Naira extended its slump in black-market trading as the nation’s dollar shortage deepened two months after the central bank moved to a more flexible exchange rate to encourage inflows.

The currency of Africa’s biggest crude oil producer weakened to 917 naira per dollar, compared with 900 naira the day before, according to Umar Salisu, a bureau de change operator who tracks currency data in the nation’s commercial capital. Banks are unable to come up with the dollars to meet demand, and buyers are increasingly turning to the black market, widening the gap between the official exchange rate and the price on the street.

Central Bank of Nigeria eased foreign exchange controls in mid-June as it sought to simplify its exchange-rate regime and kick-start dollar flows. That saw the official rate plunge 40%, briefly aligning with the black market.

But with dollar supply still limited relative to demand, the spread has continued to widen. It cost 757.51 naira to buy a dollar on Tuesday at the official rate, according to FMDQ OTC Securities Exchange, the Lagos-based platform that oversees foreign-exchange trading.

“Companies are pricing dollars on the streets to import goods ahead of Christmas season sales and there are individuals buying dollars for vacation abroad,” Salisu said in a telephone interview. “Buyers said they’re not getting the dollar at the banks, so the pressure is seen on the street market.”

Part of the reason for the dollar shortage is the legacy of the government’s currency controls aimed at checking dollar demand. Now that the restrictions have been lifted, markets need to digest a heavy backlog of unmet requests.

Bloomberg

Azman Air has sent all of its staff on a compulsory leave without pay, indefinitely.

Nurudden Aliyu, the airline’s spokesperson, said the decision was made due to a number of factors, including the ongoing C-checks on its aircraft and the high cost of operations.

In aviation, C-check is a deep inspection of the majority of an aircraft’s components usually done by a maintenance technician. The goal is to check the functionality of the plane.

“We have temporarily suspended operations due to all our 737 used for domestic operation being due for C-checks,” Aliyu said.

“We have already sent two of them to a maintenance facility in Turkey, but unfortunately, since we sent the aircraft there, there is a queue in the maintenance hanger and they were not able to finish in time.

“The other two we are using here are also due for maintenance and we are trying to send them for C-checks also.

“Also, one of the aircraft has achieved 90 percent completion so we are expecting two of the aircraft back in October.”

‘AZMAN AIR FACING FINANCIAL CONSTRAINTS’

Aliyu further said the airline is facing financial difficulties due to a lack of revenue, explaining that sending workers on leave without pay was a way to cut costs.

“We have been doing on-and-off operations since March, sometimes with one aircraft. So we decided, due to this harsh situation, to temporarily suspend domestic operation until we put our house in order,” the spokesperson said.

“We are not going to employ another set of people, we are going to engage them; that’s why in the mail sent to them we gave them assurance that once the situation normalises, they will be called upon.

“The only problem is that we didn’t state the date of resumption. Like I said, since March that we have been doing on-and-off operation, we have not denied anybody salaries, we have been consistent in that regard but the burden became too much on the company since there is no revenue, that’s why we decided to suspend operations.”

‘WORKING TO REFUND CUSTOMERS FOR CANCELLED FLIGHTS’

In the past months, a lot of Nigerians have shared their ordeal with Azman Air, accusing the airline of cancelling their flights and refusing to make refunds.

Aliyu, speaking on the matter, said the airline has made it a priority to process the payment for those that have applied for a refund and that they hope to complete the process upon resumption.

“We are working on that and we are going to pay everybody. In fact, that’s what we are working on now, to pay those that have refund cases with us,” he said.

“The payment will be made to those that apply to get a refund. Once your flight is cancelled we have a refund form that customers are meant to fill. It’s only the customers that fill this form that can be refunded.

“We are determined to make payment to everyone we are owing and we hope to clear that upon our resumption.”

The Cable

Angela Liu, counsel to former Vice President Atiku Abubakar, says the “vigorous opposition” by President Bola Tinubu in the bid to unravel controversy around his academic records is suspicious.

In a statement on Wednesday, Liu said Tinubu should be keen on clearing the controversy surrounding his academic records at the US institution.

