Business News

Wednesday, 23 October 2024 04:42

Jeff Bezos built Amazon with a strategy based on truth, small shifts, and embracing change. Here’s how it’s done

Seth Godin The world is shifting faster than ever before. In an age of constant change, disruption, and uncertainty, the traditional ways of approaching strategy are no longer enough. You can’t rely on a static plan designed to meet yesterday’s challenges. Instead, strategy must be dynamic, adaptive, and—most importantly—resilient. The ability to embrace and thrive on change is what sets apart businesses and leaders who succeed from those who merely survive. Today’s strategy isn’t about having a perfect, foolproof roadmap. It’s about making better decisions in real time, about knowing where you’re headed even when you’re not sure of the…

Tuesday, 22 October 2024 04:59

Air Peace hikes Lagos-Abuja ticket while other airlines keep lower fares

From November 1, 2024, a one-way flight ticket from Lagos to Abuja on Air Peace is to hit N200,000. The harsh economy has been affecting the aviation business causing airlines to increase their fares amid lamentations from passengers. This development has forced some Nigerians to abandon flights for road transport. Checks by our correspondent on the airfares of airlines on Monday showed that Air Peace increased its fares to N200,000 from November, the highest among the domestic airlines. While Air Peace has N200,000 and above on its website for a one-way trip between Lagos and Abuja, Aero is charging N94,000…

Tuesday, 22 October 2024 04:57

Vehicle importers pushed out of business by Naira devaluation, high clearance costs

Due to the scarcity of foreign exchange (FX), hike in tariffs, increase in import duty, and other related taxes, automobile dealers have lamented their inability to import fairly used cars into the country. This is even as they have now resorted to recycling Nigerian used cars, while others have abandoned the automobile business entirely. Speaking with The Guardian, the President of the Association of Motor Dealers of Nigeria (AMDON), Ajibola Adedoyin, said the hike in taxes, fuel, and tariffs has affected the importation of cars into Nigeria. Meanwhile, Nigeria’s import bills on used vehicles, popularly known as tokunbo, fell by…

Tuesday, 22 October 2024 04:53

7 ways to scale up a startup

Key Takeaways Scaling a startup to a billion-dollar business is incredibly challenging, but it's achievable with the right strategies.Leaders must focus on solving real problems, work to achieve operational excellence, secure product-market fit, avoid overreach, build a cohesive team, consider horizontal integration and think globally. Every entrepreneur dreams of turning their startup into a billion-dollar business. The allure of achieving unicorn status — reaching a valuation of over $1 billion — is powerful, and I'm no exception. The journey from a fledgling startup to a billion-dollar enterprise is daunting. While we are still on the path to this goal at…

Monday, 21 October 2024 04:46

Petrol importation continues as Dangote Refinery falls short

No fewer than four vessels carrying imported Premium Motor Spirit, popularly called petrol, arrived at seaports situated along the nation’s borders between Friday, October 18, and Sunday, October 20. According to a document obtained from the Nigerian Port Authority on Sunday, about 123.4 million litres of PMS were berthed at two seaports to improve fuel supply nationwide. The latest development confirms an exclusive report by The PUNCH, which disclosed that oil dealers intend to import the commodity to supplement the supply from the $20bn Dangote Petroleum Refinery. The dealers had stated that the supply from the Lekki-based plant was currently…

Sunday, 20 October 2024 04:59

CBN approved $548m for food imports in Half 1, 2024 - Report

The Central Bank of Nigeria released $547.7m (N823.19bn at the official exchange rate of N1,503.3/$1, as of June 30, 2024) to Nigerians for the importation of food items in the second quarter of 2024. The amount is a reduction of $142.48m or 20.6 per cent from $689.88m recorded in the first three months of 2024 and N80.76bn or 8.93 per cent from N903.95bn recorded in Q1 when converted to naira. This implies that the CBN released a total of N1.73tn for food items importation in six months, according to data from the bank’s quarterly statistics bulletin. An analysis of the…

Saturday, 19 October 2024 04:28

Nigeria gets $100m for establishment of Youth Entrepreneurship Investment Bank, AfDB announces

The African Development Bank (AfDB) has approved $100 million for the establishment of the Youth Entrepreneurship Investment Bank in Nigeria. Akinwunmi Adesina, AfDB president, spoke on Friday in Abuja while delivering a keynote address at the 90th birthday lecture of former head of state Yakubu Gowon. “I am delighted to announce here today that just three days ago, the African Development Bank’s board of directors approved $100m for the establishment of the Youth Entrepreneurship Investment Bank for Nigeria,” he said. Adesina said the initiative highlights AfDB’s commitment to supporting youths who he believes are critical to the development of the…

