Business News

Monday, 03 October 2022 06:28

Importation of motorcycles dropped by N93b in Half 1, 2022 due to Okada ban - NBS

The volume of motorcycles imported into the country in the first half of 2022 has dropped significantly by a difference of N92 billion, a report by the National Bureau of Statistics (NBS) has shown. Analysis of quarterly reports of ‘Foreign Trade in Goods Statistics,’ released by NBS, indicated that importation of motorcycles in 2022 did not reach the average of N150bn of the previous two halves of 2021. The report indicates that the trade, which flourished in the first half of 2021 was valued at 213.3bn (N118.5bn and N94.7bn in Q1 and Q2 of 2021 respectively. This was followed by…

Monday, 03 October 2022 06:27

Oil climbs as markets react to OPEC+’s proposal to cut output

Oil jumped on Monday as OPEC+ considers a cut to output this week, while Asia shares were mixed with holidays in the Asia-Pacific region likely to result in thin trading. U.S. crude rose 3.01% to $81.88 a barrel after OPEC+ sources told Reuters oil production could be cut by between 500,000 and one million barrels a day. Brent crude rose 2.95% to $87.65 per barrel. On the first trading day of the quarter, MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.43%, on course to decline for a fourth straight session. Advertisement · Scroll to continue In Australia,…

Monday, 03 October 2022 06:09

Flipping this simple mindset switch will help you save money, starting today

If you want to save money to start a business, you're in good company. The majority of small businesses are funded through savings; one out of three small businesses launched with less than $5,000 in startup capital. Hoping to save money also matters after you start a business. Some small businesses take years to turn a profit and a huge percentage of startups fail because they run out of money. Hoping to save money to start and build a business is one thing; if you want to start saving money period, you're also not alone: A recent survey shows that…

Sunday, 02 October 2022 06:55

NNPCL acquires Oando stations, other assets in Nigeria, Togo

Nigerian National Petroleum Company Limited (NNPCL) has acquired all 380 Oando retail outlets, aviation and gas brands nationwide from OVH Energy. Speaking at the unveiling of one of the new NNPC Ltd stations formerly Oando in Abuja on Saturday, Group Chief Executive Officer NNPC Limited, Mele Kyari, said, “The acquisition will bring over 380 additional filling stations under NNPC Retail brand in Nigeria and Togo, on our journey to attaining 1,500 stations. We will be the largest petroleum product retail network in Africa.” Kyari also noted that the acquisition was to strengthen the downstream business portfolio to enhance profitability and…

Friday, 30 September 2022 06:11

Naira depreciation accelerates at parallel market as dollar shortage persists

The naira, on Thursday, depreciated further against the dollar at the parallel and official sections of the foreign exchange market. The development is coming days after political parties kicked off the 2023 electioneering. Bureaux De Change operators (BDCs), popularly known as ‘abokis’, who spoke to our correspondent in Lagos, quoted the naira at N737 to the dollar at the street market. The figure signifies N30 or 4.2 percent slip compared to the N707 it traded three weeks ago — further widening the gap between parallel and official rates. The street traders put the buying price of the dollar at N727…

Friday, 30 September 2022 06:04

The reasons why customers say no - and how to get them to say yes

Every product or service that a company sells to a specific target market carries with it predictable, specific and repeatable sales obstacles that you must learn to effectively deal with and overcome. Understanding the possible reasons for a "No" during the sales process, will go a long way to increasing the number of times you will hear "Yes" on a sales call. So today, I wanted to give you a list of some of the most popular reasons a customer says "No" during a sales call and the best ways to overcome them before you lose the sale. Common Objections…

Thursday, 29 September 2022 06:59

Shell acquires Nigerian renewables group in first African power deal

Shell has made its first power sector acquisition in Africa with the purchase of a Nigerian renewable energy provider, as the oil major seeks to build out a green energy business that will eventually reduce its dependence on fossil fuels. Daystar Power, which operates in Nigeria, Ghana and three other countries across west Africa, provides solar power and battery solutions to business and industry across the region, including Nigerian Bottling Co, makers of Coca-Cola in the country. Thomas Brostrøm, Shell’s executive vice-president for renewable generation, said the acquisition of Daystar for an undisclosed sum was “a fundamental step for Shell…