“Tinubu should have been keen to clear up any inconsistencies in his academic achievements and set the records straight by allowing the expedition of the legal process,” she said.

“If there is an explanation for the discrepancies we have identified, we would think that Tinubu would be eager to provide it.

“If you would like to provide an explanation to us, we are happy to consider it. That might preclude the need for, or at least expedite the deposition.

“In candour, the vehemence of Tinubu’s opposition to this discovery is increasing rather than mitigating our suspicions.”

The lawyer said Tinubu had been counseled to join the case earlier but he chose to remain silent.

She added that the president waited until Abubakar’s team submitted an “order directing discovery” of his academic records in court before indicating interest in joining the suit.

“Tinubu turned around a week later and headed straight to the states district court for the northern district of Illinois to apply to join as previously advised without consulting with Abubakar, perceived as a devious delay gimmick,” she added.

“At the outset, the applicant emphasises that he does not oppose the motion, but questions why Tinubu filed it, instead of contacting and coordinating with the applicant’s counsel to submit a joint submission.”

The Cable

Nigeria Supreme Council for Islamic Affairs (NSCIA) has stated its opposition to the sanctions imposed on Niger by ECOWAS following the coup in the country.

“…it is well known that such kinds of economic sanctions are counter-productive and eventually end in futility,” the NSCIA stated in a statement by its Deputy Secretary-General, Salisu Shehu.

NSCIA, led by the Sultan of Sokoto, Muhammad Abubakar, also stated its opposition to using force to dislodge the putschists who ousted President Mohamed Bazoum from office last month.

In its statement, NSCIA acknowledged that the coup leaders were defiant in their stance but called for dialogue in dealing with them.

NSCIA is the most influential Islamic organisation in Nigeria where millions of Muslims consider the Sultan as their leader.

It would be recalled that the Sultan was appointed as a member of a three-person team to negotiate with the coup leaders. The team however could not meet leader of the military junta.

PT

Niger's military junta met with two Nigerian envoys on Wednesday, offering hope for dialogue before a summit with regional leaders that could result in military action to restore democracy.

The talks took place as Niger accused France of violating its airspace, attacking a military camp and freeing "terrorists" to undermine the country. Paris denied the charges.

Army officer Amadou Abdramane, speaking for the coup leaders, made the allegations in a video statement, stoking tension ahead of Thursday's meeting of West African heads of state, who are expected to discuss options including military action against the junta.

"What we are seeing is a plan to destabilise our country," Abdramane said.

France's foreign ministry rejected the accusations, saying its aircraft was operating under an existing agreement with Niger forces and its troops were in the west African nation at the request of legitimate authorities.

During its standoff, the junta has rebuffed diplomatic overtures from African, U.S. and U.N. envoys. The junta leaders made an exception by meeting on Wednesday with two envoys of Nigerian President Bola Tinubu, who also chairs the Economic Community of West African States (ECOWAS), in the capital Niamey, a Nigerian government source said.

The envoys - prominent traditional leaders Lamido Muhammad Sanusi and Abdulsalami Abubarkar - were allowed into the country despite closed borders.

Only Sanusi met junta leader General Abdourahamane Tiani, while his counterpart met with other representatives at the airport.

"We’ll continue to do our best to bring the two parties together to improve understanding. This is the time for public diplomacy," Sanusi told reporters upon his return to Abuja.

"CRUEL" DETENTION

The party of Niger's deposed president, Mohamed Bazoum, accused the junta, which seized power on July 26, of keeping him and his family in "cruel" and "inhumane" detention at the presidential residence.

In a statement calling for a nationwide mobilisation to save them, the PNDS-Tarayya party on Wednesday said the Bazoums had no running water, no electricity and no access to fresh goods or doctors.

State Department spokesperson Matthew Miller said the U.S. was greatly worried about Bazoum's safety and was still looking for a reversal of the military takeover.

"We continue to engage with our partners in the region. We continue to engage with other governments," he told a briefing.

U.S. troops are in Niger along with French, Italian and German forces as part of international efforts to combat Islamist insurgents devastating the Sahel region under agreements with the now-deposed civilian government.

