Business News

Monday, 26 February 2024 04:37

What’s the difference between a software engineer and software developer?

Today’s society could not function without software. From cell phones and televisions to traffic lights and digital billboards, its uses are endless. As the world becomes more and more digitized, the demand for those creating software that powers everything we do is only increasingly—and fast. In fact, over the next decade, demand for software developers and engineers is expected to grow at a rate of 180%, according to CompTIA’s 2023 State of the Tech Workforce report. Those two titles—software developers and software engineers—are oftentimes used interchangeably, especially for those outside the world of tech. While it is true that they…

Wednesday, 21 February 2024 02:54

The truth about success Jeff Bezos knows that most people don't

In the fast-paced business world, conventional wisdom dictates that admitting mistakes is a sign of weakness or a loss of power and authority. It also transmits to others that you failed. The reality is quite the opposite. Here's the brutal truth: Acknowledging when you are wrong and when you made a mistake can be a game-changer for your leadership journey. As reported previously on Inc., Amazon founder Jeff Bezos has "observed that the smartest people are constantly revising their understanding, reconsidering a problem they thought they'd already solved. They're open to new points of view, new information, new ideas, contradictions…

Tuesday, 20 February 2024 04:51

FG, Dangote Cement, BUA, others ‘agree’ to bring down cement price to maximum of N8,000

Federal government and major cement manufacturers have agreed to peg the price of 50kg bags of cement between N7,000 and N8,000. David Umahi, minister of works and housing, disclosed this to journalists on Monday after a prolonged meeting with major cement manufacturers in Abuja. In a report on February 12, 2024, the Real Estate Developer’s Association of Nigeria (REDAN) said the rising cost of cement would worsen the country’s economy. REDAN said there is economic hardship in the country and the upward trajectory of cement prices would exacerbate the already difficult situation for Nigerians, particularly those working in the real…

Tuesday, 20 February 2024 04:50

Gulder, Heineken, Legend other beer brands to sell for 40% more, Nigerian Breweries announces

Beer drinkers in Nigeria will have to pay as much as N1,300 for a bottle, after the Nigerian Breweries Plc on Monday announced an increase of 40 percent in the prices of the products. Nigerian Breweries last week issued a statement, announcing an increase in the prices of its products with effect from February 19, 2024. The new price list shows that a bottle of Gulder that used to sell for N700 will now sell for N950, Star Lager beer which was N600 will cost N850 while the same goes for 33 Extra which will now cost N850. Beer drinkers…

Tuesday, 20 February 2024 04:49

‘Our Nigerian unit facing worst downturn in history’ - Heineken

Heineken NV’s Nigerian unit is facing the worst downturn in the history of its operations in Africa’s most populous nation, the firm’s chief executive officer said in an investor call Monday. “It has been unprecedented year for our business in Nigeria,” Hans Essaadi, CEO of Nigerian Breweries Plc told investors in Lagos. “We saw a significant decline in the mainstream lager market as a result of Nigerian consumers no longer able to afford a Goldberg after a hard day’s work,” he said, adding that the businesses also suffered huge losses because of the naira devaluation, which resulted in a 153…

Monday, 19 February 2024 04:51

Forex scarcity grounds half of domestic airlines’ fleet - Report

The active fleet of domestic airlines has shrunk in recent times leaving many of the airlines gasping for breath, findings by Daily Trust have shown. From a fleet of over 100 aircraft, less than 50 are active while many of the planes are either grounded or have gone for maintenance abroad. Many of the airlines are said to be facing acute shortage of foreign exchange to carry out scheduled maintenance abroad while airlines that already sent their aircraft abroad were accruing millions of dollars in demurrage in addition to the actual cost of maintenance. Virtually all the airlines are affected…

Monday, 19 February 2024 04:47

Olam surges after probe finds no evidence of Nigeria unit fraud

Commodity trader Olam Group said that its investigation found no evidence to support allegations of a reported scandal at its Nigerian units, spurring a surge in its Singapore-listed shares. The audit and risk committee, assisted by external counsel and independent accountants, had completed the review, without identifying any evidence, the company said in a statement. No charges have been brought against the subsidiaries nor any of their officers, with local businesses operating normally, it said. The company — which is about 51% held by Temasek Holdings Pte, Singapore’s state-owned investment fund — has been under scrutiny following news reports in…

