Business News

Monday, 28 October 2024 04:51

Fuel price hikes: 10,000 marketers face closure, 1m potential job losses amid consumption collapse

The Nigerian fuel retail sector is facing an unprecedented crisis following the removal of fuel subsidies in May 2023. Fuel consumption has plummeted 92% from 60 million liters per day in May 2023 to just 4.5 million liters in August 2024, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority. Key impacts: - Fuel prices increased nearly 500%, from N175 to over N1,000 - Only 16 of 36 states received fuel supplies in August 2024 - Cost of a fuel truck rose from N7m to N47m in 16 months - An estimated 10,000 fuel marketers face closure within 45…

Monday, 28 October 2024 04:45

Dangote Cement turns to CNG, abandoning diesel produced by sister company

In a major pivot, Dangote Cement Plc announced it has invested over $280 million in compressed natural gas (CNG) infrastructure, vehicles, and technology, effectively shifting away from diesel, a product that its sister company, Dangote Oil Refinery, refines. The company said this transition is part of its long-term strategy to power its fleet with 100 percent CNG. Arvind Pathak, Group Managing Director of Dangote Cement, explained that the investment aligns with Dangote’s clean energy goals and its commitment to reducing carbon emissions. Speaking at a recent event, Pathak stated, “By mid-2026, Dangote Cement aims to operate a fleet predominantly powered…

Monday, 28 October 2024 04:40

How (and why) to build a product marketing strategy around your customer lifecycle

In the early days, my company sold one product. Our flagship product. The bestseller. The one we're known for. We built our business around the wired bra. And as a result, in ThirdLove's building stages, we devoted all of our focus to positioning and messaging around one key product. Last year, we extended into a number of new categories. Our original product marketing cadence focused exclusively on the flagship. With irons in so many fires, we found that our strategy had to evolve. Especially when you venture into new categories, customers will visit you (virtually and/or in person) at different…

Friday, 25 October 2024 04:53

Saying no: How successful people protect their time and focus

Jodie Cook Saying yes to everything might seem like the path to success. But the most accomplished people know that saying no is often more powerful. They guard their time fiercely and focus on what truly matters. You’re not being antisocial, unhelpful or rude. You’re simply closing off the options that don’t align with your priorities. Being smart with your most precious resource: time. Here’s how successful people master the art of saying no. How to protect your time like it's your most valuable asset Set clear priorities Successful people know exactly what they want to achieve. They are laser-focused…

Thursday, 24 October 2024 04:46

Nigerian Breweries’ loss surges 161% to N150bn

Nigeria’s biggest beer maker, Nigerian Breweries, plunged deeper into loss in the nine months to September compared to the same period of last year as the brewer’s net loss soared by more than 161 per cent according to its earnings report issued Wednesday. A mix of factors ranging from the country’s galloping inflation, exchange rate volatility and accelerating input costs drove the less impressive performance. “The increase in Net Loss was again significantly influenced by FX loss due to the devaluation of the Naira and high borrowing costs arising from higher interest rates,” the company said in a separate statement.…

Wednesday, 23 October 2024 04:42

Jeff Bezos built Amazon with a strategy based on truth, small shifts, and embracing change. Here’s how it’s done

Seth Godin The world is shifting faster than ever before. In an age of constant change, disruption, and uncertainty, the traditional ways of approaching strategy are no longer enough. You can’t rely on a static plan designed to meet yesterday’s challenges. Instead, strategy must be dynamic, adaptive, and—most importantly—resilient. The ability to embrace and thrive on change is what sets apart businesses and leaders who succeed from those who merely survive. Today’s strategy isn’t about having a perfect, foolproof roadmap. It’s about making better decisions in real time, about knowing where you’re headed even when you’re not sure of the…

Tuesday, 22 October 2024 04:59

Air Peace hikes Lagos-Abuja ticket while other airlines keep lower fares

From November 1, 2024, a one-way flight ticket from Lagos to Abuja on Air Peace is to hit N200,000. The harsh economy has been affecting the aviation business causing airlines to increase their fares amid lamentations from passengers. This development has forced some Nigerians to abandon flights for road transport. Checks by our correspondent on the airfares of airlines on Monday showed that Air Peace increased its fares to N200,000 from November, the highest among the domestic airlines. While Air Peace has N200,000 and above on its website for a one-way trip between Lagos and Abuja, Aero is charging N94,000…

Tuesday, 22 October 2024 04:57

Vehicle importers pushed out of business by Naira devaluation, high clearance costs