Rhetoric against former colonial power France has been a feature of coups in the region over the past two years, including in Mali and Burkina Faso, whose army rulers are strongly backing the generals now in charge in Niamey.

The junta has revoked military pacts with France, but Paris has rejected that decision, saying it was not taken by Niger's legitimate authorities.

INTERNAL CHALLENGE

The coup was triggered by internal politics but spun into an international drama. ECOWAS, the United Nations and Western countries have pressured the junta to stand down, while Mali and Burkina Faso have vowed to defend it.

The political scene became more complex on Wednesday as former rebel Rhissa Ag Boula announced a new Council of Resistance for the Republic (CRR) aimed at reinstating Bazoum.

"Niger is the victim of a tragedy orchestrated by people charged with protecting it," Ag Boula's statement said. The CRR would use "any means necessary" to stop the military takeover and supports international diplomacy, he said.

The challenge from Ag Boula raises the spectre of internal conflict in Niger, which until the coup was an important ally for the West in a region where other countries have turned towards Russia.

Western powers fear Russian influence could grow stronger if the junta in Niger follows Mali's example by ejecting Western troops and inviting in mercenaries from Russia's Wagner Group.

Ag Boula played a leading role in uprisings by Tuaregs, a nomadic ethnic group in Niger's desert north, in the 1990s and 2000s. Like many former rebels, he was integrated into government under Bazoum and his predecessor, Mahamadou Issoufou.

The coup's border and airspace closures have cut off supplies and hampered aid. The takeover has also prompted foreign financial sanctions against one of the world's poorest countries.

Reuters

RUSSIAN PERSPECTIVE

Russia downs drones headed towards Moscow

Two explosive-laden drones that were heading towards Moscow were successfully intercepted and shot down on Thursday morning. This was confirmed by the Mayor of Moscow, Sergey Sobyanin, through his official Telegram channel, as well as Russia's Ministry of Defense.

According to Mayor Sobyanin, the air defense systems were activated at around 4 a.m. local time. One drone was intercepted over the Kaluga region, while the other was shot down in the vicinity of the Central Ring Road. 

The military added that 9 more UAVs were suppressed by means of electronic warfare and, having not reached the target, crashed in the Black Sea. "As a result of the thwarted terrorist attacks, there were no casualties and no damage," the ministry stressed.

At the same time, an auto repair shop in the suburban area of Domodedovo, just outside Moscow, became engulfed in flames, consuming an area of approximately 1,000 square meters. The regional branch of the Ministry of Emergency Situations (MChS) confirmed the incident. Eyewitnesses reported hearing explosive sounds. Potential connection to the recently intercepted drones remains unclear.

Mayor Sobyanin previously reported two downed drones just a day prior. The surge in drone attacks from Kiev has been ongoing since late July.

On July 24th, two drones targeted buildings on Komsomolsky Avenue and a business center on Likhachev Avenue. Mayor Sobyanin and the Ministry of Defense had reported another thwarted attack on July 28th.

Further attempts took place on July 30th and August 1st when drones reached the "Moscow-City" business district. On July 30th, a drone crash resulted in minor damage to the facades of two office towers within the "IQ Quarter," housing key ministries including the Ministry of Digital Development, Ministry of Economic Development, and Ministry of Industry and Trade. On August 1st, a drone damaged a facade at the 21st floor level of one of the towers.

Sobyanin announced on August 6th that authorities had successfully thwarted another drone intrusion into the capital. The drone was eliminated using air defense measures. The Ministry of Defense confirmed the drone attack attempt, revealing that Ukraine had planned to target objects within the Moscow region. The drone was neutralized in the Podolsk district without causing casualties or significant damage, according to military sources. Later, the Mayor of Podolsk, Dmitry Zharikov, stated that several homes had experienced broken windows due to the incident.

In response to these attacks, Dmitry Peskov, the Press Secretary of the Russian President, commented that Ukraine's actions underscored the "nature of the Kiev regime." He emphasized that necessary measures were being taken to ensure security, and assured that there were no plans to increase the level of terrorist threat in Moscow.

