eNaira, the central bank said, months after it barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies. Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said the eNaira would operate as a wallet against which customers can hold existing funds in their bank account. "The eNaira therefore marks a major step forward in the evolution of money and the CBN is committed in ensuring that the eNaira, like the physical Naira, is accessible by everyone," the bank said in a statement. CBN has…

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Monday, 25 October 2021 05:44

Don't become a slave to your business

If you want your business to grow exponentially, generate wealth and make an impact, you can't do everything yourself. You have to let your business be bigger than you - even if it still belongs to you. Being self-employed runs in my family, and many of my friends are self-employed. Not to mention the many mentors I have connected with throughout the years. But none of them who are still in the game could jet off to Spain at a moment's notice. Nor could they spend a week volunteering at an elephant sanctuary or an oil spill cleanup if the…

Sunday, 24 October 2021 06:03

Why so many people hate the super-rich — but still love Elon Musk and Bill Gates

You might admire Bill Gates' workhorse mentality or Elon Musk's brazen attitude and ideas, but also feel conflicted about wealth inequality. Now, psychologists and marketing experts can explain that disconnect. The Ohio State University and Cornell University published new research on Monday showing why people tend to admire individual billionaires, but dislike the socioeconomic class of extremely wealthy people. The study, which involved 2,800 participants across eight different experiments, found that people commonly believe individuals get rich because they're smart, talented and hardworking, and are deserving of their wealth. But when it comes to groups of wealthy individuals, like C-suite…

Friday, 22 October 2021 05:54

Trumps announcement of new social media company excites investors with shares soaring 357% on Day One

Some investors aren’t waiting to see if former President Donald Trump’s plans for a media company to challenge the likes of Facebook, Twitter and even Disney can actually become reality — they’re all in. Trump said Wednesday that he’s launching Trump Media & Technology Group and a “Truth Social” app as a rival to the Big Tech companies that have shut him out and denied him the megaphone that was paramount to his national rise. The announcement came nine months after Trump was expelled from social media for his role in inciting the Jan. 6 Capitol insurrection. Experts were split…

Thursday, 21 October 2021 05:44

5 red flags someone isn’t fit to lead people

People leave managers, not companies. As an executive coach, I do a lot of listening to managers worried about losing good employees. People-oriented managers understand what they need to do to get the best out of people. I'm not concerned about them. I am concerned about managers being promoted into leadership roles when they have no business being there. Leadership is demonstrated through competence, not attitude, confidence, or charisma. It takes ability and skills. That's why the single biggest decision any organization will make is who they name manager. When you name the wrong person manager, nothing fixes that bad…

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