Thursday, 29 September 2022 06:44

Co-founders fights are usually about one of these 3 issues

If you were fighting with your co-founder, you might ask your VC for advice. You might get a leadership coach. You might fume to your friends. But chances are excellent you wouldn't think to hire a couples therapist. That's a mistake, according to Esther Perel. According to the best-selling author, psychotherapist and leading voice in couples therapy (she also hosts a pair of riveting podcasts), relationships are relationships, whether they're carried out in the home or the office. The same sorts of fears, unconscious beliefs and bad communication strategies can trip us up no matter the theater for the conflict.…

Wednesday, 28 September 2022 06:08

Secret of Steve Jobs' remarkable success revealed in just 3 words

Looking for a lifetime full of success? You won't have to do much searching if you remember three simple words, according to entrepreneur advisor, tech investor and former Apple CEO, John Sculley. In a recent address to the graduating class at Thomas Jefferson University in Philadelphia, 80-year-old Sculley advised that the young graduates choose a "purpose-driven life". Sculley first understood the importance of life purpose in the 1980's, when icons Bill Gates and Steve Jobs were well-known for empowering others through technology. In fact, Sculley had even left Pepsi for Apple in 1983 when Jobs famously asked him, "You want…

Tuesday, 27 September 2022 06:45

Nigeria’s economy more cashless as mobile transactions surpassed N11trn in 8 months

The value of mobile transactions rose to N11.10tn in the first eight months of 2022, figures from Nigeria Inter-Bank Settlement System has revealed. NIBSS stated on its website total mobile transaction value was N4.29tn in the corresponding period of 2021. Mobile payment experienced a surge in 2020 due to Covid-19, while the decline in the use of cheques set in, according to experts. The NIBSS figure added that mobile devices drove electronic payment in 2020, as it accounted for 43 per cent of total transactions in 2020, while 35 per cent of the transactions were USSD, indicating 78 per cent…

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Tuesday, 27 September 2022 06:42

Spread between Naira’s official and parallel market rates widest in 6 years - Report

The gap between the official and parallel market exchange rates of the naira widened the most in six years last week, as demand for foreign currency continued to outstrip supply. Naira gained marginally against the United States dollars at the official market on Friday, appreciating 0.04 per cent to N436.33, according to FMDQ figures. But the currency fell to N715 against the greenback at the parallel market, leaving the gap between the two markets at 64 per cent, the widest since 2016, according to Bloomberg data. The spread between the two rates reached 84 per cent in June 2016 following…

Tuesday, 27 September 2022 06:33

A changing of the business guard: Between Dangote and Lame

Let’s play a game. Pretend you’re an investor and you’ve got US$20 million to invest in Africa. But you only have one or two choices: Aliko Dangote or Khabane Lame? Who will you pump your money into and why? The answer says a lot about which economy you think will win in Africa. Oil or the attention economy. You may wonder how we can compare a billionaire industrialist, Dangote, to Lame, a former factory worker who lost his job at the beginning of the pandemic. The answer is written in the words of Scott Galloway in a Medium post: “We…

Monday, 26 September 2022 06:17

Oil claws back some losses after sliding to eight-month lows

Oil prices rose modestly in early trade on Monday after sliding to eight-month lows last week weighed down by a surging U.S. dollar and fears sharp interest rate hikes globally would spark a recession and hit fuel demand. The dollar index climbed to a fresh 20-year high on Monday, capping oil price gains. Brent crude futures were up 17 cents, or 0.2%, at $86.32 a barrel at 0116 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 21 cents, or 0.3%, at $78.95 a barrel. Both contracts slumped around 5% on Friday. Analysts said crude should find some…

Monday, 26 September 2022 06:05

Want a mission statement that resonates? Then focus on the ‘why’

Many entrepreneurs create a mission statement for their business. But do your consumers actually know what yours is? A mission statement, by definition, summarizes the values of a company and is the purpose of the business – the "why". For many companies, it is a generic statement that gets lost in the weeds of the website. But for the companies that take it seriously, a mission statement can drive every aspect of business into a more positive light. Crafting a powerful mission statement for your employees to adopt and customers to connect with takes effort and focus. With consumers becoming…

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