** Profits of Western arms makers top $200 billion – report

The revenues of the top Western defense contractors have been soaring, with American weapons makers dominating the global arms industry, Defense News reported on Monday.

According to the magazine’s new ranking of the top 100 defense firms, in 2022, America’s top five weapons contractors made $196 billion in military-related revenue.

The ranking shows that four US-based companies were among the world’s top five military contractors. The US has emerged as the main source of weapons for Ukraine amid its conflict with Russia, having committed around $37 billion in security assistance to Kiev.

In the first half of the year, the revenue of the top 25 Western defense contractors increased by 11% to $212 billion, corporate information cited by the Ravenstvo Media Telegram channel shows.

According to the calculations, the total arms sales for these companies for 2023 are expected to amount to $448 billion – a $47 billion increase on last year. By 2026, the amount could rise by more than 20% to $554 billion on the back of arms deliveries to Ukraine and rearmament in Europe, the report noted.

It is estimated that Western defense contractors will increase revenues by $150 billion, or 37%, from 2021 to 2026. In contrast, economic growth in advanced countries will be half of that pace in the same period, Ravenstvo Media reported. It cited IMF projections that by 2026, the collective GDP for advanced nations will be $67.8 trillion, compared with $56.6 trillion in 2021.

US manufacturer Boeing is dominant among defense-focused companies, data shows, with supplies to Ukraine ranging from ScanEagle unmanned aerial vehicles and Avenger air defense systems, to Harpoon and Hellfire missiles, and Ground Launched Small Diameter Bombs.

Fellow US defense contractor RTX, formerly known as Raytheon Technologies, has also supplied an array of arms and systems, including Patriot long-range missiles, Javelin and TOW anti-tank systems, and Stinger MANPADS.

France has sent SCALP long-range missiles, which are manufactured by MBDA, a joint venture between BAE Systems, Airbus, and Leonardo.

A recent report by the Pentagon inspector general revealed that some of the military equipment supplied to Ukraine by the US and its allies has fallen into the hands of criminal groups. Moscow, which strongly opposes the supply of Western weapons to Kiev, has frequently pointed to the danger of arms being smuggled out of Ukraine and sold on the black market.

WESTERN PERSPECTIVE

Ukraine claims to uncover sleeper cell of female spies working for Russia

Ukraine claimed to have dismantled an all-female spy network operating in the Donetsk region, which allegedly had been leaking information to Russia’s intelligence services and Wagner Group mercenaries. 

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“The group consisted exclusively of local women who supported Russia’s armed aggression against Ukraine,” the Security Service of Ukraine, known as the SBU, said in a statement Tuesday.

The SBU said that its Counterintelligence unit has arrested three women, all living in the city of Pokrovsk, as they were “conducting reconnaissance.”

Ukrainian investigators also allegedly identified a senior member of the spy ring, who at the beginning of the war relocated to Russia to coordinate her “team” remotely.

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According to the SBU, all four intelligence assets had been recruited by the Russians before the war “and until recently were on standby.”

The female agents allegedly worked simultaneously for Russia’s Federal Security Service, known as the FSB, and Yevgeny Prigozhin’s Wagner mercenary group.

“On the occupiers’ instructions, their accomplices collected intelligence on numbers and deployment of Ukrainian military equipment in the region,” Ukrainian security officials said.

The accused traitors’ chief mission was to identify Ukrainian fighter jets’ and attack helicopters’ flight paths — and pass that information on to their handlers in Moscow.

They were also reportedly interested in the movements of Ukrainian heavy armored vehicles to the frontline.

“To gather intelligence, the spies walked in the area and covertly took photographs of Ukrainian facilities and targets,” the SBU said.

The sensitive information was then transmitted to the enemy via secured private chats in a popular messaging app, which the SBU did not name.

When security service operatives searched the accused spies’ homes following the network’s bust, they seized cellphones “used for reconnaissance and sabotage activities against Ukraine,” according to the SBU.

