Business News

Tuesday, 14 February 2023 04:56

Buhari assents to Business Facilitation Bill

Presidential Enabling Business Environment Council (PEBEC) says President Muhammadu Buhari has signed the business facilitation (miscellaneous provision) bill 2022, also known as the omnibus bill, into law. Presented as an executive bill, the business facilitation (miscellaneous provision) act, 2023, is a legislative intervention by PEBEC, which amends 21 business-related laws, removing bureaucratic constraints to doing business in Nigeria. The new law also codifies executive order 001 on transparency and efficiency in public service delivery, aimed at strengthening ease of doing business reforms across the country. In a statement on Monday, Jumoke Oduwole, special adviser to the president on ease of…

Tuesday, 14 February 2023 04:55

Imports drops 30 percent due to electioneering campaign - Seaports operators

There are strong indications that the current electioneering campaign activities might be responsible for the drop in cargo throughput at the nation’s seaports. The Seaport Terminal Operators Association of Nigeria (STOAN) revealed that cargo throughput and seaport activities recorded an all-time low in the first six weeks of 2023. It said cargo throughput in the last three weeks dropped to 30 per cent at the Nigerian seaports. Chairman of the Seaports Terminal Operators Association of Nigeria (STOAN), Princess Vicky Haastrup, made this revelation at a recent breakfast meeting organised by the Nigerian Chamber of Shipping (NCS), last week. Haastrup explained…

Tuesday, 14 February 2023 04:51

3 tips to weather turbulence in your business and career

Are you encountering turbulence in your life or career path? I've had my share of bumps and setbacks, weathering a lot of turbulence. I've gone from homeless to a homeowner, jobless to executive, McDonald's cashier to owner and partner in several businesses. And not to mention, going from a high school "kick out" to earning multiple degrees, including an MA, MBA, and heck, why not, even a Ph.D. Yes, it's true. Over time, I've squandered many opportunities and had several missed chances. I've also hit some major blocks and turbulence. However, I've always managed to bounce back and keep going…

Monday, 13 February 2023 03:40

Nigeria earned $4.82bn from non-oil exports in 2022 - FG

Nigerian Export Promotion Council has expressed its commitment to ensure that in 2023, Nigeria makes more than $4.82bn it generated from non-oil export business in 2022. Ekiti State Coordinator, NEPC, Iyabode Abe, said that the Council under the leadership of the Chief Executive Officer, Yakussak Ezra, “Will continue to promote the development of non-oil export in other to safeguard the nation’s economy.” Abe spoke in Ado Ekiti at a-one day technical and training session on product packaging for exporters and Small and Medium Enterprises in Ekiti State. “Over $4.82bn was generated from the non-oil export business in the year 2022…

Monday, 13 February 2023 03:32

What is short-selling?

For nearly as long as the stockmarket has been around, people have been betting against it It is not quite the oldest trick in equity trading, but it is not far off. In 1602 the Dutch East India Company became the first to sell its shares to the general public. By 1608 Isaac le Maire, a disgruntled former director, had clubbed together a syndicate that sold stock it did not yet own for future delivery, then spread rumours about the company to drive the price down. By the time the shares came due for settlement, the syndicate could buy them…

Friday, 10 February 2023 05:21

CBN cashless policy drives up PoS transactions, e-payment by 40 percent - NIBSS

Naira’s scarcity caused by the Central Bank of Nigeria’s redesign and cash withdrawal policy pushed Point of Sales transactions to N807.16bn in January 2023. This is a 40.69 per cent year-on-year increase from the N573.72bn transactions that was done in January 2022. According to new data from the Nigeria Inter-Bank Settlement System, total cashless transactions in Nigeria rose by 45.41 per cent y-o-y to N39.58tn in January 2023. NIBSS monitors cashless transactions through the Nigeria Instant Payment System and Point of Sales terminals. Total NIP transactions for the period rose by 45.52 per cent y-o-y from N26.65tn as of January…

Friday, 10 February 2023 05:14

Ex-PepsiCo boss learnt 4 communication skills that aided her rise to CEO. You can use them to your advantage, too

"You cannot overinvest in communication skills." That's the advice former PepsiCo CEO Indra Nooyi offers in her new MasterClass. Nooyi's investment began early when she was on the debate team while attending high school in India. However, when she enrolled in Yale's business school, she realized that her public speaking skills needed work. She flunked a required communication class. It was the first time Nooyi had failed at anything, and she wouldn't let it happen again. "I flunked for two reasons," Nooyi recalls. "One, I spoke too fast. I was thinking faster than I could speak, and mumbling all the…