Friday, 18 October 2024 04:45

7 reasons leadership soft skills are imperative for growth

Brent Gleeson In high-performance organizations, leaders often prioritize technical know-how and measurable metrics. But dismissing soft skills as unimportant is a critical mistake that can lead to team breakdowns, missed opportunities, and poor results. According to a 2023 Harvard Business report, 76% of respondents identified empathy, communication, and the ability to manage conflict as essential leadership skills for driving team effectiveness, especially in diverse and remote work environments. Leaders who lack these soft skills may struggle to build trust and create psychologically safe workplaces, which are essential for team cohesion and innovation in high-performance settings . But organizations must adopt…

Thursday, 17 October 2024 05:09

FG rejects Shell's $1.3bn oil asset sale for lack of capacity by buyers - Report

Nigeria's oil regulator has rejected Shell's proposed $1.3 billion sale of its onshore oilfields to Renaissance group because the buyer is not qualified to manage the assets, ThisDay newspaper reported on Wednesday. Shell, which owns the assets via Shell Petroleum Development Company (SPDC), said it was providing the regulator with all the required information without directly confirming the newspaper report. The regulator and Renaissance did not immediately respond to requests for comment. Shell on Jan. 16 announced its exit from Nigeria's onshore and shallow water operations after agreeing to sell the business to a consortium of five, mostly local, companies,…

Tuesday, 15 October 2024 04:50

Oil prices fall as concerns ease on potential Iran supply disruption

Oil prices slid 3% in early Asian trade on Tuesday after a media report said Israel is willing not to strike Iranian oil targets, which eased fears of a supply disruption, and after OPEC lowered its outlook for global oil demand growth in 2024 and 2025. Both benchmarks plunged 3% in early trade on Tuesday, following a 2% drop on Monday. Brent crude futures were down $2.27 at $75.19 per barrel, while U.S. West Texas Intermediate futures fell $2.22 to $71.60 per barrel as of 0127 GMT. Prices have fallen about $4 this week, nearly wiping out cumulative gains made…

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Tuesday, 15 October 2024 04:48

Crude oil producer in N’Delta restarts operations after 3-year shutdown due to theft

Nigerian independent producer Belemaoil Producing has resumed operations at its oil block Oil Mining Lease 55 after a three-year shutdown as a result of damage to the facility caused by theft, it said on Monday. Belemaoil acquired OML 55, located about 40 km west of the Bonny oil export terminal in a swamp to shallow water area, from Chevron Corp in February 2015. Operations at OML 55 were halted in 2021 due to rampant oil theft from its delivery line to the Bonny terminal, a Belemaoil spokesperson said in a statement. According to the company, the block contains five oilfields…

Tuesday, 15 October 2024 04:39

Mark Cuban says his best employees share this soft skill: ‘You need to reduce stress, not create it’

The best employees Mark Cuban has hired aren’t the ones with unwavering confidence or sharp business acumen. A different trait sets high achievers apart, according to the billionaire entrepreneur and investor: They’re problem-solvers. “For me, the number one thing is you reduce stress rather than create it,” Cuban, 66, told CNBC Make It at an event announcing his AI partnershipwith Google. “There’s a lot of people that are just a whirlwind and everything seems to be difficult, causing a lot of unnecessary stress.” As an employee, Cuban explained, the best soft skill you can develop is the ability to “analyze…

Monday, 14 October 2024 04:42

Cooking gas price jumps 42% in 3 months - Survey

As Nigerians struggle with the high cost of petrol, the price of Liquefied Petroleum Gas, also known as cooking gas, has also increased to N1,500/kg. But the Managing Director/Chief Executive Officer of NIPCO Plc, Suresh Kumar, said the Dangote refinery and other domestic refineries would bring down the price of cooking gas, expressing concerns that over 60 per cent of cooking gas consumed in Nigeria is being imported. Checks by our correspondent confirmed that the prices of cooking gas peaked at N1,500/kg in some retail outlets in Ogun and Lagos States as of Sunday. In Abuja, the average price for…

Saturday, 12 October 2024 04:54

DisCos rake in N140bn extra revenue in 3 months from Band A tariff hike

The Nigerian Electricity Distribution Company (NERC) has stated that revenue generated by the 11 electricity distribution companies (DisCos) increased by 48 per cent in the second quarter of 2024. The increase was due to the hike in electricity tariff for Band A customers which NERC stated was necessitated due to the rising cost of electricity generation that would have pushed the federal government’s subsidy payment to over N2trn by the end of the year. The regulator in its second quarter report stated that the DisCos revenue moved from N291.62bn in the first quarter of 2024 to N431.16bn in the second…

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