All four women, including the alleged spymaster currently hiding out in Russia, are now facing charges of high treason, conspiracy and dissemination of information on transfer, movement or location of Ukraine’s forces, which are punishable by life in prison.  

The trio of suspected Russian moles who were collared in Pokrovsk have been ordered held in jail.

Separately, the SBU announced Tuesday that it has foiled an attempt by a sophisticated Russian hacking team, dubbed Sandworm, to breach the Ukrainian Armed Forces’ combat information system.

“As a result of complex measures, SBU exposed and blocked the illegal actions of Russian hackers who tried to penetrate Ukrainian military networks and organize intelligence gathering,” SBU wrote on Telegram.

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The service said the hackers tried to gain access to “sensitive information on the actions of the Ukrainian Armed Forces, the location and movement of the Defense Forces, their technical support.”

Cyber specialists learned that the hackers planned to use Ukrainian military tablets to spread viruses in the battle system, SBU said.

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These latest developments come a day after Ukrainian special services claimed to have uncovered a failed plot to assassinate President Volodymyr Zelensky with an airstrike during his recent visit to Mykolaiv.

The local SBU office has arrested a woman — dubbed a “traitor” — who was allegedly gathering and leaking information related to the military to the Russians.

** Two dead after Russian attack on Ukrainian city of Zaporizhzhia - minister

Two people were killed and seven injured in an apparent missile attack by Russia on the Ukrainian city of Zaporizhzhia on Wednesday, Ukrainian officials said.

A Reuters reporter at the scene saw emergency workers lifting a body, putting it on a stretcher and wrapping it into a black body bag.

Rescuers went through debris and an ambulance was parked near damaged buildings.

"We are waiting if they find anyone under the rubble," a doctor, Vyacheslav, said. He did not give his last name.

Ukrainian officials had earlier reported three deaths.

"Fortunately, one person was resuscitated. Doctors were assisted by police paramedics at the scene," Interior Minister Ihor Klymenko said on the Telegram messaging app.

Zaporizhzhia city council secretary Anatoliy Kurtev earlier said that Russia had hit a residential area of the city. According to him, windows were blown out in several buildings.

A video posted by Ukrainian President Volodymyr Zelenskiy showed smoke billowing from burning and badly damaged buildings next to a church.

Andriy Yermak, the head of Ukraine's presidential administration, later posted a photo showing that the church is located close to residential buildings. Ukraine suspects that an Iskander missile was used in the attack, Yermak said.

RT/New York Post/Reuters

If there is an issue everyone—and I mean everyone—agrees on, it is that the cost of running the government needs urgent and radical pruning. One of the most topical issues in the public service system, administrative cost, is also where the government’s indecisiveness is highly exemplified. So it was no surprise when, on Monday, President of the Nigeria Labour Congress, Joe Ajaero, reported President Bola Tinubu’s justification for having an even more expanded cabinet. Ajaero, during their meeting with the president on the pressing issues of the fallouts of his policies, had tasked him with reducing the number of tentative ministers. Tinubu responded that, as labour union leaders, they ought to view his bloated cabinet from the perspective of job creation. The other borderline revelation from Ajaero was that Tinubu claims that to save money, he lives in a two-bedroom apartment, and had offered to use his private jet (instead of the official one) and reduce the number of vehicles in his motorcade. The last two proposals, he claimed, were denied because of security concerns.

If Tinubu believes appointing 48 ministers with the ripple effect of more appointments of a retinue—all shades of aides and special assistants who will also hire their own aides with added perks such as furniture, wardrobe, housing, car allowances and estacodes—will have a significant impact on the unemployment crisis, we should all flinch on his behalf. Was it not just last week that his Director-General, Budget Office of the Federation, Ben Akabueze, lamented the Federal Government’s personnel cost of N5tn before a legislative committee? Did he also forget that he promised a structural review of the civil service payroll just a few days ago? Within a few days, he had gone from wishing to purge to becoming flatulent. The inconsistency generating these rogue ideas suggests insincerity. They are already confused by the complexities of the country and cannot figure out which direction to go.