Thursday, 09 February 2023 05:56

Businesses are born, survive and thrive from an obsession with the illogical pursuit of a vision

No secret exists to guarantee business success, but there is one requirement: A near psychopathic pursuit of purpose. Without it, you either won't survive long enough to see the ROI of your efforts or you'll suffer in mediocre obscurity. It's precisely what makes owning a business "hard" and why so many successful entrepreneurs can only describe how they made it as "you just kind of do it". Building a business throws everything and the kitchen sink at you. Family and friends question your decisions. Social media feeds you with "proof" of how much better all your peers are doing. And…

Wednesday, 08 February 2023 05:52

8 keys to keeping up with market change in your business

Every business owner and entrepreneur I meet in my consulting rounds dreams of finding that "disruptive" innovation that will supercharge their business and move it into the ranks of business unicorns (billion-dollar valuations), such as SpaceX and Apple. They don't realize that these are still rare, require a large risk, and may not be the best way to keep up with change in the market. As a potential investor, I always think of the high rate of failure of disruptive technologies, due to the longer learning curve of customers, infrastructure change consistently required, and higher marketing costs. As an alternative,…

Tuesday, 07 February 2023 06:00

DMO offers two FG savings bonds at N1,000 per unit

Debt Management Office on Monday announced an offer of two Federal Government savings bonds at N1,000 per unit to prospective investors. According to a statement on the DMO’s website, the first offer is a two-year FG savings bond due on February 15, 2025, at a 10.043 per cent interest rate per annum. The second offer is a three-year FG savings bond due on February 15, 2026, at an interest rate of 11.043 per cent per annum. Opening date for the offer is February 6, closing date February 10, settlement date is February 15, and coupon payment dates are May 15,…

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Tuesday, 07 February 2023 05:47

Create content that resonates with your most important asset: Your customers

I thought I had had a great conversation and made an amazing new connection. Then my wife pointed out just how wrong I was. Instead, I made the oldest networking mistake in the book – and it turned out to be an amazing trick to create fantastic content. How did I mess up? I spent most of the time talking about myself because I got overly excited. The funny part was, I could have sworn I spent most of the time asking questions. I thought the other person was amazing, but, as it turns out, they barely said anything at…

Monday, 06 February 2023 05:53

Here's the 1 word Apple CEO Tim Cook hasn’t said and why it's a lesson for every leader

Apple released its financial results this week for the quarter ending in December 2022, and the news was mostly bad. Revenue was down 5 percent from the previous quarter, the biggest quarterly drop since 2016. Profits were down 13 percent. iPhone sales were down 8 percent compared to the same quarter last year. Experts say Apple is being hit with a double whammy. First, there are the same inflation and recession concerns that are affecting the entire tech industry. And then, there's China. A Covid shutdown there forced Apple to close its biggest factory in November, limiting its ability to…

Friday, 03 February 2023 06:02

CBN directs banks to pay new naira notes over the counter

Central Bank of Nigeria (CBN) has directed commercial banks to start paying the redesigned naira notes to customers over the counter. In a statement on Thursday, the CBN said the new directive was to alleviate the challenges that Nigerians are experiencing with getting access to the new notes, as well as reduce queues at the automated teller machines (ATMs) nationwide. The latest development comes across as one of the several reversals made by CBN since it announced the naira redesign policy in October last year. Following the unveiling and the commencement of the circulation of the redesigned naira notes on…

Friday, 03 February 2023 06:01

NNPCL awards rehabilitation of Kaduna refinery to South Korean firm for $741m

Nigerian National Petroleum Company Limited has struck a $741 million deal with Daewoo Engineering and Construction Company to rehabilitate an oil refinery in Kaduna State. According to Bloomberg, NNPCL signed the maintenance service contract with the South Korean engineering firm at a ceremony held on Thursday. A statement issued by the company reads, “Under the terms of the agreement, Daewoo will restore production at the inoperative 110,000 barrels-a-day facility to at least 60 per cent of its capacity by the end of 2024. “The deal is part of NNPCL’s efforts to reduce Nigeria’s near total reliance on imported fuel —…

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