Business News

Wednesday, 23 June 2021 05:48

Smuggling shoots up daily petrol consumption to 103m litres - NNPC

Nigerian National Petroleum Corporation (NNPC) says smuggling across the borders increased the daily consumption of Premium Motor Spirit (PMS) to 103 million litres per day in May. Group Managing Director (GMD), NNPC, Mele Kyari, made this known at stakeholders meeting organised by the corporation to discuss how best to stop smuggling in the country. Kyari said the current situation had kept the country in a state of bleeding, as it could not sustain the payment of subsidy that accompanies the volume. He said that the introduction of Operation White and involvement of the Economic and Financial Crimes Commission (EFCC) had…

Wednesday, 23 June 2021 05:47

Dangote’s plant to start exporting fertiliser to U.S., Brazil, others

Nigerian billionaire Aliko Dangote’s new fertiliser plant near Lagos will export its first shipment in late June or early July, to Louisiana, while the majority of exports from the plant are expected to go to Brazil, Dangote said on Tuesday. The new plant at the Lekki Free Zone in Lagos State, designed to manufacture 3 million tonnes of urea per year, will also be able to supply all the major markets in sub-Saharan Africa, Dangote told a virtual economic forum hosted by Qatar. “Apart from meeting the domestic demand, we are going to be able to earn quite a lot…

Wednesday, 23 June 2021 05:42

How transparency in business leads to customer growth and loyalty

Every company needs an effective way of speaking about their brand. Transparency will set the stage for an honest and long-lasting relationship with customers. Customers today are hyper-skeptical of the brands and companies they buy from, and this analysis can make or break a company’s profitability. When your customers — whether that be people or other businesses — are placing your company under a microscope, oftentimes they’re looking for cues as to how trustworthy and real your brand is. Gone are the days where commercial advertising can sell a company on its own, and because of this, companies must invest…

Tuesday, 22 June 2021 05:50

Farmers sink into debt as insecurity grounds food production nationwide

There are indications that Central Bank of Nigeria’s Anchor Borrowers’ Programme is heading for the rocks as bandits are forcing farmers, who took the ABP loans, to abandon their farms. Farmers in Zamfara, Kebbi, Sokoto, Ekiti and Ebonyi states, in separate interviews with our correspondents on Monday, said repaying the loans would be tough because bandits had taken over their farms and destroyed crops. Recall that CBN had in 2015 launched the ABP in line with its developmental function. The programme is aimed at creating a linkage between anchor companies involved in processing and small holder farmers of agricultural commodities.…

Tuesday, 22 June 2021 05:37

8 overrated business principles you shouldn’t always follow

Just because a piece of advice is common doesn't mean it applies to every entrepreneur. Follow your passion. Always be hustling. Don't be afraid to take risks. Every new and aspiring entrepreneur has likely heard common pieces of business advice like this repeated over and over again. The problem is that these types of tips are rarely universal; each business is unique and needs to find its own path to success, regardless of what has worked for other entrepreneurs. Below, eight entrepreneurs shared some common business principles that they believe are overrated. Here's why they think you shouldn't necessarily follow…

Monday, 21 June 2021 05:37

4 ways to channel your background into running a successful business

Everyone has something unique to bring to the table. As a long-time advisor to new entrepreneurs in the U.S, I've long been convinced that each and every entrepreneur--from the U.S or otherwise--has something unique to bring to the table. When starting a business, you can make your heritage and background the key to your competitive advantage. All successful entrepreneurs seem to display a common set of positive traits, which I believe should be high on the priority list of every entrepreneur and business professional, no matter what your background is. Here, a deeper dive into how you can channel your…

Saturday, 19 June 2021 05:32

Millions of women exit workforce for a little-talked about reason

It’s not every day that a FTSE 100 boss tells you about her nightly hot flashes. But for 45-year-old Liv Garfield, the chief executive officer of British water utility Severn Trent Plc, it’s a way to demystify a natural phenomenon affecting menopausal women -- a growing cohort at companies around the world. With menopause driving scores of women out of the workforce each year, addressing it is essential, says Garfield. “To not employ swathes of women from 45 to 60 has got to be a real issue -- otherwise you’re missing all the insight from that particular generational category,” she…