Nigeria’s unemployment situation cannot be impacted by turning bureaucracy into an industry. More than half of the country’s population is either unemployed or un-gainfully employed, how many can the government possibly absorb? Besides, the government does not create jobs by merely taking party loyalists and some of their hangers-on off the streets. The creation of jobs is a consequence of policies that facilitate a conducive environment for private businesses to thrive. Nigeria is not yet at that place; we rank dismally on the global ranking of ease of doing business. Our public administrators, unable to build a system that allows enterprises to breathe, have found a shortcut to generating employment in padding public service. Time and space will not permit a rundown of the worst culprits.

Resolving the problem of an expensive civil service will need far much more than petty gimmicks; it will take an entire administrative attitude. The subject is an old conversation that keeps acquiring currency. In 2011, former President Goodluck Jonathan set up a committee headed by Steve Oronsaye for this same purpose. They delivered an 800-page report detailing wide-ranging reforms. From that point, different administrations have set up implementation committees, reviews of reports, reviews of reviews, White Paper, and so on. Nothing much changed. Between 2016 and now, the cost of running the government in fact increased by about 400 per cent. That was a lot of time and effort spent retrogressing. No wonder we are down to superficial solutions such as the empty symbolism of jettisoning the presidential jet. For a man like Tinubu who has never demonstrated the integrity of separating what belongs to the public from what he owns, it will amount to an error to let him do official business from his private jet. As for his motorcade, cutting down on the unwieldy number of vehicles is far better for him, security wise, than the unwieldy horde he lungs around the FCT.

If he truly wants to make personal sacrifices to contribute his share to reducing the cost of governance, a more meaningful move would be to mobilise his Lagos party members to entirely repeal the odious pension law. That would be a good place to start. It was Tinubu’s last-minute parting gift to himself but has since become a model for other governors who want to eat the future of even unborn children. That he applauded present Lagos governor Babajide Sanwo-olu’s move to amend the law and slash the benefits does not change the question of why he ever felt the need to take so much for himself. Why sign it into law if not for a lack of conscience? Nigerian leaders hardly know more than smash, grab, and run. While in the office, they take and take and take. When it is time for them to leave that office, they are so frightened by the reality of a life no longer propped up with the sweat and blood of poor people. Their next move is to create pipelines to funnel money from the public purse into their private pockets. It is a madness that keeps exceeding diagnoses.

The pension law that targeted Tinubu as the prime beneficiary is only one of the many acts of authority stealing institutional robbery that needs to be dismantled. Instead of moaning that security concerns keep him from making significant reforms to reduce what he costs the nation as president, how about starting from where your hands are not tied? Like Zacchaeus the tax collector who resolved to refund what he immorally took four times, Tinubu should return every pension he ever took from Lagos with interest. Let the state invest the money in education so some Lagos children can start breathing.

Since his harsh reforms started to suffocate life out of poor people, we have been serially entertained with hired propagandists, talking heads, and faux analysts who run from one soapbox—either on television or social media—to another to enjoin Nigerians to keep enduring suffering for some vague promise of greater glory. Those sermons have become tiring; they assume people they are talking to have enough left to keep sacrificing. If the country will truly advance that way, why should the people already impoverished by the greed of the Nigerian political class keep making all the sacrifices while the privileged get to keep their loot? The pain should be generously circulated across the board. If they are sincere that the sacrifices are worthwhile and there is a promise of abundance at the end, they too should offload some of their own benefits.

The All Progressives Congress cannot, of course, do much about their Peoples Democratic Party counterparts especially at the state levels where all kinds of injustices have been entrenched, but they can work on themselves. It will take some sincerity of purpose, but by making belt-tightening measures for the ruling class they can demonstrate their faith in the abundance that awaits everyone if we can endure some more suffering for some more time. They should pressure themselves to repeal the pension laws that have turned greedy governors (and their deputies) into a raging army of locusts. They should drastically cut down on their perks, fix the number of aides they can appoint to a bare minimum, freeze estacodes, and get rid of outdated privileges like “official cars.” These are lean times; public officers should use their personal cars. When they go on official errands, they can be refunded the cost of petrol and a set amount for wear and tear on their vehicle calculated according to the mileage expended. It is all possible except, of course, but the truth is out of character for them. Their new leader is Abdullahi Ganduje who also does not separate his agbadapockets from the public purse. When he tells you to sacrifice, what he is asking is for your sweat to keep sponsoring their excesses.

