Business News

Oil prices slid more than 3% on Monday, deepening last week's losses, as escalating trade tensions between the United States and China stoked fears of a recession that would reduce demand for crude. Brent futures declined $2.28, or 3.5%, to $63.30 a barrel at 0049 GMT, while U.S. West Texas Intermediate crude futures lost $2.20, or 3.6%, to $59.79. At the session low, both benchmarks hit their lowest since April 2021. Oil plunged 7% on Friday as China ramped up tariffs on U.S. goods, escalating a trade war that has led investors to price in a higher probability of recession.…
Trading on the Nigerian Exchange Limited (NGX) saw a dramatic 93% decline over a three-day period in early April, according to the latest market report. Investors traded just 1.18 billion shares valued at N28.87 billion across 42,397 deals between April 2 and April 4. This represents a significant drop from the previous week's activity, which saw 7.5 billion shares worth N398.95 billion changing hands in 61,312 deals. The sharp decline coincides with the shortened trading week following the federal government's declaration of March 31 and April 1 as public holidays for the 2025 Eid el Fitr celebration. Financial Services Sector…
The mobile payment app Zelle no longer allows users to send and receive money transfers. However, the platform's services remain available. The ability to transfer money through the Zelle mobile app became unavailable on Tuesday, as announced by the company in October 2024. Now, Zelle is only available through "more than 2,200 banks and credit unions" in the U.S. that offer the platform through their websites or mobile apps, according to the Zelle website. The decision came as only about 2% of Zelle transactions were made through the standalone Zelle app, the company reported last year. In December 2024, the…
Oil prices fell further in early Asian trade on Friday, and were on track for the worst week in months over U.S. President Donald Trump's new tariffs, stoking concerns over a global trade war that could weigh on oil demand. Brent futures fell 31 cents, or 0.4%, to $69.83 a barrel by 0157 GMT. U.S. West Texas Intermediate crude futures were down 32 cents, or 0.5%, to $66.63. Brent was on course for its biggest weekly loss in percentage terms since the week ended October 14, and WTI since the week ended January 21. Adding to the bearish sentiment was…
Oil prices dropped $2 on Thursday after U.S. President Donald Trump announced reciprocal tariffs on trading partners, stoking concerns that a global trade war may dampen demand for crude. Brent futures fell $1.97, or 2.63%, to $72.98 a barrel by 0033 GMT. U.S. West Texas Intermediate crude futures were down $1.98, or 2.76%, to $69.73. Trump touted April 2 as "Liberation Day," bringing new duties that could overturn the global trade system. Both benchmarks settled higher in the previous session but turned negative over the course of Trump's press conference on Wednesday afternoon in which he announced a 10% baseline…
The Central Bank of Nigeria (CBN) has reported that Nigeria's net foreign exchange reserves (NFER) reached $23.11 billion in 2024, marking the highest level in three years. This represents a substantial increase from $3.99 billion recorded at the end of 2023, $8.19 billion in 2022, and $14.59 billion in 2021. Net foreign exchange reserves, which adjust gross reserves to account for near-term liabilities such as FX swaps and forward contracts, are considered a more accurate indicator of the country's ability to meet immediate external obligations. Additionally, Nigeria's gross external reserves rose to $40.19 billion at the end of 2024, up…
Tendayi Viki You don’t ever have to make your case. You don’t have to beg, coerce or plead with people to join your movement. You don’t need to host a massive event to announce the start of the transformation. There is only one thing you need to do… createmomentum. Invite the right people to your movement at the beginning. Then work with those people to create the gravity that will attract the rest of the organization. Over time you will get to a tipping point where the momentum you have created makes organizational change inevitable. Find Your Tribe Forget about…
Fuel stations across Lagos and surrounding areas have increased the price of Premium Motor Spirit (PMS), commonly called petrol, to between N930 and N970 per litre, up from the previous N865 per litre rate. On Sunday morning, BusinessDay observed that numerous filling stations throughout Lagos had adjusted their pump prices upward. Concurrently, depot prices rose to between N890 and N900 per litre, marking an increase from below N850 per litre just two weeks ago. Industry experts attribute this price hike to recently reported increases in petrol landing costs, which oil marketers say have jumped by N88 per litre in a…
Tom Huddleston Jr. People who start a new business often make one “fatal mistake” that″ll likely doom their venture before it even starts, says Steve Blank. The mistake: not researching your prospective customers or clients before deciding what kind of company you want to build, and the products or services you’ll offer. ”[I’ve] seen this a million times,” says Blank, an adjunct professor at Stanford University who has written four books on the subject of entrepreneurship and helped build eight different tech startups, of which he co-founded four. Coming up with an idea for a business first, and then determining…
Foreign investment inflows to Nigeria's equities market dropped by 29.66% in February 2025, falling to ₦18.05 billion from ₦25.66 billion in January. The reduction in foreign participation was significant, with total foreign portfolio transactions on the Nigerian Exchange Limited (NGX) declining by 40.36% from ₦71.51 billion to ₦42.65 billion. Foreign outflows also decreased substantially, down 46.33% to ₦24.60 billion from January's ₦45.85 billion. Overall trading activity on the exchange fell by 16.07% month-on-month, with total transactions dropping from ₦607.05 billion (approximately $410.84 million) in January to ₦509.47 billion (about $341.36 million) in February. However, compared to February 2024, trading volumes…
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