Manufacturers in Nigeria expressed a lack of confidence in the nation’s economic outlook in August 2024. This is according to the latest Business Expectations Survey (BES) conducted by the Central Bank of Nigeria (CBN). The survey, which involved 1,600 business enterprises, revealed that while many sectors were optimistic about the economy, the manufacturing sector was notably pessimistic. The report highlights that the manufacturing sector posted a negative confidence index of -5.5 points, reflecting ongoing concerns about the current business climate. Mixed sentiments towards Nigeria’s economy According to the BES report, the sectors, such as manufacturing, construction, mining, and utilities, had…

British consumer goods giant PZ Cussons Plc is contemplating a partial or complete withdrawal from its African operations, with Nigeria and Kenya as its primary manufacturing centers. This move comes as the latest in a series of multinational companies reconsidering their presence in Nigeria due to challenging economic conditions. The potential exit was announced in a statement by PZ Cussons Nigeria, the local subsidiary, revealing that the parent company has "received a number of expressions of interest for our African business." This development follows the group's disappointing 2024 financial results, which saw a 39.7% drop in net profit, largely attributed…

Coca-Cola Hellenic Bottling Company has revealed plans to invest $1 billion in Nigeria over the next five years. This commitment was announced during a meeting with Coca-Cola's global leadership team, including John Murphy, President and Chief Financial Officer, and Segun Apata, Chairman of the Nigerian Bottling Company. Murphy highlighted Coca-Cola's significant economic impact in Nigeria, noting that the company generates ₦320 billion annually from nearly 300,000 customers and contributes close to ₦90 billion in revenue to the Nigerian government. "We are very proud of the growth of the business over a long period and its impact on the daily lives…

Sui Guillory Every entrepreneur is on her path to running a business, and each will learn her own lessons in time. But take it from me, an entrepreneur who has started several successful businesses over the past 20 years: Sometimes it’s helpful to learn from others’ experiences! And so I offer five deceptively simple lessons I’ve learned as a business owner. Lessons learned from running a business 1. It’s okay to pivot When you start a business, there’s often this drive to build the business, make it a success, and then…what? Most entrepreneurs keep running their businesses for years and…