Business News

Monday, 23 December 2024 04:18

Banks’ credit to the private sector declined by N1.8trn in October 2024, CBN data shows

The Central Bank of Nigeria (CBN) reports that Credit to the Private Sector (CPS) decreased by approximately 3% in October 2024, falling from N75.83 trillion to N73.95 trillion. This decline represents a reduction of N1.8 trillion in financial resources provided to private businesses through loans, securities purchases, and trade credits. Despite the monthly decline, the October 2024 figure remains 15% higher than the N63.5 trillion recorded in October 2023, indicating overall growth in private sector financing year-over-year. The credit volume has fluctuated between N73-74 trillion throughout the third quarter of 2024. The year began strongly with private sector credit reaching…

Monday, 23 December 2024 04:07

Here’s how Microsoft knows in less than 5 minutes if someone is going to be a good leader

Marcel Schwantes Satya Nadella, the CEO of Microsoft, knows a thing or two about leadership. He has spearheaded a cultural shift since taking the helm that emphasizes empathy, collaboration, and innovation, guiding Microsoft through a significant turnaround. In a conversation with Adam Grant during the 2022 Future of Work Conference, Nadella clued us in to a leadership skill that will positively affirm someone as a good leader: coaching. “Model, Coach, Care” At Microsoft, Nadella launched the “Model, Coach, Care” framework a few years back. The idea is that Microsoft managers actively role model a coaching mindset and coach their team…

Friday, 20 December 2024 04:52

Naira expected to weaken further, says CBN business survey

Nigerian businesses anticipate further depreciation of the naira through early 2025, despite maintaining overall optimism about the macroeconomic environment, according to the Central Bank of Nigeria's November 2024 Business Expectation Survey. While businesses expect the naira to weaken over the next three months, they project a potential recovery in the six-month outlook. This sentiment spans across all business sectors, with the construction sector showing particular optimism about its operations. However, the survey revealed mixed economic indicators. Businesses expressed pessimism regarding several key metrics, including business activity volume, financial conditions, credit accessibility, and order volumes. Despite these concerns, companies, particularly in…

Thursday, 19 December 2024 04:47

How to start a business from nothing

Melissa Houston Many people dream of starting a business but they don’t know how to start a business from nothing. It can feel overwhelming and intimidating to think about where to begin, and many talk themselves out of it before they even give their idea a chance. There are more than 33 million small businesses in the United States accounting for more over 99% of all U.S. firms. The American economy is driven by small businesses, so what is holding you back from starting a business? The good news is that it is possible to start a business from nothing,…

Wednesday, 18 December 2024 04:43

CBN stipulates daily withdrawal limits for Point-of-Sale transactions

The Central Bank of Nigeria (CBN) has introduced new regulations for point-of-sale (PoS) transactions, setting a daily withdrawal limit of N100,000 per customer as part of its ongoing efforts to promote a cashless economy. Key Withdrawal Restrictions: - Maximum daily cash withdrawal per customer: N100,000 - Weekly cash withdrawal limit: N500,000 - Daily cumulative cash-out limit for agents: N1,200,000 The comprehensive directive, issued through a circular to deposit money banks, microfinance banks, mobile money operators, and super-agents, aims to: - Address industry challenges - Combat potential fraud - Establish uniform operational standards Detailed Compliance Requirements: 1. Agent Banking Terminal Limitations…

Tuesday, 17 December 2024 04:39

How to work with friends, from Simon Sinek

In school, I never enjoyed group work. Being at the mercy of another person’s effort was frustrating to me — and still is. That’s probably why I picked a career where most of my day-to-day tasks can be done solo. Still, it’s impossible for most people to go through life without any professional collaboration. And while it can be fun to work with someone who’s also a friend, it can make collaboration even more complicated. Recently, I listened to an episode of Simon Sinek’s podcast “A Bit of Optimism” where he asked restaurateur Will Guidara about advice for maintaining a…

Thursday, 12 December 2024 04:50

This framework can successfully help you integrate AI into your business operations

Majeed Javdani Key Takeaways ISO 42001 provides a structured framework for AI management systems, ensuring businesses adopt AI responsibly. This guide breaks down the implementation process into practical steps, focusing on risk management, stakeholder alignment and continuous improvement to integrate AI seamlessly into business operations. ISO 42001 establishes a framework for AI management systems, providing organizations with a structured approach to integrating AI-related practices into their operations. This standard emphasizes risk management, continuous improvement, and alignment with the requirements of all stakeholders, ensuring businesses can adopt AI responsibly and consistently while adhering to global best practices. In this article, I…

