Business News

The total inflows into the Nigerian Autonomous Foreign Exchange Market (NAFEM) declined to a five-month low of $1.92 billion in July, representing a 4.4% month-on-month decrease from the $2.01 billion recorded in June, data from FMDQ revealed at the weekend. This drop was largely due to a significant reduction in foreign inflows, which fell by 51.4% month-on-month to $243.30 million from $500.20 million in June. The decrease in foreign inflows was driven by weaker foreign portfolio investments, which declined by 58.8%, and other corporate inflows, which dropped by 32.1%, despite a substantial rebound in foreign direct investments (FDIs) which surged…
The Nigerian National Petroleum Company (NNPC) Ltd is currently scouting for a fresh $2 billion loan in Europe, TheCable understands. This will be repaid with 35,000 barrels per day over the tenor of the loan, insiders have told TheCable. Reuters recently reported that Mele Kyari, group chief executive officer (GCEO) of NNPC, was in talks for a new oil-backed loan to finance the firm’s operations. Given the low number of NNPC’s share of oil production in the country, the proposed deal will significantly affect what is available to the national oil company, which has been mandated to supply crude to…
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…
More than half of recruiters admit to asking this as a first question in an interview. This question is intended as an ice breaker but feels vague. Here’s what to say and what not to say. Q: How do I answer the interview question “Tell me about yourself?”A: Chances are you’ve been asked this question in a job interview before and chances are you will be again. More than half of recruiters admit to asking this as a first question in an interview. This question is intended as an ice breaker but feels vague. They aren’t looking for your life…
“The difference between a successful person and others is not lack of strength, not lack of knowledge, but rather a lack of will.” ― Vince Lombardi LinkedIn's research reveals that entrepreneurs consistently report the highest levels of job satisfaction among professionals. This study is logically understandable given that entrepreneurs typically venture into businesses aligned with their passions. While the concept of ditching the corporate ladder and becoming your own boss is undeniably alluring, it's crucial to acknowledge the substantial risks involved. Income is far from guaranteed, traditional employer-sponsored benefits become a thing of the past, and in cases of business…
Chris Gasbarro, an Entrepreneurs' Organization (EO) member in Boston, is the president of Ember, a boutique creative gathering agency. We asked Chris to share his thoughts on the power of timeless connections in an overly scheduled world: Over the course of your day, how many times do you say or hear, "I have a hard stop," "Let's take that discussion offline," or stare at your Outlook calendar of back-to-back meetings? I'd like to advocate for the idea of meetings without a hard stop, where the ideas keep flowing for as long as is necessary -- with your customers, your leadership…
Nigerian corporates and SMEs have decried the non-settlement of Foreign Exchange (FX) forwards by the Central Bank of Nigeria (CBN). The transactions which occurred between 2022 and 2023 are yet to be settled on maturity. Analysts and stakeholders have expressed fears that the delay could have grave implications for the economy. Reports indicate that affected companies could lose about N2.4 trillion which will impact Company Income Tax (CIT) for the next two to three years and also threaten federal government’s income. The development could also exact a huge toll on the fragile FX market which is being rebuilt by the…
The number of vehicles imported into the country fell sharply by 60.4 per cent, year-on-year, YoY, to 10,991 in the first half of this year, H1 2024, reflecting the impact of the naira depreciation and general economic downturn. This was contained in the report of the just concluded quarterly meeting of the Nigerian Port Consultative Council, NPCC. The report stated: “Vehicle Traffic shows a total 10,991 units of vehicles was handled during the period under review, indicating a drop of 60.8 per cent from 28,024 units in 2023.” Following the same trend, the number of ships that called at the…
Kalon Gutierrez Key Takeaways For founders, the need for strong advisors early is more pronounced now than ever — given that an increasing number are being funded at notably early stages of their careers. A winning advisory team needs to have a combination of capability, applicability and future flexibility. To support this team, founders must institute an incentivizing compensation package, proper goal setting and regular communication cycles. For founders, building the right team is critical to lasting success. But the right one isn't always what we assume it to be, and choosing wrong can prove detrimental at best to a…
The Nigerian Exchange Limited (NGX) reported that foreign transactions totaling N540.48 billion were recorded between January and June 2024. This represents a significant increase from the N145.08 billion reported during the first half (H1) of 2023. In its 'Domestic & Foreign Portfolio Investment' report released on Wednesday, NGX highlighted that foreign investors liquidated more portfolio investments in the capital market than they purchased over the six months under review. The report detailed that out of the total foreign transactions, N311.41 billion worth of portfolio investments were liquidated in H1 2024, compared to a foreign outflow of N73.06 billion in the…
June 26, 2025

How to ace a job interview in 90 seconds, from an Ivy League communication expert

Sophie Caldwell You only have about 90 seconds to make a strong first impression in…
June 26, 2025

Peter Obi decries ‘coordinated lawlessness’ after brother’s property is demolished in Lagos without court order

Former presidential candidate Peter Obi has condemned what he described as a brazen act of…
June 23, 2025

The reason even successful people struggle to get out of bed some days

Sometimes after a long, productive day, I only have the energy to scroll on social…
June 21, 2025

Man convicted of posing as flight attendant to fly for free 120 times

A 35-year-old American man has been found guilty of impersonating a flight attendant at least…
June 26, 2025

17 soldiers killed, dozens injured in fierce gun battles with terrorists in Niger, Kaduna

Seventeen soldiers have been confirmed dead and at least ten others injured following coordinated attacks…
June 26, 2025

Here’s the latest as Israel-Hamas war enters Day 629

Seven Israeli soldiers killed in Gaza, pressure on Netanyahu for ceasefire The Israeli military said…
June 25, 2025

Tesla robotaxi launch: Why getting from dozens to millions of self-driving cars won't be easy

Tesla (TSLA.O) finally has a robotaxi. Now comes the hard part. The electric-vehicle maker deployed…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

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