Business News

Monday, 19 September 2022 06:51

Oil prices climb on supply concerns

Oil prices climbed during early Asian trade on Monday as a weaker dollar and supply concerns ahead of the European Union embargo on Russian oil in December offset fears of a global recession that could dampen fuel demand. Brent crude futures rose $1.15, or 1.3%, to $92.50 a barrel by 0049 GMT after settling up 0.5% on Friday. U.S. West Texas Intermediate crude was at $86.16 a barrel, up $1.05, or 1.2%. The front-month contract expires on Tuesday. Both contracts, which slid more than 1% last week on concerns that another interest rate hike by the Federal Reserves could slow…

Monday, 19 September 2022 06:44

Why keeping secrets is hurting your business potential

I was recently speaking with a new business coaching client who was struggling with time management. She was consistently working 70-80 hour weeks and she hasn't had a vacation in years. And when I pushed her for more information, she reluctantly began to tell a tale of her own controlling behaviors. She really struggled with delegating tasks to her team and had a past history of delegating tasks that ultimately turned out to be failures. When we pushed a little more, we realized that one of the reasons that all of her past delegations failed was because she was keeping…

Thursday, 15 September 2022 06:42

Flutterwave adds eNaira as payment option for merchants

Africa-focused fintech firm Flutterwave said on Wednesday it has added Nigeria's eNaira as a payment option for merchants, a move that could help boost adoption of the digital currency. Nigeria, the first African nation to launch a digital currency, is targeting 8 million users for the app launched in October. But adoption has been slow as lenders worry the app would compete with their online platforms and reduce fee revenue. Flutterwave said that over 1 million merchants now accept eNaira payments from their customers. "We... are confident that this number will grow further as we continue to innovate and expand,"…

Thursday, 15 September 2022 06:36

Confessions of a micromanager: You need to get delegation right

We all know that deep down micromanaging is bad for our businesses, yet many, like myself, still struggle with the very real urge to take control and handle things ourselves. So we have to ask ourselves, what drives this behavior? Why do rational people choose to micromanage even when faced with the inevitable truth of the harm that it does on a daily basis to their team and their businesses? Past Events Almost every manager can tell a story of a delegation gone horribly wrong. We gave a task to a team member and they dropped the ball. And the…

Wednesday, 14 September 2022 06:07

Ray Dalio built the world’s largest Hedge Fund. He swears by these 5 meeting rules

Tried-and-true principles, updated with modern tech for the post-pandemic world. In Ray Dalio's book, Principles: Life and Work, the billionaire investor and founder of the largest hedge fund in the world, Bridgewater Associates, breaks down nearly everything he's learned over the course of his career into a set of principles. Among these principles are a set of meeting rules that contain some tried-and-true methods for improving meetings in the workplace. The only problem is the book was released in 2018, and a lot has changed in the past four years. That's why I've decided to revisit some of Dalio's meeting…

Tuesday, 13 September 2022 07:03

FG has granted cashew processors 100% capital allowances. This is what that means

Federal government says companies involved in cashew production and processing will enjoy 100 percent capital allowances. Capital allowance is an amount of money spent on business assets that can be subtracted from what a business owes in tax. Adebayo Adeniyi, minister of industry, trade and investment disclosed this at the 16th edition of the annual conference of the African cashew alliance in Abuja on Monday. The minister said the conference was held in Nigeria for the first time since it began in 2006, adding that the event which is held annually amongst cashew-producing countries, was an opportunity to share experiences…

Tuesday, 13 September 2022 06:54

How to use design principles to streamline your business

Have you ever had the experience where somebody forwards you an email thread and you have to read through fourteen different conversations to find the action items? You basically have to become an investigative journalist trying to piece together who said what, who was this again...and by the end of the email you find yourself frustrated with the entire experience. That's an example of bad design. And as a business owner, there are lots of things in your day to day that likely suffer from similar design flaws. So today, I want to share some examples of how you can…