Tuesday, 10 December 2024 04:31

Jeff Bezos on meetings: ‘I’m skeptical If it’s not messy’

If you ever find yourself in a meeting with Jeff Bezos, don’t expect the Amazon founder to speak up first. Instead, Bezos flips the traditional meeting hierarchy, instructing participants to speak in reverse order of seniority, starting with the most junior person. As one of the senior-most individuals in the room, Bezos usually reserves his comments for the very end. This approach, he explained at The New York Times’ DealBook Summit, helps prevent "group think" and ensures that everyone’s opinions are heard before his own influence can shape the discussion. Bezos believes this method encourages honest, open dialogue instead of…

Monday, 09 December 2024 04:40

Naira is appreciating in both official and parallel markets. These are the forces driving the rebound

The recent appreciation of the Naira in the parallel foreign exchange (FX) market is being attributed to a combination of Central Bank of Nigeria (CBN) interventions, Nigeria’s bond market activities, and other key economic factors, according to analysts. On Friday, the naira recorded its strongest performance in four months, trading at N1,600 per dollar in the parallel market. This marked a 7.78% improvement from the N1,735/$ exchange rate seen on November 29. This represents a notable recovery from when the naira first crossed the N1,700/$ threshold on September 27. In the weeks following, the naira had fluctuated between N1,670/$ and…

Monday, 09 December 2024 04:33

Geologists might have stumbled upon world’s largest gold mine

A “supergiant” gold ore deposit under an existing gold mine in China could be the world’s largest gold ore deposit. Officials estimate that the extent of the find could be 1,100 tons stretching as deep as 9,800 feet below the surface. The find also shows promise as that of a high-quality producer of gold. A deposit of gold ore just discovered in China isn’t just giant. It’s supergiant. So much so, in fact, that Chinese experts claim it could be the largest deposit of any precious metal—not just gold ore—in existence today. How big is the “supergiant” deposit located under…

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Saturday, 07 December 2024 04:56

Nigeria recorded N5.8trn trade surplus, reduced capital importation in Q3 2024

Nigeria's economic landscape showed mixed signals in the third quarter of 2024, with the National Bureau of Statistics (NBS) reporting a robust trade surplus of N5.81 trillion and a moderate capital importation of $1.25 billion. The trade data revealed a significant expansion in total merchandise trade, which increased by 81 percent from N19.38 trillion in Q3 2023 to N35.16 trillion in Q3 2024. Exports dominated the trade balance, accounting for 58.27% of total trade at N20.48 trillion, with crude oil remaining the primary export, valued at N13.4 trillion and representing 65.44 percent of total exports. Regarding capital importation, the figure…

Saturday, 07 December 2024 04:53

Local rice prices surge 137%, NBS survey finds

The price of local rice in Nigeria surged by 137.32% in October 2024 compared to the same period last year, according to the National Bureau of Statistics (NBS). This sharp increase has propelled rice into the top ten most expensive staple foods in the country. The NBS's Selected Food Prices report for October 2024 highlighted the significant rise, with the average price of local rice reaching N1,944.64 per kilogram, up from N819.42 in October 2023. This increase underscores the ongoing inflationary pressures affecting food prices and exacerbates the economic challenges faced by Nigerian households. Month-on-month, local rice prices also saw…

Friday, 06 December 2024 04:29

How to eliminate unnecessary tasks and focus on what really matters

Key Takeaways It's freeing to let go. Bruce Lee captured it perfectly: "It's not the daily increase but daily decrease. Hack away at the unessential." It's an idea that's turned businesses on their head and made life easier — one that's changed the definition of productivity and success in a world full of information and distractions. In a time of endless options, every task and every decision can take our attention. But success isn't about doing more; it's about doing less and focusing only on what genuinely matters. Now, let's discuss the daily decrease. This is about getting rid of…

Thursday, 05 December 2024 04:54

Bitcoin surpasses $100,000 as rally fueled by Trump’s election victory gains momentum

Bitcoin has surpassed the $100,000 mark, continuing its impressive rally spurred by Donald Trump's election win. The latest surge follows a key announcement from the President-elect, who signaled a more favorable regulatory environment for cryptocurrencies with his choice of Paul Atkins as the next chair of the Securities and Exchange Commission (SEC). Trump revealed on Wednesday that he plans to nominate Atkins, a former SEC commissioner during George W. Bush's presidency, known for his stance against excessive market regulation. This move has been seen as a positive signal for the crypto industry, fueling investor optimism. Since Trump’s victory on November…

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