Business News

Saturday, 23 May 2020 05:23

Lagos generates more IGR than 26 states combined. This is what each state collects

Lagos State has continued to assert its position as the country’s economic capital, generating a total sum of N398.73 billion in Internally Generated Revenue (IGR) in 2019. Its performance is the equivalent of the IGR of 26 states combined, and accounted for 29.88 per cent of total collections nationwide, according to figures released yesterday by National Bureau of Statistics (NBS). The N398.7 billion IGR of Lagos State is more than those of Taraba, Gombe, Kebbi, Ebonyi, Borno, Yobe, Katsina, Ekiti, Adamawa, Nasarawa, Bauchi, Niger, Jigawa, Abia, Zamfara, Imo, Bayelsa, Kogi, Plateau, Benue, Osun, Sokoto, Cross River, Anambra, Oyo and Edo…

Saturday, 23 May 2020 05:15

Why interest rates are so high in Africa

When robert matsiko was a young man his grain-milling business in Sheema, western Uganda, was destroyed by fire. These days, after building it back up from the ashes, he is being burned by high interest rates. To buy a new machine he must borrow from a bank at an annual rate of 22%. “You fear to do that,” he says. Many other entrepreneurs feel the same, which stops their businesses from growing. Just as Mr Matsiko funnels grain from farms to supermarkets, banks are the bridge between savers and borrowers, paying interest on savings and charging it on loans. And…

Friday, 22 May 2020 05:18

Inflation on the rise for the eighth month in April - NBS

Annual inflation in Nigeria rose for the eighth straight month in April, lifted by higher food prices, the statistics office said on Thursday, as measures to curb the spread of Covid-19 hindered economic activities and increased costs. Inflation, a measure of living costs, climbed to 12.34% in April, its highest level in more than two years, from 12.26% the previous month, National Bureau of Statistics said. Food inflation, which accounts for the bulk of the inflation basket, rose at a much faster pace, to 15.03% in April, compared with 14.98% in March. The statistics office attributed the rise in the…

Friday, 22 May 2020 05:17

Despite depressed economic outlook, investors rush to Nigeria. Here’s why

Nigeria’s early move to tap cheap loans has improved its risk perception among foreign investors, leading to a fall in the country’s borrowing costs. Yields on Nigeria’s dollar bonds maturing in 2047 fell from an all-time high of 13.2% on March 19 to 9.1% on Wednesday. This is as the West African nation presented a revised $27 billion budget to cabinet that kept spending intact, with a proposed record deficit of 5.4 trillion naira ($13.9 billion), which will be financed mainly from new debt. Nigeria’s economy has been hit by the coronavirus pandemic and the slump in the price of…

Friday, 22 May 2020 05:12

Airlines to drastically reduce operations, scrap meals

Ahead of resumption of flights following the closure precipitated by the Coronavirus outbreak, local airlines yesterday said operations had been reduced by 60 per cent and in-flight catering scrapped as part of measures to cope with the crisis. The development, experts noted, was expected given the slow restart that awaits aviation business, longer recovery process and the dire financial position of all the airlines. In a related development, Director General of Nigerian Civil Aviation Authority (NCAA), Mr Musa Nuhu, reiterated that Federal Government was working on a bailout for the operators. Speaking at a webinar forum, chairman of Air Peace…

Friday, 22 May 2020 04:59

Flexible, remote working likely to be new normal after virus

Facebook and New Zealand's Prime Minister are the latest supporters of flexible working as companies mull back-to-office strategies. On Thursday, Facebook said it plans to shift towards a more remote workforce as a long-term trend. New Zealand's PM, Jacinda Ardern this week suggested a four-day working week, partly to boost tourism in the country. As offices gradually re-open after Coronavirus lockdown, more employers are looking at news ways of working. Facebook founder and chief executive, Mark Zuckerberg told staff it was "aggressively opening up remote hiring" in July. He expects half of its workforce to do their jobs outside Facebook's…

Friday, 22 May 2020 04:58

3 simple lessons I've learnt managing a fully remote team

Jason Aten For a lot of people, working remotely is completely new. I mean, maybe it was something you did on Fridays when you didn't have any meetings and you decided it would be nice to work from home. Maybe your company even encouraged that freedom. That's not quite the same as working remotely on a full-time basis. Especially now that, in many cases, your spouse or partner or roommate is also trying to figure out how to make remote working work. Throw in a few children you're also trying to homeschool. Oh, and there's a pandemic. Maybe it's a…

