Business News

Sunday, 18 December 2022 05:57

94 percent of exporters denied bank facilities – Report

A new report has identified lack of financial support from banks as the bane of export business in Nigeria. According to the survey released yesterday in Lagos, 94per cent of exporters experienced rejection of their financing requests by Nigerian Banks. It unravels the root causes of the lack of growth of export business in Nigeria and provides insights into what needs to be done by the government, banks, and other stakeholders to fix the problems. The survey was conducted by a financial expert, Bamidele Ayemibo who stated that the country would continue to fail to meet her export target unless…

Friday, 16 December 2022 05:46

Considering a business to start next year? Here's a simple approach every entrepreneur can follow

While there are countless ways to decide what kind of business to start, for the sake of argument let's imagine there are two basic approaches: Low variance. Decide to do what other people have successfully done, and with hard work and perseverance you should reach the 80th percentile of success in that pursuit, if only because most people don't work nearly as hard or as smart, as they like to think. An example of the low variance path – lower risk, but lower return – is a person with solid carpentry skills who decides to go into the deck building…

Thursday, 15 December 2022 05:59

FG will phase out Pioneer Status Incentives for mature industries - Minister

Federal government is working on phasing out the “antiquated” pioneer status incentive and other tax exemptions for mature industries with the 2022 finance bill. The pioneer status incentive (PSI) is a tax holiday that grants qualifying industries and products relief from payment of corporate income tax for an initial period of three years, extendable for one or two additional year. There are currently 71 industries eligible for pioneer status, which include manufacturing, solid material, pharmaceuticals, information and communication, trade, construction, waste management, electricity and gas supply, tourism, infrastructure, among others. The federal executive council (FEC) presided over by Vice-President Yemi…

Thursday, 15 December 2022 05:51

Four ways to promote idea execution in your company

Many senior executives and company leaders believe that innovation is an invaluable engine for growth. Per annum, billions are invested to drive forward corporate innovation practices through different approaches including venture capital, R&D, mergers and acquisitions, etc. Yet, many leaders are still dissatisfied with the outcomes and believe that they do not innovate effectively despite investing enormous amounts of resources into the process. This gap between inputs and outcomes can be attributed largely to the challenge that exists to go from theory to practice, by executing ideas and turning them into viable solutions using the necessary tools. Where idea management…

Wednesday, 14 December 2022 06:04

FG approves drawdown of $500m World Bank loan for DisCos

Against the backdrop of restructuring of the management and operations of power Distribution Companies (DISCOs), the Federal Government is set to draw down on a $500 million World Bank loan, to overhaul the country’s power sector. In July 2022, the Federal Government sacked the management of six DisCos and appointed new management to oversea their opeartions. Already, Central Bank of Nigeria (CBN), Bureau of Public Enterprises (BPE) and some lender banks controlling about 60 percent of the power companies have been handed six months to one year deadline to get new investors to run the firms. Minister of Power, Abubakar…

Wednesday, 14 December 2022 06:02

OPEC projects significant global oil demand in 2023 on China’s growth

OPEC on Tuesday said it expected to see robust global oil demand growth in 2023 with potential economic upside coming from a relaxation of China's zero-Covid policies, which this year have pushed the country's oil use into contraction for the first time in years. World oil demand in 2023 will rise by 2.25 million barrels per day (bpd), or about 2.3%, the Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report. The forecast was steady from November, after a series of downgrades. "Although global economic uncertainties are high and growth risks in key economies remain tilted to…

Wednesday, 14 December 2022 06:00

How to plan for long-term business growth and success

Small business owners have met the past two years with greater resiliency than ever before. Since the start of the pandemic, many small businesses have pivoted operations and shifted decision-making to meet the moment on a day-to-day basis. With stability beginning to make a return, now is the time for businesses to remember that a long-term business plan is essential to growth and success. Here are three things to consider when mapping out the future of your business: 1. How is Technology Evolving? Technology is a business necessity. Businesses can use technology to engage with customers via digital marketing, analyze…