Monday, 12 September 2022 06:18

6 ways to develop sharp business judgment

The best kinds of organizations to be a part of are winning organizations, ones that consistently meet or exceed lofty goals and have a confidence about them driven by everyone feeling they're working on a team of champions. The leader, of course, is the heartbeat of such an organization and within that, it's that leader's ability to consistently make good decisions that makes that heart beat. Nothing leads more directly to better results than better decisions and nothing aids better decisions better than good judgment. That's why Harvard Business Review's January-February 2020 issue caught my eye, because in it, London…

Sunday, 11 September 2022 06:42

Science shows many high achievers had troubled childhoods. Elon Musk's sister just explained why he's the perfect example

Look into the childhoods of many super high achievers, from Howard Schultz to Madonna to Eleanor Roosevelt, and you'll notice a common theme: They weren't very happy. In fact, a great many are downright tragic. Madonna lost her mother to cancer at age five. Schultz grew up in a tough housing project. Roosevelt's dad drank himself to death. At first this might look like just random anecdotes, but science suggests there is something more to this observation. One classic study of 400 high achievers who had at least two biographies written about them (for positive reasons) found that an incredible…

Friday, 09 September 2022 06:48

Nigeria recorded N3.2 trillion trade surplus in 6 months - NBS

National Bureau of Statistics (NBS) says Nigeria recorded a N3.2 trillion trade surplus between January and June of 2022. The bureau stated this in its recent report titled: ‘Foreign trade in goods statistics (Q2 2022)’. In the first half of the year, Nigeria’s total exports was N14.5 trillion and total imports was N11.3 trillion, which gives a trade surplus of N3.2 trillion. A trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh its imports. In Q1 2022, Nigeria’s total trade was N13 trillion. This was higher than the value recorded…

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Friday, 09 September 2022 06:43

Entrepreneurs are susceptible to shiny object syndrome. Here's how to cure it

"I have a great idea for a new business or product". It's a statement that I hear almost every day and for the majority of business owners, it isn't necessarily a good thing. Let me explain. I coach business owners who have been in business for several years. They have a product or service that has proven itself and has shown the capacity for tremendous growth. So when someone comes to me, with an already successful business, excited about a new product line or service, I can't help but approach the conversation a little guarded. Entrepreneurs are particularly susceptible to…

Thursday, 08 September 2022 07:10

Russia-Ukraine war: Nigeria to send more LNG to Europe by next winter

Nigeria will be able to send more liquefied natural gas (LNG) to Europe by next winter, Oil Minister Timipre Sylva said on Wednesday at the Gastech conference in Milan. As Europe seeks alternatives to dwindling supplies of Russian gas, the minister said that security issues are delaying deliveries of more gas at the moment but Nigeria will build a pipeline of Nigerian gas through Algeria to Europe. Nigeria will soon take the final decision over the investment to build the infrastructure, the minister said, adding that the project is likely to cost more than $10 billion. The Nigerian and Algerian…

Thursday, 08 September 2022 06:45

Here’s a great advice on time, money, and how best to make the most of both

“The greatest lesson I’ve learnt about time is that it only goes forward. No matter how much money you have, you can’t go back and relive the moment. All you have is the present.” When asked about the greatest lesson he’s ever learned, Luthuli says: “My mother was murdered in 2013, and that horrific incident has taught me a lesson I’ll never forget. Don’t hesitate to act because we never know the value of a moment until it becomes a memory. “There are so many things left unsaid, and I’ll never get the chance again. Now I live my life…

Wednesday, 07 September 2022 06:54

Foreign capital inflow into Nigeria declined 23 percent in Half 1, 2022 - Report

Insecurity and lingering foreign exchange crisis have forced the capital importation into Nigeria to decline further by 23 percent. Capital Importation measures the aggregate of foreign investments into an economic entity within a given period. It is divided into portfolio investments, other investments and Foreign Direct Investments. According to data collated from separate reports by the National Bureau of Statistics, capital inflows into Nigeria in the first and second quarters of 2022 was $3.1bn, while $3.9bn came into the country by way of Capital Importation in the third and fourth quarters of 2021. This represents an $810.5m decline in foreign…

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