Punch

Warren Buffett, the legendary investor and one of the wealthiest people in the world, has attributed a significant part of his success to a simple yet powerful choice: investing in oneself. Here's what he shared with Good Morning America years back:

Investing in yourself is the best thing you can do. Anything that improves your own talents.

As entrepreneurs and business leaders, we often focus on external opportunities and investments, but Buffett's timeless advice reminds us that the most critical investment lies within ourselves.

Following Buffett's advice can lead to a lot of great things, like knowledge attainment in your specific field, personal and professional growth, leadership skills, and ultimately whatever will help you get better at your trade and pave the way to your success.

Here are a few useful and practical ways you can heed Buffett's advice starting today:

1. Invest in continuous learning

Buffett's philosophy revolves around the idea that knowledge is the ultimate asset. He famously spends a considerable part of his day reading, learning, and staying informed about various industries and markets. 

You can apply this principle to your business by embracing continuous learning and staying updated on industry trends. Investing time in learning equips you to make more informed decisions, spot new opportunities, and adapt to a rapidly changing business landscape.

2. Invest in your self-improvement

Investing in yourself is not limited to gaining knowledge; it also involves building self-confidence and continuously improving your skills. As entrepreneurs, our journey is often filled with challenges, risks, and uncertainty. 

By investing in our personal growth, we develop the self-confidence, boldness, and resilience to face these obstacles head-on and overcome them when we experience setbacks. 

3. Invest in knowing your strengths

In business, identifying and leveraging your strengths is critical because understanding your unique capabilities can help you focus on areas where you excel. 

There's also a flip side to this: You must have the self-awareness to know what tasks to take on and what tasks that fall outside your expertise to delegate to others who can handle them better, thus optimizing your time and efforts. 

4. Invest in a supportive network

Surrounding yourself with the right people is crucial for your success. Buffett is big on emphasizing the value of seeking out mentors, partners, and friends who inspire and challenge you. 

This means building a network of like-minded peers and colleagues, industry experts, and experienced mentors who can offer valuable insights and guidance. A supportive network can provide a fresh perspective, innovative ideas, and collaborative opportunities that drive your business forward.

5. Invest in doing work that you love

The biggest lesson on improving yourself stands the test of time and is especially apropos in the age of quiet quitting: Do what you love. Buffett once said:

I get to work in a job that I love, but I have always worked at a job that I loved. I loved it just as much when I thought it was a big deal to make $1,000. I urge you to work in jobs that you love. I think you are out of your mind if you keep taking jobs that you don't like because you think it will look good on your résumé. 

Doing what you love means putting an end to working in dead-end jobs with little pay and no purpose that gets you up in the morning. 

While Buffett's comment, you may object, is easy to remark when you're a billionaire many times over, quite truthfully, Buffett was already doing what he loves long before he became successful. 

While there are certain risks involved in chasing work or a career you love, consider the payoffs of this investment. When you love what you do, it just doesn't feel like work. Doing what you love is a major contributor to true happiness in life. It will pay endless emotional dividends.

Inc

Organised labour on Tuesday rejected Chief of Staff to the President, Femi Gbajabiamila, as head of the Federal Government’s team that will negotiate with the labour unions on subsidy removal palliatives.

National President of Nigeria Labour Congress, Joe Ajaero, made this known when the leadership of the labour unions visited the Senate.

According to him, the Chief of Staff has been too busy to call for a meeting adding that President Bola Tinubu’s wage award committee has yet to sit almost two months after the fuel subsidy removal.

The labour leaders were in the Senate to meeting with the leadership.

The Senate in a resolution two weeks ago agreed to meet with the labour unions on the subsidy removal palliative.

