Business News

Saturday, 08 March 2025 04:55

Nigerian telecoms generated $7.6bn in 2024 as industry continues expansion

Nigeria's telecommunications sector achieved remarkable growth in 2024, with mobile service revenue reaching $7.6 billion according to a new PwC report. The Nigerian market is projected to grow at an impressive 8% compound annual growth rate (CAGR) between 2023 and 2028, positioning it among the world's fastest-expanding telecom markets. This growth stands in contrast to the broader global telecommunications industry, which faces headwinds despite PwC forecasting total revenue to reach $1.3 trillion by 2028. Worldwide telecom service revenue across fixed and mobile networks increased by 4.3% in 2023 to $1.14 trillion, but future growth is expected to slow to a…

Friday, 07 March 2025 04:48

Second in Africa, fourth globally, Nigeria grows sesame seeds exports to N700bn

Nigeria has established itself as the second-largest exporter of sesame in Africa and fourth globally, with exports valued at N700 billion in 2024, according to Nonye Ayeni, Executive Director of the Nigeria Export Promotion Council (NEPC). Speaking at the STDF 845 project meeting for Sesame and Cowpea in Abuja on Wednesday, Ayeni highlighted the project's importance in enhancing Nigerian agricultural exports. "This three-year initiative, co-funded by the International Trade Centre and NEPC, aims to ensure Nigerian sesame and cowpea exports comply with international pesticide residue standards, reducing rejection rates in global markets," she stated. Ayeni noted that the international sesame…

Thursday, 06 March 2025 04:29

Mark Cuban: If I were 12 again, I’d do these 2 things to set myself up for success

Ashton Jackson If Mark Cuban were a kid again, he’d do two simple things to set himself up for success as an adult, he says. “When I talk to kids today and they ask me what I would do if I were 12 today, my answer is always the same, read books and learn how to use [artificial intelligence] in every way, shape and form you can,” the 66-year-old billionaire entrepreneur wrote on social media platform BlueSky last week. “It is a living library that gives you responses and can help no matter who you are or where you live.”…

Wednesday, 05 March 2025 04:51

OPEC+ plans to raise output, U.S. tariffs depress oil prices

Oil prices fell for a third session on Wednesday as plans by major producers to raise output in April combined with concerns U.S. tariffs on Canada, Mexico and China will slow economic and fuel demand growth hammered investor sentiment. Brent futures eased 15 cents lower to $70.89 a barrel at 0200 GMT. In the previous session, the contract fell to as low as $69.75, its lowest since September 11, and settled at their lowest since that day as well. U.S. West Texas Intermediate (WTI) crude fell 40 cents a barrel, or 0.6%, at $67.86 after settling at its lowest since…

Wednesday, 05 March 2025 04:47

How business leaders can be good stewards In tumultuous times

Rajeev Peshawaria Were environmental social governance, diversity equity inclusion, and sustainability fads that have since died? It certainly feels like it in some circles, doesn’t it? I don’t believe they are dead at all. But the question is, why the current disenchantment with something we desperately need for saving ourselves and our only home? My simple assertion, one we’ve been making for a long time now, is that we were trying to solve existential environmental and social challenges unnaturally. 1. We were asking consumers to consume less. Consumption is a basic human aspiration.Except for a few evolved souls, it is…

Tuesday, 04 March 2025 04:52

Following Dangote Refinery’s lead, NNPC reduces petrol prices across major cities

The Nigerian National Petroleum Company (NNPC) Limited has implemented significant price reductions for premium motor spirit (PMS), commonly known as petrol, at its retail outlets nationwide. In Abuja, prices have dropped by N85 per litre, from N965 to N880. This was confirmed at the NNPC retail outlet in Federal Housing, Kubwa, where a pump attendant stated the price change took effect Monday afternoon. Lagos consumers will benefit from even lower prices, with NNPC stations at Irawo, Ransco bus stop on Ikorodu Road and along Idimu Road now selling petrol at N860 per litre. This follows an earlier reduction in Lagos…

Tuesday, 04 March 2025 04:42

The No. 1 piece of advice my grandfather gave me, CEO reminisces

At age 15, I got my second-ever job as a cashier at a fast-food restaurant. I hated clocking in every day — the thick smell of burgers and old frying oil made me sick, and customers were often rude, especially during the lunch rush and at the drive-thru. That made it difficult to apply myself. But Indeed CEO Chris Hyams says even a fast-food cashier role can be fulfilling if you have the right attitude.Growing up, his grandfather gave him a cardinal piece of career advice that he still holds on to today: “Every job is the most important job…

Monday, 03 March 2025 04:57

Nigerian stock market rolls into March with sterling performance of preceding month. Here are the highlights

