Business News

Thursday, 06 January 2022 06:32

FG plans to tax digital non-resident firms at 6% of turnover

Federal government plans to tax digital non-resident companies that sell products to local customers at 6% of turnover, Finance Minister Zainab Ahmed said on Wednesday, as part of fiscal reforms to boost revenues and diversify the oil-dependent economy. At around 4.5% of GDP, Nigeria has one of the lowest tax rates in the world and has struggled to increase tax collection from its non-oil sector. The World Bank said last year Nigeria could raise the proportion to around 7% over the coming three years, assuming property tax, excise duty and personal income reforms are undertaken, and that non-oil taxes needed…

Thursday, 06 January 2022 06:21

Want to be a great leader this year? The smartest ones will be doing these 3 things

Three executives weigh in on talent retention in 2022. Planning for 2022, many leadership teams have had to consider employee retention to a degree like never before. What once was enough to keep employees happy -- think remote work, office perks, and more -- simply won't cut it anymore. Amid the biggest talent shift in recent memory, I connected with three executives to get fresh strategies about talent retention strategy for the new year. Put a premium on the act of listening "There's no 'one size fits all' solution when it comes to employee retention. Everyone wants something different out…

Wednesday, 05 January 2022 06:10

OPEC+ to further increase oil output in February

OPEC+ agreed on Tuesday to stick to its planned increase in oil output for February because it expects the Omicron coronavirus variant to have a short-lived impact on global energy demand. The group of producers comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia has raised its output target each month since August by 400,000 barrels per day (bpd). The United States has urged the group to pump more crude to help the global economic recovery from the pandemic and cool prices as they trade near $80 a barrel. But the group has said the market…

Wednesday, 05 January 2022 06:03

To build a real company, start by building a system

All entrepreneurs are creators of simple systems What is an entrepreneur? There are many answers to this question. However, the one that I like the most is, "An entrepreneur is anyone who provides value in exchange for monetary compensation, with or without them having to be there." That last part is critical because if all you do is exchange value for money, an entrepreneur would be no different from a freelancer. The added statement of "with or without them having to be there" is what allows an entrepreneur to differentiate themselves from a freelancer. To build a business where they…

Monday, 03 January 2022 06:17

OPEC meets today to discuss replacement for Nigeria’s Barkindo

OPEC ministers are due to hold a meeting on Monday (today) to discuss the appointment of a new secretary general, two OPEC sources said, with Kuwait's candidate for the job holding widespread support from the group. Haitham al-Ghais, a former Kuwaiti governor to the Organization of the Petroleum Exporting Countries, is the only candidate for the role, OPEC sources have said. Current OPEC Secretary General Mohammad Barkindo of Nigeria, who helped clinch a deal with non-OPEC producers such as Russia to cut global oil output to balance the market, is due to step down at the end of July once…

Monday, 03 January 2022 06:10

12 timeless ways to be a better boss in 2022

Over the years I've worked with dozens of managers and interviewed hundreds more. As I consider how they approach their jobs and how they characterize their successes, I've noticed they tend to adhere to the following rules: 1. Manage individuals, not numbers. Conventional business thinking is that what's important is slicing and dicing the numbers, putting the numbers into graphs, and talking about where the numbers are and where they ought to be. However, numbers are the result of how well you manage people, not how well you manage numbers. The only way to get better numbers (regardless of your…

Saturday, 01 January 2022 06:13

Stocks on NGX closed the year with N471bn gain

Nigerian stocks added 2.16 per cent or N471.4 billion on Friday in an end-of-the-year rush for shares that helped equities deliver a 6.07 per cent return, but that was miles away from the 50 per cent reported for last year. Investors doubled down on their resolve to own more shares as trade volume expanded by 100 per cent, with NGX Group, UPDC REIT and Zenith leading the charge. Stocks touched their peak for the year on 9th November, when the benchmark index reached 43,730.55 basis points, and the valuation of shares listed on the Nigerian Exchange hit the N22.8 trillion…

