Business News

Saturday, 09 May 2020 05:14

FG authorises resumption of agro exports

Federal Government has authorized Nigeria Agricultural Quarantine Service (NAQS) to fully resume export certification duties at all ports immediately, the Director General of the agency, Mr Vincent Isegbe has said. A statement released yesterday in Abuja by Head, Media, Communications and Strategies, Mr Gozie Nwodo quoted the director general as saying the country’s export of agricultural produce would soon pick up again following the order. ‘’The Office of the Secretary to the Government of the Federation has also issued a consequential whole-of-government directive instructing Ministries, Departments and Agencies as well state governments to cooperate with NAQS to enable a well…

Saturday, 09 May 2020 05:10

Meet 3 young Nigerian entrepreneurs who just raised $10m to transform Africa’s healthcare

For decades African hospitals had been operating entirely manually, from taking notes on paper on how many patients entered the hospital on any given day, to what type of care those patients needed, or where they were supposed to be directed to. The result was a major lack in efficiency, accuracy, or often even data about the patients they were treating. In 2016, the situation prompted Nigerian entrepreneurs Adegoke Olubusi, Tito Ovia, and Dimeji Sofowora to launch Helium Health, a healthcare technology provider working in several African countries. Today, the company cofounded by the three 2019 Forbes 30 Under 30…

Saturday, 09 May 2020 05:09

Madagascar set to haul in foreign exchange selling Coronavirus herbal mix across Africa

Madagascar is putting its self-proclaimed, plant-based “cure” for Covid-19 on sale and several countries in Africa have already put in orders for purchase, despite warnings from the World Health Organisation that its efficacy is unproven. Last month President Andry Rajoelina launched the remedy at a news conference, drinking from a sleekly-branded bottle filled with an amber liquid which he said had already cured two people. On Friday, a Tanzanian delegation arrived in Madagascar to collect their consignment. The tonic, based on the plant Artemisia annua which has anti-malarial properties, has not undergone any internationally recognised scientific testing. While Rajoelina extolled…

Saturday, 09 May 2020 05:07

Coronavirus will change not just how, but what, we buy

Andrea Felsted During the Coronavirus lockdown, a particular meme has been doing the rounds on Instagram and Twitter. It shows a woman in a pink ballgown, complete with tulle train billowing out behind her. She’s not reaching for a cocktail or standing on a glitzy red carpet. She is in a supermarket produce section, clutching a bunch of carrots in one hand and reaching for a red pepper with the other. The image encapsulates how some consumers feel: After being cooped up at home for months, they can’t wait to finally have an opportunity to get all dressed up again.…

Thursday, 07 May 2020 04:58

Equities market surges as oil prices rebound

Nigerian equities market recorded its 8th consecutive daily gains yesterday, rising by 1.4 percent after the price of crude oil rose above $31 per barrel. Analysts at United Capital Plc, a Lagos based investment house, had said that the implementation of the Organisation of Petroleum Exporting Countries (OPEC)+ supply cut deal and the influx of more quarterly corporate earnings in the Nigerian Stock Exchange, NSE, would drive sentiments as more countries weigh the need to unlock economic activities and the debate around health and economic wellbeing of the countries get louder. Specifically, the benchmark All Share Index (ASI) rose to…

Thursday, 07 May 2020 04:57

Fuel price to likely reduce as NNPC announces reduction in depot price

Nigerian National Petroleum Corporation (NNPC) on Wednesday announced a 17.94 percent reduction in the ‘ex-depot’ price of petrol. The price was reduced from N113.28k per litre petrol was sold to marketers in the previous month to about N108.00K per litre. Ex-depot price is the ceiling price at which petroleum products depot owners or terminal operators are expected to sell to marketers. The marketers, through their various filling stations, then sell to the end users. With the reduction of the ex-depot price, a new retail price of petrol is expected to be announced by the appropriate agency, PPPRA. The new ex-depot…

Wednesday, 06 May 2020 05:25

Private sector employers decry high cost of governance in Nigeria

Nigeria Employers’ Consultative Association has said it is worrisome that with over 250 institutions, parastatals and agencies of government, the average cost of governance in Nigeria remains among the highest globally. The association stated this while commending the Federal Government for approving the implementation of the Oronsanye report. The report was submitted to President Goodluck Jonathan on April 16, 2012. Director-General, NECA, Mr Timothy Olawale, said it was commendable that President Muhammadu Buhari had taken the bold step of approving the implementation of the Oronsanye report, about eight years after its submission to the last administration. He said, “Over the…