Thursday, 21 May 2020 05:20

Oil prices climb as U.S. stock drawdown eases supply glut fears

Oil prices edged higher on Thursday after data showed U.S. crude inventories fell again, easing concern about a supply glut, though lingering fears over the global economic fallout from the COVID-19 pandemic capped gains. Brent crude futures for July delivery (LCoc1) were trading up 17 cents, or 0.5%, at $35.92 per barrel at 0024 GMT. U.S. West Texas Intermediate (WTI) crude futures for July (CLc1) were up 4 cents, or 0.1%, at $33.53 a barrel. U.S. crude inventories (USOILC=ECI) fell by 5 million barrels last week, against expectations in a Reuters poll for a 1.2 million-barrel rise, Energy Information Administration…

Thursday, 21 May 2020 05:18

Nigeria’s LNG export revenue threatened as demand plunges

The crash in demand for liquefied natural gas in Europe has posed a threat to Federal Government’s revenue from the exports of the commodity. Nigeria LNG Limited, established to harness Nigeria’s vast natural gas resources and produce LNG and natural gas liquids for export, is jointly owned by the Federal Government and three international oil companies. The country generated $1.03bn (N314.15bn) from gas exports in 2019, according to data obtained from Nigerian National Petroleum Corporation. The collapse in crude oil price has added to pressure on the LNG prices, some of which are linked to oil. Group Managing Director, Nigerian…

Thursday, 21 May 2020 05:17

Forex scarcity hits manufacturing sector

Following the massive drop in global oil prices and the outbreak of novel Coronavirus, which translated to reduction in foreign exchange (forex) inflow into the country, chief executive officers (CEOs) of manufacturing concerns have confirmed that it was difficult to source forex from all the available windows in the country. Manufacturers Association of Nigeria (MAN) in its MAN CEOs Confidence Index (MCCI) first quarter 2020 survey explained that manufacturers are dismayed over the “refusal of Central Bank of Nigeria (CBN) to make forex available for over five weeks during the lockdown period as against the usual interventions.” MAN, however, pointed…

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Wednesday, 20 May 2020 05:26

Lockdown: Thousands to lose jobs as shipping, other sectors count losses

Operators in various sectors of the economy are still counting their losses to the lockdown occasioned by the pandemic, with the shipping sector estimating loss so far at N500 billion. Vice President of Association of Nigeria Licensed Customs Agents, ANLCA, Mr Kayode Farinto who disclosed this expressed worry that the pandemic may lead to about 35 percent of workforce losing their jobs, post-Covid-19. He said: “We have lost a lot of money, because the import from China stopped and about 65 percent of our imports comes from China, so it has reduce our level of importation by 65 per cent.…

Wednesday, 20 May 2020 05:13

Facebook launches new shopping feature

Facebook is launching Shops, a service that will allow businesses to display and sell products on the world's largest social network's platforms, Chief Executive, Mr Mark Zuckerberg said on Tuesday. The move to build up e-commerce offerings follows Facebook’s launch last year of limited shopping options on photo-sharing app Instagram and messaging app WhatsApp. Company leaders wager making the platforms more business-friendly will generate fresh ad revenue, even as user growth slows. Facebook Shops will tie at least some of those efforts together, enabling businesses to set up a single online store accessible via both Facebook and Instagram. A checkout…

Tuesday, 19 May 2020 05:41

Over 80% of businesses adversely affected by coronavirus lockdown - Survey

Lagos Chamber of Commerce and Industry (LCCI) has indicated that over 80 percent of businesses were under the adverse impact of the Coronavirus pandemic. This came from the report of the Chamber’s survey on “Lockdown and its Impact on Businesses”, released yesterday. The report indicates that 50 percent of the businesses affected are in the services sector while only 17 percent of the businesses it covered had minimal adverse impact. Consequently, the Chamber called for the suspension of the implementation of the new Value Added Tax (VAT) regime till the end of 2020 to help businesses that have borne severe…

Monday, 18 May 2020 05:23

Americans are giving Made-in-China the cold shoulder

It’s not quite a new Cold War yet. Just the cold shoulder. Some 40% of Americans said they won’t buy products from China, according to a survey of 1,012 adults conducted May 12-14 by Washington-based FTI Consulting, a business advisory firm. That compares with 22% who say they won’t buy from India, 17% who refuse to purchase from Mexico and 12% who boycott goods from Europe. The poll also found: 55% don’t think China can be trusted to follow through on its trade-deal commitments signed in January to buy more U.S. products 78% percent said they’d be willing to pay…

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