Business News

As someone who meets and speaks about entrepreneurs regularly, there is one sentence I hate hearing and that sentence is: "I want to be an entrepreneur." A person who says that sentence is most likely to fail at entrepreneurship. You cannot want to be an entrepreneur. You either are or you aren't. And if you are an entrepreneur, you can't work a regular job because you need to be creating and building, not working behind a computer. So, how do you know if you're an entrepreneur or not? Here are 5 signs that you might be an entrepreneur. You're willing…
The Dangote Oil Refinery has called on Nigeria's upstream oil regulator to force producers to abide by a law that stipulates they supply local refineries, saying that lax enforcement was raising its operational costs. The 650,000-barrel-per-day capacity refinery, built by Africa's richest man Aliko Dangote on the outskirts of Lagos for $20 billion, has struggled to get sufficient supplies from Nigeria, where vandalism and low investment impede oil production. In a statement issued on Friday, Dangote Refinery accused the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) of failing to enforce the Domestic Crude Supply Obligation (DCSO), a provision that requires crude…
The PricewaterhouseCoopers (PwC) says high energy costs, interest rates, and excessive taxes, are major challenges faced by micro, small and medium enterprises (MSMEs) in Nigeria. The PwC highlighted the challenges in its 2024 MSME survey, titled, ‘Building Resilience: Strategies for MSME Success in a Changing Landscape’. According to the financial services firm, the survey included 567 MSMEs across 13 sectors and 29 states. PwC said over 50 percent of MSMEs reported falling sales due to high prices and low consumer spending power. “When asked about the reasons for this decline, 38% of respondents pointed to the high cost of their…
As we focus on continuing to elevate entrepreneurs from all parts of the world and from all backgrounds, I’m reflecting a lot on how nontraditional entrepreneurs can realize their dreams. Sometimes that means unlearninglessons we were taught in school. On the day you graduate and enter the professional world, there is no instruction manual waiting for you. (If only!) There is so much I wish I’d known at the start of my own career, and I wish I could spare young entrepreneurs that same learningcurve. Below are a few key lessons about entrepreneurship that aren’t taught in school. 1. Your…
The Dangote Group, Africa’s largest conglomerate, is exploring the sale of a 12.5 percent stake in its newly commissioned refinery as it grapples with liquidity concerns, according to the Global rating agency, Fitch Rating. In 2021, Nigerian National Petroleum Corporation (NNPC) acquired a 7.25 percent stake in the Dangote refinery’s project entity for $1.0 billion, with an option to purchase the remaining 12.75 percent stake by June 2024. “Since the option has not been exercised, the group plans to divest a 12.75% stake in DORC in 2024,” Fitch Ratings said in its latest note. Fitch added, “The group intends to…
The Nigerian Exchange Limited (NGX) on Tuesday, extended its previous day losses declining by N371 billion as investors continue to react to the volatility in the global stock market. The benchmark All-Share Index (ASI) dropped by 653.89 basis points or 0.67 per cent, closing at 96,928.52 basis points from its opening value of 97,745.73. Consequently, market capitalisation fell, ending the day at N55.00 trillion compared to N55.404 trillion at the start while Year-to-Date (Ytd) gain moderated at 30.5 percent. Experts warn that the ongoing volatility and domestic unrest could further affect investor confidence on the local bourse, although the global…
Warren Buffett, one of the most successful investors in the world, has a reputation for his simple financial wisdom. His advice is certainly worth listening to, especially if it helps you avoid making money mistakes. According to Buffett, here are 10 things poor people waste money on and what he does instead. Low-Value Investments “The most important investment you can make is in yourself,” Buffett has said, according to Inc. “That’s how knowledge builds up. Like compound interest.” One of Buffett’s most famous tips, known as the Buffett formula, is to go to bed smarter each day. According to Inc.,…
According to a new survey, business leaders have used layoffs to head off lawsuits and avoid hurting employees’ feelings, among other reasons. Technically, layoffs occur because a company is cost-cutting or restructuring, and not through the fault of an employee. Firing occurs because an employee is at fault. But while layoffs are technically supposed to be blameless, they are still bad for employees, bad for companies, and bad for communities. For example, one study found that layoffs can lead to increased criminal behavior. Despite that, a new survey suggests companies continue to rely on layoffs—even when they aren’t necessary for…
The total inflows into the Nigerian Autonomous Foreign Exchange Market (NAFEM) declined to a five-month low of $1.92 billion in July, representing a 4.4% month-on-month decrease from the $2.01 billion recorded in June, data from FMDQ revealed at the weekend. This drop was largely due to a significant reduction in foreign inflows, which fell by 51.4% month-on-month to $243.30 million from $500.20 million in June. The decrease in foreign inflows was driven by weaker foreign portfolio investments, which declined by 58.8%, and other corporate inflows, which dropped by 32.1%, despite a substantial rebound in foreign direct investments (FDIs) which surged…
The Nigerian National Petroleum Company (NNPC) Ltd is currently scouting for a fresh $2 billion loan in Europe, TheCable understands. This will be repaid with 35,000 barrels per day over the tenor of the loan, insiders have told TheCable. Reuters recently reported that Mele Kyari, group chief executive officer (GCEO) of NNPC, was in talks for a new oil-backed loan to finance the firm’s operations. Given the low number of NNPC’s share of oil production in the country, the proposed deal will significantly affect what is available to the national oil company, which has been mandated to supply crude to…
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