Wednesday, 06 May 2020 05:24

Investors on Nigeria Stock Exchange make N375b gain on bull run

The positive performance of Nigerian Stock Exchange was sustained on Tuesday as buying interest in Dangote cement (+10.0percent), MTN Nigeria (+3.5percent) and Nestle (+6.0percent) saw investors gain N374.9bn as market capitalization rose to N12.4tn while year to date loss eased to -11.3percent. The gains in bellwethers lifted the benchmark index by 312bps to close at 23,809.31 points. The volume and value of shares traded rose 37.7percent and 77.4percent to 344.0m units and N4.3bn respectively. The most active stocks by volume were Guaranty Trust Bank (54.3m units), Mbenefit (41.8m units) and Zenith bank (40.3m units) .while GTB (N1.1bn), MTNN (N913.5m) and…

Wednesday, 06 May 2020 05:15

3 things I’ve learned about surviving a crisis as an entrepreneur

Robbie Abed Use this time to think about new opportunities. Uber, Airbnb, Slack, WhatsApp, Venmo, and Wealthfront were all created from 2008-2009, during the last recession. The creation of these successful companies shows that a recession doesn't have to be a time to be depressed and worried, but can be a time to think about new opportunities that will emerge when the crisis is over. I went through a rough time in 2012 when I quit my job and started my own business. That was when I learned about simple things like cash flow and the true cost of hiring…

Tuesday, 05 May 2020 05:14

Oil prices rise on demand prospects as lockdowns start to ease

Oil prices climbed in early trade on Tuesday, adding to gains in the previous session, on expectations that fuel demand will begin to pick up as some U.S. states and nations in Europe and Asia start to ease coronavirus lockdown measures. West Texas Intermediate (WTI) crude (CLc1) futures rose as much as 8.2% to a three-week high of $22.06 and were up 7.6%, or $1.55, at $21.94 at 0108 GMT. The U.S. benchmark is on a five-day win streak that started on April 29. Brent crude (LCOc1) futures hit a high of $28.37 a barrel in early trade and were…

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Monday, 04 May 2020 05:45

CBN to banks: Stop all moves to retrench staff

Central Bank of Nigeria (CBN) has directed banks not to lay off staff amidst the coronavirus pandemic. Although speculations about the impending sack of workers in the banking sector have been on since the outbreak of the coronavirus, Access Bank Plc will was the first to announce its plan to downsize, or in the alternative slash its workers’ salaries. But, apparently to forestall a major crisis in the country, even as the country’s economy is struggling to find its footing as the economic impact of the coronavirus bites harder, CBN, through its Bankers’ Committee, on Sunday, ordered the immediate suspension…

Monday, 04 May 2020 05:33

Want to be a great leader? Write these 2 things down now

No matter how big or how small, every business needs core values and a mission statement. It can be tempting right now to focus solely on your business's short-term solutions. But paradoxically, smart long-term planning can make short-term survival more likely. That's why every business leader, no matter how big or small your company, needs to take the time to write and share two key things: a mission statement and a list of core values. If you haven't done this, it's worth blocking out a few hours, even in the midst of a global pandemic to do so. I've reviewed…

Sunday, 03 May 2020 05:50

Lockdown: Small business owners lament as enterprises shrink, collapse

Many Small and Medium Enterprises (SMEs) across Nigeria are beginning to run into losses and may likely collapse as a result of the negative effects of measures introduced by the federal and sub-national governments to contain spread of coronavirus. The lockdowns and ban on intercity travels have taken a toll on small businesses, inching them closer to the brink of extinction. A phone accessories retailer in Abuja, Gabriel Shima, feared that most phone batteries in his shop may never be sold as the lockdown in the city has allowed them run to their expiry dates on the shelf. Shima said…

Saturday, 02 May 2020 04:51

Access Bank to cut staff salaries

Access Bank Plc plans to cut salaries to avoid job losses as a lockdown to contain the coronavirus hampers the operations of Nigeria’s biggest lender, according to people with direct knowledge of the matter. The reductions are expected to start from May unless business conditions improve, said the people, who were briefed on the matter during a conference call and asked not to be identified because they’re not authorized to speak publicly. Some management will get as much as a 40% decrease, they said. A spokesman for Lagos-based Access Bank declined to comment. Nigerian banks are facing the threat of…

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