Business News

Wednesday, 02 October 2024 04:48

Vacant seats to and fro Lagos as Emirates returns to Nigeria after 2 years

The United Arab Emirates (UAE) flag carrier Emirates flight landed at the Murtala Muhammad International Airport (MMIA), Lagos on Tuesday. This is coming two years after the suspension of operation by the airline over several issues including unresolved trapped funds belonging to the airline. However the flight EK 783 which touched down at the old terminal of the MMIA at exactly 3:32 pm arrived with several empty seats on its Boeing 777-300ER. The flight resumed for the first time in two years with 105 passengers on the Boeing 777-300er (Extended range) with a capacity to convey 370 to 392 passengers…

Monday, 30 September 2024 04:33

Manufacturing companies producing below 30 percent capacity – MAN

The Chairman, Manufacturing Association of Nigeria (MAN) Edo/Delta branch, Ehizogie Osadolor, has said that most manufacturing companies in Nigeria are operating below 30 per cent of their capacity due to some government’s policies which have crippled the sector. Osadolor said this at the 38th annual general meeting of the Edo/Delta branch yesterday in Benin with the theme ‘Igniting Economic Growth and Development through Improved Competitiveness of Made-In-Nigeria Goods’. He listed the policies affecting the manufacturing sector, including high electricity tariffs, high exchange rate, high lending interest rate, multiple taxes and levies, removal of fuel subsidy, floating of the naira, exchange…

Monday, 30 September 2024 04:30

40 companies producing chemicals, leather shut down over faulty economic policies, union leaders say

The National Union of Chemical, Footwear, Rubber, Leather and Non-Metallic Products Employees, NUCFRLANMPE, weekend, said no fewer than 40 companies in the sub-sector of the economy have shut down in the last three years due to economic instability in Nigeria. The outgoing President of the Union, Babatunde Olatunji, who disclosed this, also criticized President Bola Tinubu for removing petrol subsidy, describing it as a contributing factor to the country’s economic woes. Olatunji spoke during the 7th Quadrennial Delegates Conference of the association, held in Ado-Ekiti, Ekiti State. Speaking on the theme ‘Leading the Union in an Era of Economic Instability’,…

Monday, 30 September 2024 04:24

9 mistakes to avoid in financial planning

Hiral Bhuta Financial planning is a crucial step towards achieving long-term goals. However, even with the best intentions, it is easy to make mistakes along the way. As a financial advisor, I have witnessed clients struggle with decisions that seemed minor at first but later had a significant impact on their financial health. Early in my career, I also fell into some common traps-like underestimating the importance of budgeting and not factoring in unexpected life changes. These missteps taught me valuable lessons, not just about numbers, but about the importance of being proactive and adaptable in financial planning. This article…

Friday, 27 September 2024 04:44

Manufacturers’ unsold goods hit N1.24trn, capital expenditures 730bn in half 1, 2024 - MAN

The Manufacturers Association of Nigeria (MAN) has decried the latest hike in the Monetary Policy Rate (MPR) to 27.25 per cent from 26.75 per cent. The association stated that the increase would compound the challenges faced by the sector, which included rising production costs in the face of declining consumer purchasing power. Director General of MAN, Segun Ajayi-Kadir, said yesterday in public statement titled “Reaction of MAN on the Report of MPC Meeting on September 23-24, 2024” that MAN is worried about the implications of the continuous rate hikes on the productive sector and earnestly expects the CBN to stop…

Thursday, 26 September 2024 05:02

Nigeria's instant payments hit N566.39trn in first 7 months of 2024 – NIBSS

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…

Thursday, 26 September 2024 05:01

Coca-Cola made exact same hollow promise of $1bn investment to Buhari’s govt as now to Tinubu - CAPPA

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.…

Wednesday, 25 September 2024 04:39

Airtel says it spends N28 billion on diesel monthly

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…

Tuesday, 24 September 2024 04:55

Dangote advocates further hike in petrol prices, says it’s cheaper in Nigeria than Saudi Arabia

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…

Monday, 23 September 2024 04:34

Construction, manufacturing sectors had negative outlook in August, CBN reports

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…

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Friday, 20 September 2024 04:29

PZ Cussons set to exit Nigeria, following trend of departing multinationals

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…

Friday, 20 September 2024 04:28

Coca-Cola announces $1bn investment plan in Nigeria

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…

Thursday, 19 September 2024 04:46

Independent marketers shut out as major marketers begin lifting petrol from Dangote Refinery

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…

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