Business News

Sunday, 19 May 2024 04:57

Insecurity, high energy costs shutting down manufacturing firms - MAN

The Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has raised concerns that rising insecurity is compelling many manufacturers to cease operations. In a recent television interview reported by Thisday, Ajayi-Kadir disclosed that manufacturers are spending more on security than on government taxes. Ajayi-Kadir also cited multiple taxation and high energy costs as significant challenges for manufacturers in Nigeria. He urged the federal government to mitigate the unintended consequences of its reform policies to improve the competitiveness of the manufacturing sector. “Insecurity is a major challenge. We have lost between 56 to 60 percent of our members in…

Saturday, 18 May 2024 04:35

TotalEnergies secures supply agreement with Dangote Refinery

TotalEnergies, the French energy giant, has finalized its first supply deal with Dangote Refinery in Nigeria, as announced by Chief Executive Patrick Pouyanne on Friday. This development follows a meeting with Africa's wealthiest individual, Aliko Dangote. Speaking at the Africa CEO Forum in Kigali, Rwanda, Pouyanne stated, "We met this morning and reached our first agreement. The two CEOs, along with our head of trading, collaborated to finalize the deal." Dangote has been seeking crude supplies for his 650,000 barrels per day (bpd) refinery, which will be the largest in Africa and Europe once fully operational. In May, Dangote issued…

Friday, 17 May 2024 04:34

Despite Nigeria being Africa’s largest crude oil producer, Dangote Refinery orders 24m barrels from US. Here’s why

Nigeria’s new Dangote mega refinery near Lagos plans to purchase millions of barrels of US crude over the next year, highlighting the challenges Africa’s largest oil producer faces in boosting its own output. According to an analysis by Thisday, the refinery, built by Africa’s richest man Aliko Dangote, has issued a term tender for the purchase of 2 million barrels a month of West Texas Intermediate (WTI) Midland crude for 12 months starting in July, according to a document seen by Bloomberg. The tender closes on May 21. The request for US oil underscores the refinery's growing influence in global…

Friday, 17 May 2024 04:25

4 lessons for success from Berkshire shareholders’ best Buffett and Munger stories

On Friday afternoon, on the floor of the annual meeting of Berkshire Hathaway shareholders, I ran into my seatmate from the flight from Washington, D.C. to Omaha — a lovely woman working the Geico booth. “Bill Murray is here,” she told me. I told her I’d keep my eyes peeled. Of course, to the tens of thousands of shareholders who flock each year to Nebraska, Murray, or any other celebrity, is second fiddle to the real star of the show, Warren Buffett, and in years past his right-hand man Charlie Munger, who died in 2023. Around these parts, the honchos…

Thursday, 16 May 2024 04:37

Consider this advice before you raise or lower your product’s price

Dropping your prices to get more customers may not lead to more profit. While this approach may have benefits in the short term, pricing psychology research reveals that lowering your prices too much can negatively impact your customer satisfaction scores and brand perception. Years ago, I had the chance to learn valuable lessons about pricing psychology from Brad Fallon, a lawyer-turned-entrepreneur with whom I interned as a college senior. Brad and his wife co-founded MyWeddingFavors.com in 2004. Within two years, they had turned a $2,000 investment into $32 million. Following this success, Brad launched StomperNet, an internet marketing company, which…

Wednesday, 15 May 2024 04:47

10 tips for finding, fighting and winning key battles in your business

In business, you can never win every battle, but you must win the critical ones for your own longevity and the success of your business. Picking the right ones is more than half the battle. In my experience as a business advisor, I find that many people spend most of their time on the wrong problems, usually due to ego, daily pressures or emotions. You must re-prioritize daily. For example, I once had a business associate who loved to help his peers, which is a positive attribute, until he was unable to complete his own commitments on time and his…

Tuesday, 14 May 2024 04:26

Nigeria's manufacturing export revenue drops 166 percent, World Bank reports

Nigeria's manufacturing export revenue has taken a significant hit, plummeting by 166% to ₦778.4 billion, according to the latest findings from the World Bank's 'Africa Pulse' report. This stark decline marks a sharp contrast from the ₦2 trillion peak recorded in 2019. The report highlights a downward trajectory since 2019, attributing a substantial decline to the impact of Covid-19. In 2020, revenue dipped to ₦960.7 billion, followed by a modest recovery to ₦1.15 trillion in 2021. However, 2022 witnessed a substantial drop to ₦781.1 billion, further exacerbating to ₦778.4 billion in 2023. The World Bank identifies poor infrastructure and inefficient…

