Business News

Queues for petrol spread to several filling stations in Lagos even as black marketers sold the product for N350 a litre. Several sellers said on Monday that they sold the product between N320 and N350 per litre. “We used to sell the product for N250 before now. But as the product has increased at fuel stations, we had no choice but to increase our price to N350 a litre,” a seller in Satellite Town said. On Monday, our correspondents witnessed queues across some filling stations while some others shut down services in the state — a situation motorists have had…
Tuesday, 29 November 2022 05:57

All founders should be solving a problem

Why it worked for me and how it can work for you too I run into a lot of aspiring founders who want to be founders just for the sake of being founders -- they want freedom, want to build wealth, or whatever the case might be. In my experience, however, it's a much better idea to become a founder only when there's a big problem that you're really passionate about and you have a burning desire in your stomach and heart to solve it. The insight for my first company, Dotloop, started with a problem I was experiencing as…
Monday, 28 November 2022 06:01

How to become a fearless negotiator

Even the most experienced negotiators feel jitters and fear when negotiating. To combat this, I often recommend Negotiate Without Fear, by Dr. Victoria Medvec, a renowned expert in high-stakes negotiating and an advisor to Fortune 500 companies and to the CEOs and C-level executives who coach with me. Whether it's about a high-stakes corporate takeover, your salary or simply your kids' bedtime, life is filled with negotiations. Medvec's tactics are based on a compilation of studies of both sides of a negotiation. One side will take the lead by negotiating with confidence and maximizing success. The other is afraid of…
Economic activities in the construction and real estate sectors contributed N20tn to the nation’s Gross Domestic Product in the first three quarters of 2022. This is according to the GDP report released by the National Bureau of Statistics. The report showed that construction services earned N12.9tn while real estate contributed N7tn to the GDP. Further analysis revealed that construction contributed 9.5 per cent to nominal GDP in the third quarter of 2022, higher than the 9.26 per cent it contributed a year earlier and higher than the 7.95 per cent contributed in the second quarter of 2022 and also grew…
Saturday, 26 November 2022 05:45

Jumia restructures after ousting co-founders

Acting chief hunts for profits after continent’s first ever tech unicorn plunges 70% in value since New York listing Jumia, the ecommerce group often dubbed the “Amazon of Africa”, is undergoing a heavy restructuring following the ousting of its co-chief executives and its share price falling 60 per cent over the past year. The reorganisation is the latest effort by Jumia to reach profitability having listed on the New York Stock Exchange three years ago to become the continent’s first tech “unicorn” — or a company valued at more than $1bn. Since then, the pan-African group’s share price has fallen…
Ghana's government is working on a new policy to buy oil products with gold rather than U.S. dollar reserves, Vice-President Mahamudu Bawumia said on Facebook on Thursday. The move is meant to tackle dwindling foreign currency reserves coupled with demand for dollars by oil importers, which is weakening the local cedi and increasing living costs. Ghana's Gross International Reserves were around $6.6 billion at the end of September 2022, equating to less than three months of imports cover. That is down from around $9.7 billion at the end of last year, according to the government. If implemented as planned for…
Inside every major decision nests another smaller decision: When do you give up on information gathering and decide you have enough data to make a choice? Spend too long probing your options and you fall prey to analysis paralysis or let promising opportunities go by. Close out the process too quickly and you risk regretting options you never considered. This is true whether you're looking for a spouse or looking for a storefront for your business. How do you decide when to explore further and when to pull the trigger on a choice? What if I told you that there…
Thursday, 24 November 2022 06:09

Oil falls 3 percent on Russian price cap talks

Oil prices fell more than 3% on Wednesday, continuing a streak of volatile trading, as the Group of Seven (G7) nations considered a price cap on Russian oil above the current market level and as gasoline inventories in the United States built by more than analysts' expected. Brent futures for January delivery fell $2.95, or 3.3%, to settle at $85.41 a barrel. U.S. crude fell $3.01, or 3.7%, to $77.94 per barrel. In early trade, both contracts had risen by over $1 a barrel. U.S. gasoline stocks rose by 3.1 million barrels, according to the Energy Information Administration, far exceeding…
As e-commerce continues to expand its market share, having a website is the bare minimum for small businesses – but it's not enough to convert site visitors into customers. Good site design, says Squarespace founder and CEO Anthony Casalena, can be a competitive advantage. And as the New York City-based company announces 100 product innovations and features through its annual Squarespace Refresh release, Casalena says that Squarespace is increasingly focused on helping small businesses and people who facilitate transactions through their websites, like independent creators, to improve conversion. Fluid Engine, a drag-and-drop editor that allows Squarespace users to fully customize…
Wednesday, 23 November 2022 05:41

4 vital questions business leaders must answer

My favorite thing about teaching is question and answer sessions. I recently participated in a Q&A session with two entrepreneurs who had read my book, Hungry Start-Up Strategy. This brought to mind a basic question: What are the vital questions from investors, customers, employees, suppliers and others that business leaders must answer to keep their companies growing. While not comprehensive, I came up with four vital questions for company success and how business leaders can find compelling answers. 1. How large is your addressable market and how fast is it growing? This question is vital because if there is no…
January 08, 2025

Nigerian stock market records first loss of 2025 with N152bn decline

The Nigerian stock market experienced its first decline of the year yesterday, with market capitalization…
January 05, 2025

Northern elders call for suspension of Tinubu’s ‘draconian’ Tax Reform Bills

The Northern Elders Forum (NEF) has urged the Federal Government to suspend the implementation of…
January 07, 2025

5 tips for success in 2025

I’ve had my fair share of failed New Year’s resolutions. In the past, I’ve had…
January 04, 2025

Shy man cuts off 4 fingers instead of telling boss he wanted to quit his…

A 32-year-old Indian man admitted to cutting off four fingers on his left hand to…
January 08, 2025

Borno attack: Soldiers missing, casualties mount after base overrun

Four days after Boko Haram militants launched a deadly assault on a military base in…
January 08, 2025

Here’s the latest as Israel-Hamas war enters Day 460

Trump Middle East envoy predicts 'good things' to announce on Gaza hostages before inauguration President-elect…
December 25, 2024

Stem cell therapy to correct heart failure in children could 'transform lives'

Renowned visionary English physician William Harvey wrote in 1651 about how our blood contains all…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

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