Yomi Kazeem Nigeria’s economy is highly dependent on imports, despite the ambitious rhetoric and best efforts of successive governments. But imports carry a consistently high cost for businesses bringing in shipments to Africa’s most populous country. Thanks to decades of inefficiency, processes at Nigeria’s main port are hamstrung by excessive bureaucracy and corruption, driving up costs. Research shared with Quartz by SBM Intel, a Lagos-based geopolitics and economics intelligence firm, details just how pricey imports into Nigeria are compared to other key African ports. For its analysis, SBM tracked shipments coming into ports in Nigeria, South Africa, and Ghana from…

Two men in gray jumpsuits brush glue onto rubber soles, while factory machines whir in the background. Elsewhere, women perched behind industrial sewing machines attach leather swatches to sturdy-looking men’s shoes. The production line could be anywhere in the world. But Bertram Dozie, the chief executive of the newly opened Bata Nigeria shoes plant, hopes this Abuja facility heralds a renaissance for Nigerian-made shoes. The factory, which opened in late 2019, can produce more than 500,000 shoes annually. It employs roughly 120 people. Bata Nigeria is a franchise tied to Bata, a historic shoe company based in Switzerland, and present…

The economic affects of the coronavirus have preceded the spread of the virus itself, with financial markets swinging wildly, companies closing offices or asking employees work from home in affected areas, and throttling air travel across the globe. Following is a brief look at how things are changing in the economy and the workplace today as the outbreak widens. AIR TRAVEL: An industry group says the spreading coronavirus could cost airlines as much as $113 billion in lost revenue. That figure, released Thursday, is four times the number released just two weeks ago by the The International Air Transport Association,…

Sales are at the epicenter of any and every business. If you’re a writer, you’re selling people on your words. If you’re a performer, you’re selling people on entertainment. If you’re looking for a new position, you’re selling a company on your value. If you’re a consultant, you’re selling people on your expertise. For any business to function, at some point, someone is being sold on something. As it turns out, there is actually a formula to generating higher volumes of business at faster rates. No matter where you work or for whom, these principles can help you get there.…