Monday, 13 May 2024 04:39

5 questions to help you identify marketable ideas

Are you pushing a rock uphill? When you're working on bringing a product or service to market, sometimes it can feel very burdensome – like you're pushing a heavy load skyward. A lot of effort is required and you're becoming exhausted in the process. But this is to be expected, right? You're always hearing that every new idea takes time, effort, patience, determination and plain hard work to become successful. It's true that what we perceive as an overnight success is usually at least 10 years in the making. There's more to it than that, though. Some ideas really are…

Friday, 10 May 2024 04:40

SEC introduces new regulations on private companies’ securities issuance, allotment

The Securities and Exchange Commission (SEC) has unveiled fresh regulations governing the issuance and allotment of securities by private companies. According to the new rules, any individual who issues or allocates securities without prior approval from the SEC, or breaches any of its regulations, will face penalties starting at N10 million initially, with an additional daily penalty of N100,000 for each ongoing violation. These regulations, outlined in the proposed guidelines by the SEC, encompass various aspects including debt securities offerings by private companies through public offers, private placements, or other approved methods. The rules also extend to registered exchanges and…

Friday, 10 May 2024 04:34

Business: The only question that really matters to your audience

I recently returned from teaching a class of executive education students at Harvard. Most of the business leaders enrolled in this particular class were accomplished real-estate and property developers from around the world. Builders are always sharpening their communication skills because nothing gets built until investors, city leaders, and local citizens buy into a developer's vision. So, to be convincing, developers constantly refine their plans and pitches to 'resonate with stakeholders.' Regardless of your field, if your messagedoesn't resonate with your audience, you stand little chance of gaining their support. The only question that really matters to them is: "Why…

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Thursday, 09 May 2024 04:38

3 unwritten rules for workplace etiquette

Larry David For those who prioritize some standard of decorum, conventional or nontraditional social norms and expectations, here are three valuable lessons about unwritten rules that every business stakeholder can glean, especially if their aim is to build meaningful connections. Unwritten rules serve several important functions in society and business – they keep things running smoothly by guiding how we interact with one another and avoid unnecessary drama. Basically, they're like the invisible hand that keeps things in check without needing to call in the big guns of formal rules and regulations or, dare I say, HR. 1. Be fair…

Wednesday, 08 May 2024 04:15

Your company needs to get rid of its bad bosses

Recently my Inc. colleague Jeff Haden wrote a piece about the connection between bad bosses and toxic work environments, citing some 57 separate studies that effectively came to the same conclusion - "Destructive leadership significantly decreases employee job satisfaction." I immediately found myself wondering why otherwise intelligent business and thought leaders would need even one, let alone 57 studies to prove what should be self-evident - that horrible bosses create horrible places to work. What seemed even more important to understand though, is how, in the face of such a literal mountain of evidence, do these awful executives manage to…

Tuesday, 07 May 2024 04:42

Richard Branson says money isn’t a good way to measure success: Focus on this 1 word instead

Richard Branson doesn’t want to be defined by his money. Specifically, he finds it “quite insulting” when he is introduced as “the billionaire Richard Branson,” rather than as the co-founder of Virgin Group, he tells CNBC Make It. The reason: Nobody should view their net worth as an ultimate measure of success, and it’s “very sad” when making money is the sole focus of a person’s life, he says. “Maybe in America, ‘billionaire’ is a sign of success, but that rankles me,” says Branson. “I think that your reputation is what you create.” In Branson’s case, his reputation is often…

Monday, 06 May 2024 04:56

Banks’ lending to private sector declines N9.65trn as CBN tightens screws on liquidity

The Central Bank of Nigeria (CBN) has revealed a substantial reduction in banks' loans to the private sector, amounting to N71.21 trillion in March. This marks a notable decline of 11.93 percent or N9.65 trillion from February's figure of N80.86 trillion, as reported in the CBN's money and credit data. However, on a year-on-year basis, there was a significant increase of 65.57 percent compared to March 2023's N43.01 trillion. Concurrently, credit to the government also witnessed a decline to N19.59 trillion in March from February's N33.93 trillion, representing a month-on-month decrease of 42 percent. Yet, on a yearly basis, credit…

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