Business News

Tuesday, 21 February 2023 05:40

3 tips for turning your passion into a business

When you think about what you want to do in life, you know that it is something that you both excel at and love doing. However, this is easier said than done in many cases. Previously, we have discussed identifying gaps and becoming an expert in your industry to help turn your passion into a startup business. But doing your research and due diligence isn't always enough to escape from your day job or turn that unusual degree into something unexpected. To transform what you love doing into a strongly reputable and profitable business in 2023, you need to create…

Monday, 20 February 2023 05:29

Starbucks, Dangote Group, Zara have one thing in common: Vertical integration

They are all vertically integrated. Vertical integration is a business model that controls the supply chain process, from manufacturing to sales. Starbucks’ vertical integration model allowed the coffee chain to maintain a 10.1% market share. The company could ethically source 99% of its Arabica beans by managing its own supply chain. Zara runs a vertical integration model that includes design, manufacturing, marketing, and sales. As a result, Zara can meet consumer demands in a short amount of time and respond quickly to market demands. A McKinsey survey revealed that companies in Africa that vertically integrate have a higher chance of…

Friday, 17 February 2023 05:37

Foreign exchange shortage may threaten bank liquidity, rating agency Moody’s says

Foreign exchange shortages faced by local Nigerian companies may threaten bank liquidity, while a devaluation of the naira precipitated by these shortages would weaken banks' capital, ratings agency Moody's said in a note on Thursday. Banks have been providing trade finance to companies to cover the foreign exchange (FX) costs of imports, meaning they are on the hook if the companies fail to make the foreign currency payments, Moody's said. Off-balance sheet, trade-related exposure of the Nigerian banks it rates was about $9.8 billion in 2022, 54% of banks' liquid FX assets, Moody's said. Nigeria regularly suffers from acute foreign…

Friday, 17 February 2023 05:27

4 habits of exceptionally happy workers

One of the features that differentiate good leaders from average bosses is their ability for building a happy community of workers. When such leaders create the environment for a healthy community to evolve, the upside is a high-performing team. It's having leaders in place who have a level of faith to say, "I'm going to foster the environment for such a culture of caring to develop" and by example, others catch on and it spreads outwardly. So what does building community really look like? How do you turn this idea of building community into action that leads to good business…

Thursday, 16 February 2023 05:57

How to master social media marketing

Here are a few key tips for small business owners to master social media marketing: Know your audience It's crucial to research and understand your audience in order to create a social media strategy that is tailored to their interests and needs. This will not only help you reach more potential customers but also increase engagement with your current ones. One way to do this is by conducting market research. Reach out to your current customers and ask for feedback, conduct surveys and analyze the data. This will give you insights into their demographics, interests and what they're looking for…

Wednesday, 15 February 2023 04:46

Got a hot office romance going? Lovely. But don't forget to check with HR

Six percent of workers said they ignited a new flame during the pandemic, while 20 percent of workers continued workplace relationships that started pre-pandemic, according to a recent survey from the Society for Human Resource Management (SHRM), a trade association. These relationships mostly developed through in-person dates, though some opted for phone calls, direct messaging, and virtual encounters, says Johnny Taylor Jr., SHRM's president and CEO. "Since most of these romances were continuations, it's likely they were just going on in-person dates as usual rather than through platforms like Zoom," he explains. But workplace romances can be dicey for a…

Tuesday, 14 February 2023 04:56

Buhari assents to Business Facilitation Bill

Presidential Enabling Business Environment Council (PEBEC) says President Muhammadu Buhari has signed the business facilitation (miscellaneous provision) bill 2022, also known as the omnibus bill, into law. Presented as an executive bill, the business facilitation (miscellaneous provision) act, 2023, is a legislative intervention by PEBEC, which amends 21 business-related laws, removing bureaucratic constraints to doing business in Nigeria. The new law also codifies executive order 001 on transparency and efficiency in public service delivery, aimed at strengthening ease of doing business reforms across the country. In a statement on Monday, Jumoke Oduwole, special adviser to the president on ease of…