Saturday, 01 January 2022 06:13

Oil posts biggest annual gain since at least 2016

Oil prices fell on Friday but were set to post their biggest annual gains since at least 2016, spurred by the global economic recovery from the Covid-19 pandemic slump and producer restraint, even as infections reached record highs worldwide. Brent crude futures settled down $1.75, or 2.2%, at $77.78 a barrel. U.S. West Texas Intermediate (WTI) crude futures dropped $1.78, or 2.31%, to $75.21 a barrel. Brent ended the year up 50.5%, its biggest gain since 2016, while WTI posted a 55.5% gain, the strongest performance for the benchmark contract since 2009, when prices soared more than 70%. Both contracts…

Friday, 31 December 2021 06:28

FG explains why Nigeria’s agro products are seized by EU countries

About 80 per cent of agro-products from Nigeria intercepted and seized by the European Union member nations are exported illegally, the Federal Government has said. It explained that most of the products were prohibited for exports by the government, adding that people illegally moved the items out of the country without clearance by Nigeria Agricultural Quarantine Service. NAQS is a regulatory agency under the Federal Ministry of Agriculture and Rural Development that harmonises plants, veterinary and aquatic resources quarantine in Nigeria. It promotes and regulates sanitary and phytosanitary measures in connection with the import and export of agricultural products with…

Friday, 31 December 2021 06:20

3 time-wasters all business leaders should let go of in 2022

Stop wasting time being anxious or fearful in the new year by leaving these things in 2021. I was recently talking with a business owner who had a long list of things that she's going to start doing in 2022. She plans on starting a new referral program to increase sales, starting an employee incentive campaign to help with employee retention, and more. After listening to all that she wants to add to her agenda for the upcoming year, I stopped her and asked a question. What are you going to stop doing this year? She paused for a moment…

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Thursday, 30 December 2021 05:54

NGX: Stocks lose N238bn on profit taking ahead of new year

Nigerian stocks weakened by 1.08 per cent or N237.9 billion on Wednesday, the first trading day since the market closed for yuletide celebrations, heaping more pressure on a bourse that has been pretty low activity lately. Wednesday’s gloomy trade resulted from the fact that there were few buyers willing to buy the shares of the likes of BUA Cement, UPDC REIT and MTNNcompared to the relatively large quantity of their shares that were up for sale. “We note that sellers would largely be booking profits from the prior week as well as for the year (in the case of short-term…

Thursday, 30 December 2021 05:50

2 hiring lessons many learned the hard way this year (and how to get around them in 2022)

If you learned these hard truths about hiring and retention this year, you're not alone. This past year, we leaders learned how to grow and scale our businesses during some really difficult challenges. We struggled with supply issues and we dealt with long lead times and increased prices. Most of all, we learned just how difficult hiring and retaining good talent can be. I have spoken with many business owners over this past year who have had to learn lessons about hiring, often the hard way. So I wanted to share some of the lessons that many leaders learned (or…

Wednesday, 29 December 2021 06:17

Oil hits one month highs despite Omicron concerns

Oil prices settled higher on Tuesday, with Brent crude ending the session near $80 a barrel despite the rapid spread of the Omicron coronavirus variant, supported by supply outages and expectations that U.S. inventories fell last week. Brent crude settled up 34 cents, or 0.4%, at $78.94 a barrel by 1:39 p.m. EST (1839 GMT). U.S. West Texas Intermediate (WTI) crude settled up 41 cents, or 0.5%, at $75.98. Both contracts traded at their highest levels in a month, aided by strength in U.S. equities. "The stock market appears poised to finish the year at or near record highs with…

Tuesday, 28 December 2021 06:01

Developing this skill can support happiness at work and in life

Geraint Evans Our ancestors have been creating things for millennia, making tools and dwellings, and drawing hands or animals on cave walls. Now people everywhere are turning to crafting as a coping mechanism during Covid-19. They believe creativity is helping them find more happiness. And science suggests they may be right. According to recent research from Mental Health America (MHA), nearly 50 million American adults experienced mental illness even prior to the Covid-19 pandemic, and a growing percentage of young people are now living with major depression. On top of this, the long-term impact of the sudden and dramatic changes…

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