Business News

Tom Huddleston Jr. People who start a new business often make one “fatal mistake” that″ll likely doom their venture before it even starts, says Steve Blank. The mistake: not researching your prospective customers or clients before deciding what kind of company you want to build, and the products or services you’ll offer. ”[I’ve] seen this a million times,” says Blank, an adjunct professor at Stanford University who has written four books on the subject of entrepreneurship and helped build eight different tech startups, of which he co-founded four. Coming up with an idea for a business first, and then determining…
Foreign investment inflows to Nigeria's equities market dropped by 29.66% in February 2025, falling to ₦18.05 billion from ₦25.66 billion in January. The reduction in foreign participation was significant, with total foreign portfolio transactions on the Nigerian Exchange Limited (NGX) declining by 40.36% from ₦71.51 billion to ₦42.65 billion. Foreign outflows also decreased substantially, down 46.33% to ₦24.60 billion from January's ₦45.85 billion. Overall trading activity on the exchange fell by 16.07% month-on-month, with total transactions dropping from ₦607.05 billion (approximately $410.84 million) in January to ₦509.47 billion (about $341.36 million) in February. However, compared to February 2024, trading volumes…
Despite being declared piracy-free since 2021, Nigeria has paid a staggering $1.5 billion in War Risk Insurance (WRI) premiums over the past three years—a cost that shipping experts and government officials say is no longer justified. The Nigerian Maritime Administration and Safety Agency (NIMASA) revealed the figures in a statement on Friday, calling the continued imposition of WRI surcharges on Nigeria-bound cargo an unfair financial burden that harms the nation’s economy. Why Are Nigerian Importers Still Paying War Risk Premiums? War Risk Insurance covers losses from acts of war, piracy, and insurrection. It was introduced during the peak of Niger…
The Nigerian National Petroleum Company Limited (NNPC Ltd) is in the "final" stages of preparing for its initial public offering (IPO), company officials confirmed on Thursday. The state-owned oil company is moving forward with plans to list its shares on the stock market, in compliance with the Petroleum Industry Act (PIA) 2021. Olugbenga Oluwaniyi, the Chief Finance and Investor Relations Officer (CFIO), revealed that NNPC is currently conducting an "IPO Beauty Parade" to engage with prospective partners. The company is seeking investor relations executives, IPO readiness advisers, and investment bank partners, with the best offers to be selected for each…
Wednesday, 26 March 2025 04:43

Pepper prices surge 225%, tomato jumps 114%

The cost of agricultural produce has seen dramatic price increases in March, with pepper experiencing a staggering 225% price surge and tomatoes rising by 114%, according to recent market findings. Daily Trust investigations revealed significant price changes across major markets in Lagos and Ogun states. Abdulahi Yerima Shehu, a pepper seller in Ogba market, detailed the price transformations: a big bag of pepper has rocketed from N80,000 to N260,000, while a small bag increased from N20,000-N23,000 to N110,000. Tomatoes saw a similar trend, with prices climbing from N18,000-N21,000 to N45,000. Another vendor, Bala Yaro from Abeokuta, reported slightly different but…
U.S. jet fuel imports are set to hit a two-year high in March after Nigeria's Dangote refinery pushed barrels to North America, which should lower prices of the aviation fuel in the peak summer travel season, trade analysts and storage brokers said. The shipments by the 650,000 barrels-per-day (bpd) Dangote refinery, Africa's largest, highlight its potential to reshape global fuel trading dynamics by creating a new swing supplier in the Atlantic Basin. It has already shown signs of success in competing with European refiners on gasoline exports, and the jet fuel shipments to the United States could challenge domestic producers'…
Seven vessels carrying imported Premium Motor Spirit (PMS), commonly known as petrol, are scheduled to arrive at Nigerian seaports between March 17-23, 2025, according to documents obtained from the Nigerian Port Authority. These vessels are transporting 115,000 metric tonnes (equivalent to 154.22 million liters) of fuel through three seaports: Tincan and Lekki Deep Seaport in Lagos, and Calabar port in Cross River State. This increase in imports comes as the landing cost of imported PMS has reportedly decreased to N797 per liter. The surge in imports coincides with the Dangote Petroleum Refinery's suspension of petroleum product sales in naira, following…
Nigerian port operators and shipping companies are expressing growing concern over declining cargo volumes, even as significant investments pour into port infrastructure development across the country. Despite more than $10 billion being invested by state governments and private sector entities into new deep and river seaports, industry stakeholders report troubling downward trends in shipping metrics. Vessel calls to Nigerian ports decreased by 4.5% in 2023, dropping to 3,778 from 3,957 in 2022. Additionally, cargo throughput (excluding crude oil) fell by 6.4%, with totals declining from 75.27 million metric tons in 2022 to 70.47 million metric tons in 2023. At a…
The Dangote Refinery announced Wednesday it has temporarily suspended the sale of petroleum products in naira, a decision that has already sent ripples through Nigeria's oil market with private depot prices jumping to N900 per liter from below N850. In its statement, the $20 billion Lekki-based refinery explained the suspension was "necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars." The company emphasized that "sales of petroleum products in naira have exceeded the value of naira-denominated crude we have received," forcing them to "temporarily adjust our sales…
William Arruda Soft skills have always been a career superpower, but with the rapid rise of technology—especially generative AI—they’re more essential than ever. No matter how much automation gets integrated into work processes, there are things AI simply can’t do (at least not yet). The skills that set you apart? The human ones—the ability to build relationships, inspire others, and think creatively. Soft Skills: Your Secret Weapon in the Modern Workplace Technology is evolving fast and that’s great news. Tech can tackle tasks that are repetitive and mundane, freeing you up to focus on the most meaningful aspects of work.…
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June 16, 2025

MultiChoice explores weekly subscriptions to combat major subscriber losses

MultiChoice Group is testing a weekly subscription model as the pay-TV giant grapples with the…
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Tinubu's pardon of 'Ogoni Nine' rejected by Ogoni people

Ogoni activists on Friday rejected a posthumous pardon for nine members executed three decades ago…
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Harvard happiness expert: Do this easy exercise right now to stay socially connected

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Traditional healer treats the sick with snake bites

Rosalio Culit, also known as Datu Kamandag among his fellow Manobo tribe members in Surigao…
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Over 100 feared dead as gunmen attack Benue communities in night of horror

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Israel Vs Iran: Here’s what to know after Day 3

Trump vetoed Israeli plan to kill Iran's supreme leader, US officials say President Donald Trump…
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Your favorite alcoholic beverage linked to deadly form of cancer, study finds

Nicole Saphier joins 'America's Newsroom' to discuss the surgeon general pushing for cancer warning labels…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

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