The Nigerian stock market closed February 2025 on a positive note, with the All-Share Index rising 3.18% to reach 107,821.39 points by month-end, up from 104,496.12 points at the beginning of the month. This gain was driven primarily by steady performance in mid-cap stocks. Despite the index growth, trading volume declined to 9.2 billion shares, representing a 27.30% decrease from January's 12.6 billion shares. Market capitalization, however, showed robust growth, increasing from N64.7 trillion to N67.1 trillion during the month. Market Performance The market maintained positive momentum throughout most of February, with the All-Share Index surging above 108,000 points in…

Monday, 03 March 2025 04:39

Trump announces ‘Crypto Strategic Reserve’: Here’s what to know

President Donald Trump said Sunday the U.S. will create a “crypto strategic reserve” that includes major cryptocurrencies like bitcoin and ethereum—boosting crypto prices—the latest effort by Trump to court the cryptocurrency industry as he’s become a major crypto backer in recent months. Key Facts A national crypto reserve will “elevate this critical industry after years of corrupt attacks” Trump said, adding he directed his administration to “move forward on a Crypto Strategic Reserve” that includes cryptocurrencies XRP, solana and ADA. He then added a second post saying the reserve will “obviously” include bitcoin and ethereum as the “heart of the…

Sunday, 02 March 2025 04:53

African countries lead in new oil discoveries, accounting for 35% of global finds

African oil-producing countries have significantly increased their contribution to global oil discoveries, now representing 35% of newly discovered oil reserves in 2024—a substantial increase from just 7% in 2023, according to a new report by S&P Global. The report, titled "High Impact Wells 2025," reveals that while global discoveries totaled approximately 8.8 billion barrels of oil equivalent (the lowest newly discovered volumes since the 1950s), African basins made notable contributions. The Cote D'Ivoire Basin and Orange Sub-basin alone accounted for 2.9 billion barrels of this total. "Notably, 60% of offshore Africa's new field wildcats were drilled in frontier or immature…

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Saturday, 01 March 2025 05:21

Nestlé Nigeria reports loss for second year amid costs surge caused by Naira devaluation

Nestlé Nigeria Plc announced mixed financial results for the year ending December 31, 2024, with impressive revenue growth of 75.2% reaching N958.8 billion, while posting a loss before tax of N221.589 billion—a 113% increase from the previous year. The company attributed the loss primarily to significant finance costs resulting from the Naira's devaluation, which impacted the company's foreign currency obligations. Despite these challenges, Nestlé Nigeria's core business showed resilience with operating profit increasing by 35.6% to N167.9 billion compared to N123.8 billion in 2023. In a communication to the Nigerian Exchange, the company emphasized that these results "indicate a robust…

Thursday, 27 February 2025 04:55

Again, Dangote Refinery reduces ex-depot petrol price

Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to N825 per litre. This latest price cut was disclosed in a statement on Wednesday by Esan Sunday, Head of Media Relations and Branding Communications at Dangote Group. The adjustment comes just over three weeks after the refinery lowered petrol prices from N950 to N890 per litre. With this new reduction, the ex-depot price has dropped by N125 since January, when it stood at N950 per litre. According to the statement, the new pricing will enable Nigerians to purchase petrol…

Wednesday, 26 February 2025 04:42

London court orders NLNG to pay $380m to Swiss firms for contract breach

A London court has ruled that Nigeria LNG Limited (NLNG), a leading liquefied natural gas (LNG) producer, must pay $380 million in damages to Swiss commodity trading firms Vitol and Glencore for failing to fulfill contracted LNG deliveries. The dispute stems from NLNG's failure to deliver 19 cargoes between 2020 and 2021, which were part of supply agreements secured by Taleveras, a Dubai-based trading company. Taleveras, founded in 2004 by Nigerian businessman Igho Sanomi, had pre-sold some of the cargoes to Vitol and Glencore. When NLNG failed to deliver the agreed-upon shipments, the Swiss firms initiated legal action against Taleveras,…

Wednesday, 26 February 2025 04:35

5 lessons on life as an entrepreneur that you don't learn in school

As we focus on continuing to elevate entrepreneurs from all parts of the world and from all backgrounds, I’m reflecting a lot on how nontraditional entrepreneurs can realize their dreams. Sometimes that means unlearninglessons we were taught in school. On the day you graduate and enter the professional world, there is no instruction manual waiting for you. (If only!) There is so much I wish I’d known at the start of my own career, and I wish I could spare young entrepreneurs that same learningcurve. Below are a few key lessons about entrepreneurship that aren’t taught in school. 1. Your…

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