Ajaero said, “Part of our challenge is the issue of the committee put in place, the committee seems not to be capable. As labour union, we have done negotiation and engagement with the government, from the time of the Secretary to the General of the Federation under ex-president Olusegun Obasanjo, Ufot Ekaette, during BabaGana Kingibe, Pius Ayim and Boss Mustapha.

“At no time had the Chief of Staff to the President who is very busy called to negotiate or lead negotiations.

“And that has delayed the issues, even since after our protest; another meeting has not reconvened, although the president promised that he would restructure the mechanism of engagement with government to help things to be treated fast.”

Ajaero added, “We had agreed on wage award, and up till this moment the committee on wage award is yet to sit.“

The NLC President while speaking during the meeting with Senate leadership lamented the plight of Nigerians as a result of the removal of fuel subsidy.

He said the government had yet to put structures on the ground to ameliorate the effect in the country.

He told the lawmakers that while labour leaders were still deliberating on N537 per litre of fuel and Court had ruled for the status quo to remain, the government suddenly decided to increase the fuel to N620 per litre.

NLC president stated, “Nothing is yet to happen on the issue of $800m projected to be borrowed, we have not perfected the list of the people who will benefit from it.

Similarly, his colleague, the Trade Union Congress President, Festus Usifo, lamented the snail-speed with which the Federal Government was treating the issue of the palliative.

The TUC president lamented, “The government said they will create alternatives and palliatives, it’s over two months, and there is no sense of urgency.

“3,000 buses are too few, If the government has saved one trillion in two months why can’t the government channel this money to tackle these alternatives.

Similarly, after the closed-door session, the TUC president, Usifo noted that the Senate leadership had assured them of meeting with the president and getting problems solved in a few days time.

Usifo said, “At the meeting, we put our agenda forward and those things we said to them the last time we came here.

“The Senate has promised to take up the issue with the president. What we want is action and we believe that in a few days, that would be answered. There was no ultimatum given to the Senate. “

In his response, President of the Senate, Godswill Akpabio, appreciated the organised labour for their patience and understanding to assist the government.

He said, “The president told you that he had saved N1tn in two months but did not that tell you the fact that he inherited over N30tn which is running into more when you put together both the local and foreign debts.

“Even when you save money and there is a lot of debt on ground, you’d realise that the money would not be able to take care of so much.”

Akpabio assured the aggrieved Labour Union of partnership and approach the Executive to ameliorate the suffering of Nigerians.

Punch

Manufacturers Association of Nigeria has said due to a harsh economic environment, the value of manufacturing production decreased from N7.39tn in 2021 to N6.67tn in 2022, indicating a decline of N720bn.

Chairman, MAN, Apapa branch, Frank Onyebu, made the revelation on Tuesday during the annual general meeting of the branch.

Onyebu said 2022 was mostly characterised by a harsh operating environment, themed by record-high inflationary pressure, high interest rates, multiple taxation, high energy costs, forex illiquidity, shortage of raw materials, among others.

He added that supply shortages, surging material prices and difficulty in hiring qualified staff stalled the growth of the manufacturing sector.

He said, “The value of the manufacturing sector’s factory output declined to N2.68tn in the second half of 2022 from N3.73tn recorded in the corresponding half of 2021.

“This represented N1.05tn or 28 per cent decline over the period under review. There was also a decline of N1.31tn or 32 per cent when compared with N3.99tn recorded in the preceding half.

“The value of manufacturing production totalled N6.67tn in 2022 as against N7.39tn recorded in 2021. Manufacturing production was severely affected in the second half of 2022 by the absence of implementation of new capital projects by the government as they focused on the election.”

Speaking further, Onyebu noted that many manufacturers exited Nigeria to neighbouring countries in 2022 due to the harsh operating environment.

He added that more were planning to leave, while others were hanging on by a thread, hoping for the new administration to turn things around.

He added, “Manufacturing sector local raw materials sourcing averaged 52.8 per cent in 2022 as against 51.5 per cent recorded in 2021.

“The increase in the local raw materials utilisation in the sector during the period is due to increased difficulty in sourcing forex, which compelled manufacturers to look more inward for raw materials notwithstanding the associated huge cost.”

Punch