Monday, 19 February 2024 04:39

5 questions to help you identify marketable ideas

Are you pushing a rock uphill? When you're working on bringing a product or service to market, sometimes it can feel very burdensome – like you're pushing a heavy load skyward. A lot of effort is required and you're becoming exhausted in the process. But this is to be expected, right? You're always hearing that every new idea takes time, effort, patience, determination and plain hard work to become successful. It's true that what we perceive as an overnight success is usually at least 10 years in the making. There's more to it than that, though. Some ideas really are…

Sunday, 18 February 2024 04:52

Foreign investment flows into Nigeria plunge to 17-year low - Report

Nigeria’s economy faces fresh concerns as data released by the National Bureau of Statistics (NBS) showed a significant decline in the country’s capital importation in 2023. Amid gruelling foreign exchange woes, the NBS said Nigeria only attracted a meagre $3.91 billion in foreign capital inflow last year — the lowest since 2007. According to TheCable Index analysis, in the five years between 2007 and 2011, inflow ranged from $5.7 billion to $9.57 billion. A significant jump occurred in 2012, with inflows reaching $16.62 billion. This was followed by two consecutive increases exceeding $20 billion between 2013 and 2014. Inflows dipped…

Saturday, 17 February 2024 04:50

Fuel scarcity looms as tanker owners begin strike Monday

Nigerian Association of Road Transport Owners (NARTO) has vowed to suspend operations on Monday. Its National President, Yusuf Lawal Othman, made this known in a press statement he issued in Abuja on Thursday. He noted that the statement is an official announcement from the association’s headquarters that the members are parking their trucks from Monday. Reason provided for the strike action is because “what we spend on operation is more than what we get in total: both in local and bridging.” According to him, members have been operating at a loss and it is no longer sustainable for them to…

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Friday, 16 February 2024 04:37

CBN sets limits on oil firms' FX repatriation from crude

Central Bank of Nigeria has set a limit on foreign currency transfers from crude export proceeds by international oil companies to their parent firms, in its latest measure to improve dollar supply in the local currency market. In a circular dated Feb. 14, the CBN said banks could in the first instance transfer a maximum of 50% of crude export proceeds to oil companies abroad. They could then transfer the balance after 90 days of the deposit of the proceeds. However, because international companies lend and borrow between themselves in a process known as "cash pooling", analysts expect the impact…

Thursday, 15 February 2024 04:44

‘Vampire tasks’ are killing your productivity at work, says workplace expert—how to focus and get more done

The smallest tasks on our to-do lists can often be the most draining. Even just looking at the mountain of unread emails in your inbox or files that need to be decluttered on your desktop can trigger feelings of stress or anxiety. Cecily Motley, the co-founder of Harriet, an AI-powered workplace assistant, calls these repetitive, tedious activities “vampire tasks” — and warns that getting bogged down by admin work is the number one thing that kills people’s productivity. “It’s those dull, time-sucking tasks like scheduling meetings and responding to emails that drain your energy and take time away from deep-focus…

Wednesday, 14 February 2024 04:48

Bakers, caterers fix date for commencement of nationwide strike

Association of Master Bakers and Caterers of Nigeria yesterday said it would embark on nationwide strike from February 27, should the Federal government fail to implement the agreement it entered into with the association in 2020. A statement by the National President of AMBCON, Mansur Umar, read on his behalf by the Kogi State Chairman of the association, Gabriel Adeniyi, yesterday, explained that the decision to go on strike was reached after due consideration of the “multifarious increase in the prices of baking materials such as flour, sugar, yeast, vegetable oil, petrol, diesel all occasioned by subsidy removal and forex…

Wednesday, 14 February 2024 04:47

Do you still drink beer or nonalcoholic beverages? Nigerian Breweries says you’ll pay more from next week

Nigerian Breweries (NB) Plc has announced an upward review in the prices of some products in its stock-keeping units (SKUs) to mitigate the impact of rising cost of input. The company, in a leaked memo to customers, said the price adjustments would take effect from February 19, 2024. SKU is a unique identifier used to track inventory within a business. Nigerian Breweries is the producer of major alcoholic products like Star Lager, Gulder, Legend Extra Stout, Heineken, Goldberg, Life, and Star Radler amongst others. Non-alcoholic drinks produced by the company include Maltina, Amstel Malta, Fayrouz, Climax Energy drink, and Malta…

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