Friday, 18 June 2021 05:57

Naira posts gain at official, parallel markets

Naira gained against the U.S. dollar at the official Investors and Exporters (I&E) window and the black market on Thursday. The currency closed at N411.50 per dollar, a 0.12 per cent appreciation from N412.00 it traded in the previous session on Wednesday. The Naira witnessed a forex turnover of $138.20 million, this translates to a 4.81 per cent rise from $131.86 million posted in the previous session on Wednesday. The domestic currency reached an intraday low of N412.00 and a high of N400.00 before closing at N411.50 on Thursday. The last time the currency touched N411.00 and above at the…

Thursday, 17 June 2021 05:55

After crossing the 500 to $1 mark, Naira still falling

Naira fell significantly against the U.S. dollar at the unofficial market on Tuesday, after Nigeria’s foreign reserves plunged to its lowest level in four years last week. The reserves fell by $222.3 million between May 31 and June 10 to $34.0 billion, according to figures published by Central Bank of Nigeria. The last time it fell below that mark was between June and July of 2017. Data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed, Naira closed at N505.00 at the black market, a N 3.00 or 0.60 per cent fall from N502.00 it traded…

Thursday, 17 June 2021 05:42

7 mistakes to avoid when naming your business

Experts and entrepreneurs outline common business naming blunders so you can avoid them. Would Google still be Google if the founders had stuck with their nickname for the business and called their company BackRub? Would Sony have become a global powerhouse if it kept its original name, Tokyo Tsushin Kogyo? And which would you prefer, a Pepsi or a nice cold can of Brad's Drink? Looking back at naming near misses is funny. It also illustrates just how incredibly important it is to select the right name for your business. As well as how easy it is for even smart…

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Wednesday, 16 June 2021 05:51

Stocks on NSE lose N340bn on profit taking

Trading at the domestic bourse opened the week on a bearish mood with the market capitalisation losing N340 billion in one day, due to drop in Airtel Africa. Specifically, the market capitalisation, which opened at N20.409 trillion, dipped by N340 billion to close at N20.069 trillion. Also, the All-Share Index shed 648.99 points or 1.66 points to close at 38,507.29 from 39,156.28 achieved on Friday. Accordingly, month-to-date gain moderated to 0.2 per cent, while year-to-date loss increased to 4.4 per cent. The market loss was driven by price depreciation in large and medium capitalised stocks amongst which were; Airtel Africa,…

Wednesday, 16 June 2021 05:43

4 customer service secrets you should steal from Amazon

John Rossman, author of 'The Amazon Way,' explains why businesses of any size can benefit from the lessons the e-commerce giant has learned. Amazon grew into the behemoth it is today in part as a result of an obsession with its customers. Many of the lessons the company learned along the way can benefit your business too, says John Rossman, a former Amazon executive. Rossman just released the third edition of The Amazon Way, a book aimed at helping business owners translate Amazon's unique culture and management practices into usable opportunities. Here are four customer service tips he recommends you…

Tuesday, 15 June 2021 05:50

Crude oil from Nigeria struggles to get buyers amid India purchase cuts

Nigerian crude variants are now seeking other buyers in Asia and Europe as India’s Covid-19 situation remains shrouded in uncertainty amid stringent regional lockdowns and weak domestic consumption. S&P Global Platts reported that most Nigerian crudes were trading at close to 12-month lows. The country’s flagship grade, Bonny Light was last assessed at Dated Brent minus $0.8 per barrel, up from a recent low of minus $0.95 per barrel, but still close to the weakest it has been since May 2020. Akpo condensate, normally a preferred grade for Indian refiners, was last assessed at Dated Brent -$2.10 per barrel, its…

Monday, 14 June 2021 05:52

Twitter needs India and Nigeria to grow. It's running into trouble in both

The social media giant has been ensnared in a battle with the Indian government for months over free speech and other issues, and is contending with restrictive new rules pushed by New Delhi. If that wasn't enough, even more dramatic events are unfolding thousands of miles away along Africa's Western coast. Nigeria last week "indefinitely" blocked Twitter (TWTR) after the company deleted a post from President Muhammadu Buhari that threatened a brutal clampdown on unrest in Africa's most populous nation. The Nigerian government also ordered federal prosecutors to arrest users of the app. The restrictions in India and the ban…

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