Tuesday, 14 February 2023 04:55

Imports drops 30 percent due to electioneering campaign - Seaports operators

There are strong indications that the current electioneering campaign activities might be responsible for the drop in cargo throughput at the nation’s seaports. The Seaport Terminal Operators Association of Nigeria (STOAN) revealed that cargo throughput and seaport activities recorded an all-time low in the first six weeks of 2023. It said cargo throughput in the last three weeks dropped to 30 per cent at the Nigerian seaports. Chairman of the Seaports Terminal Operators Association of Nigeria (STOAN), Princess Vicky Haastrup, made this revelation at a recent breakfast meeting organised by the Nigerian Chamber of Shipping (NCS), last week. Haastrup explained…

Tuesday, 14 February 2023 04:51

3 tips to weather turbulence in your business and career

Are you encountering turbulence in your life or career path? I've had my share of bumps and setbacks, weathering a lot of turbulence. I've gone from homeless to a homeowner, jobless to executive, McDonald's cashier to owner and partner in several businesses. And not to mention, going from a high school "kick out" to earning multiple degrees, including an MA, MBA, and heck, why not, even a Ph.D. Yes, it's true. Over time, I've squandered many opportunities and had several missed chances. I've also hit some major blocks and turbulence. However, I've always managed to bounce back and keep going…

Monday, 13 February 2023 03:40

Nigeria earned $4.82bn from non-oil exports in 2022 - FG

Nigerian Export Promotion Council has expressed its commitment to ensure that in 2023, Nigeria makes more than $4.82bn it generated from non-oil export business in 2022. Ekiti State Coordinator, NEPC, Iyabode Abe, said that the Council under the leadership of the Chief Executive Officer, Yakussak Ezra, “Will continue to promote the development of non-oil export in other to safeguard the nation’s economy.” Abe spoke in Ado Ekiti at a-one day technical and training session on product packaging for exporters and Small and Medium Enterprises in Ekiti State. “Over $4.82bn was generated from the non-oil export business in the year 2022…

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Monday, 13 February 2023 03:32

What is short-selling?

For nearly as long as the stockmarket has been around, people have been betting against it It is not quite the oldest trick in equity trading, but it is not far off. In 1602 the Dutch East India Company became the first to sell its shares to the general public. By 1608 Isaac le Maire, a disgruntled former director, had clubbed together a syndicate that sold stock it did not yet own for future delivery, then spread rumours about the company to drive the price down. By the time the shares came due for settlement, the syndicate could buy them…

Friday, 10 February 2023 05:21

CBN cashless policy drives up PoS transactions, e-payment by 40 percent - NIBSS

Naira’s scarcity caused by the Central Bank of Nigeria’s redesign and cash withdrawal policy pushed Point of Sales transactions to N807.16bn in January 2023. This is a 40.69 per cent year-on-year increase from the N573.72bn transactions that was done in January 2022. According to new data from the Nigeria Inter-Bank Settlement System, total cashless transactions in Nigeria rose by 45.41 per cent y-o-y to N39.58tn in January 2023. NIBSS monitors cashless transactions through the Nigeria Instant Payment System and Point of Sales terminals. Total NIP transactions for the period rose by 45.52 per cent y-o-y from N26.65tn as of January…

Friday, 10 February 2023 05:14

Ex-PepsiCo boss learnt 4 communication skills that aided her rise to CEO. You can use them to your advantage, too

"You cannot overinvest in communication skills." That's the advice former PepsiCo CEO Indra Nooyi offers in her new MasterClass. Nooyi's investment began early when she was on the debate team while attending high school in India. However, when she enrolled in Yale's business school, she realized that her public speaking skills needed work. She flunked a required communication class. It was the first time Nooyi had failed at anything, and she wouldn't let it happen again. "I flunked for two reasons," Nooyi recalls. "One, I spoke too fast. I was thinking faster than I could speak, and mumbling all the…

Thursday, 09 February 2023 05:56

Businesses are born, survive and thrive from an obsession with the illogical pursuit of a vision

No secret exists to guarantee business success, but there is one requirement: A near psychopathic pursuit of purpose. Without it, you either won't survive long enough to see the ROI of your efforts or you'll suffer in mediocre obscurity. It's precisely what makes owning a business "hard" and why so many successful entrepreneurs can only describe how they made it as "you just kind of do it". Building a business throws everything and the kitchen sink at you. Family and friends question your decisions. Social media feeds you with "proof" of how much better all your peers are doing. And…

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