Due to the scarcity of foreign exchange (FX), hike in tariffs, increase in import duty, and other related taxes, automobile dealers have lamented their inability to import fairly used cars into the country. This is even as they have now resorted to recycling Nigerian used cars, while others have abandoned the automobile business entirely. Speaking with The Guardian, the President of the Association of Motor Dealers of Nigeria (AMDON), Ajibola Adedoyin, said the hike in taxes, fuel, and tariffs has affected the importation of cars into Nigeria. Meanwhile, Nigeria’s import bills on used vehicles, popularly known as tokunbo, fell by…

Tuesday, 22 October 2024 04:53

7 ways to scale up a startup

Key Takeaways Scaling a startup to a billion-dollar business is incredibly challenging, but it's achievable with the right strategies.Leaders must focus on solving real problems, work to achieve operational excellence, secure product-market fit, avoid overreach, build a cohesive team, consider horizontal integration and think globally. Every entrepreneur dreams of turning their startup into a billion-dollar business. The allure of achieving unicorn status — reaching a valuation of over $1 billion — is powerful, and I'm no exception. The journey from a fledgling startup to a billion-dollar enterprise is daunting. While we are still on the path to this goal at…

Monday, 21 October 2024 04:46

Petrol importation continues as Dangote Refinery falls short

No fewer than four vessels carrying imported Premium Motor Spirit, popularly called petrol, arrived at seaports situated along the nation’s borders between Friday, October 18, and Sunday, October 20. According to a document obtained from the Nigerian Port Authority on Sunday, about 123.4 million litres of PMS were berthed at two seaports to improve fuel supply nationwide. The latest development confirms an exclusive report by The PUNCH, which disclosed that oil dealers intend to import the commodity to supplement the supply from the $20bn Dangote Petroleum Refinery. The dealers had stated that the supply from the Lekki-based plant was currently…

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Sunday, 20 October 2024 04:59

CBN approved $548m for food imports in Half 1, 2024 - Report

The Central Bank of Nigeria released $547.7m (N823.19bn at the official exchange rate of N1,503.3/$1, as of June 30, 2024) to Nigerians for the importation of food items in the second quarter of 2024. The amount is a reduction of $142.48m or 20.6 per cent from $689.88m recorded in the first three months of 2024 and N80.76bn or 8.93 per cent from N903.95bn recorded in Q1 when converted to naira. This implies that the CBN released a total of N1.73tn for food items importation in six months, according to data from the bank’s quarterly statistics bulletin. An analysis of the…

Saturday, 19 October 2024 04:28

Nigeria gets $100m for establishment of Youth Entrepreneurship Investment Bank, AfDB announces

The African Development Bank (AfDB) has approved $100 million for the establishment of the Youth Entrepreneurship Investment Bank in Nigeria. Akinwunmi Adesina, AfDB president, spoke on Friday in Abuja while delivering a keynote address at the 90th birthday lecture of former head of state Yakubu Gowon. “I am delighted to announce here today that just three days ago, the African Development Bank’s board of directors approved $100m for the establishment of the Youth Entrepreneurship Investment Bank for Nigeria,” he said. Adesina said the initiative highlights AfDB’s commitment to supporting youths who he believes are critical to the development of the…

Friday, 18 October 2024 04:45

7 reasons leadership soft skills are imperative for growth

Brent Gleeson In high-performance organizations, leaders often prioritize technical know-how and measurable metrics. But dismissing soft skills as unimportant is a critical mistake that can lead to team breakdowns, missed opportunities, and poor results. According to a 2023 Harvard Business report, 76% of respondents identified empathy, communication, and the ability to manage conflict as essential leadership skills for driving team effectiveness, especially in diverse and remote work environments. Leaders who lack these soft skills may struggle to build trust and create psychologically safe workplaces, which are essential for team cohesion and innovation in high-performance settings . But organizations must adopt…

Thursday, 17 October 2024 05:09

FG rejects Shell's $1.3bn oil asset sale for lack of capacity by buyers - Report

Nigeria's oil regulator has rejected Shell's proposed $1.3 billion sale of its onshore oilfields to Renaissance group because the buyer is not qualified to manage the assets, ThisDay newspaper reported on Wednesday. Shell, which owns the assets via Shell Petroleum Development Company (SPDC), said it was providing the regulator with all the required information without directly confirming the newspaper report. The regulator and Renaissance did not immediately respond to requests for comment. Shell on Jan. 16 announced its exit from Nigeria's onshore and shallow water operations after agreeing to sell the business to a consortium of five, mostly local, companies,…

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