Tuesday, 13 December 2022 05:49

4 habits you must get rid of to become a better boss

Self-awareness is one of the most powerful elements to drive human development. We gain new perspectives and knowledge to address blind spotsthat hold us back from being our best selves. Self-awareness also helps leaders grow accountability; it helps point the way forward to the behaviors that they desire in becoming more productive, engaging and emotionally intelligent. But first, back to those blind spots. I've seen many of them – behaviors and thoughts that eventually damage relationships in the workplace. Here are four thinking patterns to be aware of, as you address your own blind spots and grow as a leader.…

Monday, 12 December 2022 06:11

Fuel scarcity: NNPC upgrades BOVAS, NIPCO, 18 others to major oil marketers

Nigerian National Petroleum Company Limited has raised the number of major oil marketers in Nigeria from seven to 20, as part of measures to tackle the lingering fuel scarcity in the country. A document obtained by one of our correspondents on Sunday revealed that with the upgrade by the national oil company, the number of major marketers operating in the downstream sector had increased to 27. The decision to upgrade 20 oil companies/filling stations to the major oil marketers category is the first in over 25 years. Until the time of this latest decision, the only seven major oil marketers…

Monday, 12 December 2022 06:01

Science shows how smart leaders use pay structures to support smarter promotion decisions

Research shows the Peter Principle is still alive but absolutely not well-- especially where promoting salespeople is concerned. Imagine you need to decide which employee to promote to sales manager. You're aware that research shows promoting from within tends to result in higher productivity, increased company loyalty, and better manager/employee relationships than hiring outside talent -- so you take a look at your eight salespeople and, because he consistently outsells everyone else, you promote Bob. Bob is the obvious choice. Or not. According to a 2019 study published in The Quarterly Journal of Economics that evaluated approximately 38,000 salespeople and…

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Saturday, 10 December 2022 05:58

CBN’s new cash withdrawal policy driving down Naira value at parallel market - Operators

Association of Bureaux De Change Operators of Nigeria (ABCON) says the cash withdrawal policy has led to a rush by Nigerians to buy dollars. Central Bank of Nigeria, on Tuesday, announced a restriction on the maximum cash withdrawal over-the-counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000, respectively. The new policy will take effect from January 9, 2023. In a phone interview with TheCable on Thursday, Aminu Gwadabe, ABCON president, said demand for the greenback has surged since the policy was announced. He said the dollar demand piled pressure on the naira, which according to him,…

Saturday, 10 December 2022 05:55

Exxon closes deal on sale of Chad, Cameroon operations for $407m

Exxon Mobil Corp on Friday closed a $407 million sale of its operations in Central Africa's Chad and Cameroon to London-listed firm Savannah Energy PLC. Exxon has been exiting African operations with declining crude oil production to focus on its massive liquefied natural gas (LNG) project in Mozambique and on more lucrative operations in the Americas. It recently retired a platform in Equatorial Guinea and is preparing to leave that country. Savannah acquired Exxon's 40% stake in the Doba oil project, which comprises seven producing oilfields with a combined output of 28,000 barrels per day (bpd), it said in a…

Friday, 09 December 2022 05:52

Tim Cook’s habit he learned from Steve Job. Every leader should try it

It's hard to imagine what it must have been like to take over as CEO of Apple from its iconic founder, Steve Jobs. Obviously, in hindsight, Tim Cook has done just fine. When he took over in 2011, Apple was worth around $340 billion. Today, it's the most valuable company on earth, with a market cap of over $2.4 trillion. Obviously, Cook and Jobs are very different people and very different types of leaders. Jobs was one of the most iconic entrepreneurs ever to start a business. He's known as the creative force behind the iMac, the iPod, the MacBook…

Thursday, 08 December 2022 05:44

Airtel only bidder in second 5G licensing round

Airtel Africa emerged as the sole bidder for a 5G high-speed spectrum licence in Nigeria's second round of licensing after another company failed to pay a deposit to continue with the auction, the regulator said on Wednesday. Nigerian Communications Commission (NCC) issued the country's first 5G licences to MTN Nigeria and Mafab Communications last year in December after the companies each paid $273.6 million. NCC said Standard Network & Connections Limited failed to pay the required "intention to bid deposit," leaving Airtel the only bidder. The regulator has set a reserve price of $273.6 million for the new 5G spectrum…

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