Business News

Tuesday, 27 September 2022 06:42

Spread between Naira’s official and parallel market rates widest in 6 years - Report

The gap between the official and parallel market exchange rates of the naira widened the most in six years last week, as demand for foreign currency continued to outstrip supply. Naira gained marginally against the United States dollars at the official market on Friday, appreciating 0.04 per cent to N436.33, according to FMDQ figures. But the currency fell to N715 against the greenback at the parallel market, leaving the gap between the two markets at 64 per cent, the widest since 2016, according to Bloomberg data. The spread between the two rates reached 84 per cent in June 2016 following…

Tuesday, 27 September 2022 06:33

A changing of the business guard: Between Dangote and Lame

Let’s play a game. Pretend you’re an investor and you’ve got US$20 million to invest in Africa. But you only have one or two choices: Aliko Dangote or Khabane Lame? Who will you pump your money into and why? The answer says a lot about which economy you think will win in Africa. Oil or the attention economy. You may wonder how we can compare a billionaire industrialist, Dangote, to Lame, a former factory worker who lost his job at the beginning of the pandemic. The answer is written in the words of Scott Galloway in a Medium post: “We…

Monday, 26 September 2022 06:17

Oil claws back some losses after sliding to eight-month lows

Oil prices rose modestly in early trade on Monday after sliding to eight-month lows last week weighed down by a surging U.S. dollar and fears sharp interest rate hikes globally would spark a recession and hit fuel demand. The dollar index climbed to a fresh 20-year high on Monday, capping oil price gains. Brent crude futures were up 17 cents, or 0.2%, at $86.32 a barrel at 0116 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 21 cents, or 0.3%, at $78.95 a barrel. Both contracts slumped around 5% on Friday. Analysts said crude should find some…

Monday, 26 September 2022 06:05

Want a mission statement that resonates? Then focus on the ‘why’

Many entrepreneurs create a mission statement for their business. But do your consumers actually know what yours is? A mission statement, by definition, summarizes the values of a company and is the purpose of the business – the "why". For many companies, it is a generic statement that gets lost in the weeds of the website. But for the companies that take it seriously, a mission statement can drive every aspect of business into a more positive light. Crafting a powerful mission statement for your employees to adopt and customers to connect with takes effort and focus. With consumers becoming…

Saturday, 24 September 2022 06:54

Nigeria’s new national carrier, Nigeria Air, is set for takeoff with the following ownership structure

Ethiopian Airlines is the preferred bidder for Nigeria Air, the federal government said Friday, as it prepares for the commencement of operations of Nigeria’s new national carrier. Aviation Minister Hadi Sirika said at a press briefing in Abuja that Nigeria Air will launch with a shuttle service between Abuja and Lagos to establish a new comfortable, reliable and affordable travel between the two major airports and that other domestic destinations will follow thereafter. Ethiopian Airlines will own 49 per cent equity, the federal government will control five per cent equity, while a consortium of three Nigerian investors (MRS, SAHCO and…

Saturday, 24 September 2022 06:53

Are you a pilot, aircraft engineer, experienced crew member? There are vacancies for you at Nigeria Air. This is how to apply

Nigeria’s national carrier, Nigeria Air Limited, says it is seeking to fill up diverse positions in the organisation. The airline said this in a statement on Friday. The national carrier said it will be “launching shortly with Boeing 737-800 (NG) aircraft, followed thereafter with B787 aircraft for international operations”. “The new airline will be owned by a Nigerian private investor consortium together with a 5 percent federal government holding, including Ethiopian Airline’s shareholding,” the company said. Therefore, Nigeria Air said it is now recruiting qualified and experienced Boeing 737 captains, first officers, senior cabin crew and cabin crew, and engineers…

Saturday, 24 September 2022 06:51

Lekki Deep Sea Port will cut cargo wait time from 30 days to 2 days - NPA

$1.5 billion Lekki port built by China Harbor Engineering Co Will be West Africa’s biggest port, cut waiting times offshore Nigeria is betting a deep sea port set to open early next year will help revive an economy grappling with soaring inflation, stagnating growth and slumping foreign investment. Cargo ships currently wait as much as a month offshore before unloading cargo in Lagos, Nigeria’s commercial hub. But the planned opening in March of the Lekki Deep Sea Port, on the eastern edge of the city, has the potential to slash cargo wait times to two days, Mohammed Bello-Koko, managing director…

Friday, 23 September 2022 06:16

Bankers flee Nigeria’s stagnating economy as ‘japa’ beckons - Bloomberg

Francis Eze spent nearly a decade at one of Nigeria’s biggest banks working for a salary far lower than the one he’d negotiated in his interview. As a bachelor and then as a newlywed, he found a way to manage on a tighter budget. His wife, a nurse, had long told him about colleagues at her hospital who had been recruited to move abroad but Eze wasn’t interested. Then with private school fees for two children coming due this year, the pair joined the flood of skilled Nigerians leaving the country amid a plummeting naira and a stagnating economy. “I…

Friday, 23 September 2022 06:04

The 3 people you need in the room for a successful brainstorming session

When it comes to brainstorming, there are several personality types that I've found to all but guarantee a productive, successful and often enjoyable process and outcome. In my experience, people who embody the following designations tend to contribute greatly to group brainstorms in the form of stimulating creativity, provoking thought and keeping momentum going. The Devil's Advocate You know that person who's always challenging the status quo, voicing doubts, looking for the cracks and generally taking a contrarian stance on every proposed idea or conclusion? That would be your textbook devil's advocate. As soon as one person contributes a thought,…

Thursday, 22 September 2022 06:15

Mark Cuban says the worst career advice is 'Follow your passion.' What should you do instead?

Turns out it's something you already do. You just need to turn it up a notch. Ask just about any motivational speaker or career expert. Or ask Steve Jobs: As the Apple co-founder once said, "You've got to find what you love. The only way to do great work is to love what you do. If you haven't found it yet, keep looking." Most people believe passion comes first. But not Mark Cuban. When Adam Grant asked him if there was a "worst piece of career advice you've gotten," Cuban said: 'Follow your passion?' No. Follow your effort. No one…

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Wednesday, 21 September 2022 06:28

Corporate loyalty looked like this when it was a real thing

In 1911, George Eastman, founder of Eastman Kodak, instituted the Kodak Welfare Fund. The Fund assisted employees who were no longer able to work because of accident, illness or retirement. A year later Eastman instituted a program known as the "wage dividend", which was one of the most progressive and widespread profit-sharing programs in the history of corporate America. Seven years later, in 1919, Eastman offered employees nearly one-third of his personal stock at a price below the market rate. Eastman used the proceeds to strengthen the Welfare Fund. Eastman also implemented paid sick leave, life insurance, disability coverage, a…

Tuesday, 20 September 2022 03:58

With 2 sentences, Google CEO explains the biggest threat facing every company

Your job is to focus on doing what you do better. At the Code Conference in Beverly Hills earlier this week, Kara Swisher interviewed Google's CEO, Sundar Pichai, during which she asked him about his competitors. Swisher was asking specifically about the companies that compete in the field of artificial intelligence (AI), but Pichai's answer was a brilliant lesson in how every company should think about competition. "I have always held the view that you tend to go wrong by focusing too much on competition," Pichai said. "Big companies, particularly, fail because they stumble internally." Those words may sound harsh,…

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…

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