Business News

Tuesday, 18 October 2022 06:12

Inflation rises to 17-year high on increases in food, commodity prices

Consumer Price Index (CPI) which measures the rate of change in prices of goods rose to 20.77 per cent in September 2022, compared to the 20.52 per cent recorded in August 2022, National Bureau of Statistics (NBS) disclosed yesterday. Inflation was 16.63 per cent in September 2021, when compared on a year-on-year basis. NBS noted that the 4.14 percentage rise in the headline index (when compared on a year-on-year basis), the highest in 17 years, indicated that the general price level was higher relative to the preceding year. The food inflation rate increased by 3.77 per cent to 23.34 per…

Tuesday, 18 October 2022 06:07

Even the best leaders get it wrong sometimes. Here's how to bounce back

Even the best leaders get it wrong sometimes. Here's what to do instead of crawling under your desk. I failed to land a pretty significant client opportunity this month. It's one I'd been pursuing for the better part of a year. I poured time, energy, company resources, and a lot of myself directly into it. The way I knew the players, the industry, and the issues, you would think that I worked for this company. When we got the call that they'd decided to go a different direction, it was kind of like what I imagine it would feel like…

Monday, 17 October 2022 06:07

3 reasons to decentralize your leadership team

Joseph Frost an Entrepreneurs' Organization (EO) member in Nebraska, is a decentralized entrepreneur, university professor of entrepreneurship, and a three-time founder. He is the founder of yorCMO, the first decentralized leadership franchise business, and heads the Fractional Professionals Association, the first and only community for decentralized, fractional executives and leaders. We asked Joe to explain the benefits of decentralized leadership. Here's what he shared: The world is changing at a faster-than-ever pace. Out of those changes emerges a new model for leadership and hiring: fractional. Fractional hiring implies that an executive leader joins an organization on a flexible, part-time basis,…

Saturday, 15 October 2022 06:12

FG: Kogi, Dangote Cement agree to reopen Obajana plant

Federal government says an agreement has been reached between Kogi state government and Dangote Group to reopen the Obajana cement plant. Mohammed Dingyadi, minister of police affairs, confirmed this to state house correspondents at the end of the national security council meeting on Friday in Abuja. Kogi government and Dangote Group have been at loggerheads following a move by the state to seal off the cement plant amid an ownership tussle. On Thursday, the state government insisted that the plant must remain shut after claiming that the purported transfer of the facility to Dangote was not “proper”. Dangote on the…

Friday, 14 October 2022 05:38

Naira hits new lows as dollar scarcity persists

The naira has dropped to a record low of N742 per dollar at the parallel section of the foreign exchange (FX) market, popularly called the black market. The figure represents a depreciation of N5 or 0.7 percent from the N737 it tradedtwo weeks ago. With the depreciation, the gap between the official and parallel market exchange rates continued to widen amid increased demand for the greenback. At the official market, the naira gained 0.11 against the dollar to close at N440.67 on Wednesday, according to details on FMDQ OTC Securities Exchange — a platform that oversees official FX trading in…

Thursday, 13 October 2022 06:29

Oil and gas sector borrowed the most from Nigerian banks in 2021 - NBS

National Bureau of Statistics (NBS) says the oil and gas industry was one of the top credit allocations for private sector businesses in 2021 in its October 2022 banking sector data. The bureau noted that the total credit allocated to the private sector in Q1 2021 was N62.28 trillion. For Q2/2021, total credit allocation increased by 5.64% to N65.79 trillion. The Q3 2021 credit allocations to the private sector increased by 2.33%, showing a total of N67.33 trillion. Bank credit refers to the amount of credit available to a business or individual from a banking institution in the form of…

Thursday, 13 October 2022 06:17

6 simple growth hacks for startups

As many of my readers know, I usually write about strategy, innovation and leadership. But recently I've been asked a lot about how I helped establish Praxie.com as a destination website for hundreds of best practice digital tools and templates using growth hacking strategies. That's because it's incredibly hard to cut through the noise and establish a new brand, website presence and business model in today's increasingly cluttered competitive world. So, here's what we did to build a brand and drive tens of thousands of visitors to our website each month, all without any significant marketing investment. Anyone can do…

Wednesday, 12 October 2022 05:46

Dangote explains how Obajana Cement Plant was acquired, built

Management of Dangote Industries Limited yesterday said its acquisition of the land for Obajana Cement in 2002 followed due process, contrary to claims by the Kogi State Government. It also stated that the company as a responsible corporate organisation had been paying relevant taxes, levies and charges to the state government since 2007 when production commenced in the acquired cement plant. These clarifications were contained in a statement issued on Tuesday by the management of Dangote Industries Limited. The statement partly reads: “The land on which the Obajana Cement Plant is built was acquired solely by Dangote Industries Limited (DIL)…

Wednesday, 12 October 2022 05:42

3 strategies to create wealth and build a legacy

Quite a lot of people claim that the successes they have accrued to date were all done by intuition. "Trust your gut," they'll say, as though it's clear what that means. However, if you're not where you want to be in your life, something isn't working. So allow me to suggest three counterintuitive strategies to build wealthand a legacy that might give you the edge you've been looking for. I want to preface this list by saying there is no one way to do anything. I decry the "cookie-cutter" approach to most things, except cutting cookies. Your charismaas an individual…

Tuesday, 11 October 2022 06:20

Dangote, Bello meet in Aso Villa over Obajana Cement Plant

Aliko Dangote, president of the Dangote Group, on Monday, attended a meeting involving Yahaya Bello, governor of Kogi, at the presidential villa. The meeting, which also had in attendance Ibrahim Gambari, chief of staff to the president, and Abdullahi Sule, governor of Nasarawa, is over the recent tussle for ownership of the Dangote cement factory in Obajana, Kogi state. The meeting started around 4pm. The development comes days after the Kogi house of assembly ordered the sealing of the factory following agitations by indigenes who raised questions about the ownership of the company. However, during an attempt to seal the…

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Tuesday, 11 October 2022 06:16

Use this Olympian’s ‘Rule of Thirds’ to chase your big dreams

Runner Alexi Pappas's big dream was to compete in the Olympics. Your dream might be worldwide business success or just to run the most beloved little coffee shop in your hometown. But whatever vision you're chasing, a lesson Pappas once learned from her coach can help you get there. Running might seem far removed from entrepreneurship, but actually tons of founders, executives and even researchers insist that running can teach essential lessons in overcoming hardship, sticking with big goals and mental toughness. So when I came across a piece in blog The Cut interviewing three top international female runners about…

Monday, 10 October 2022 06:04

Nigerians to pay more for cooking gas for these reasons

There are indications that gas prices will further rise and Nigerians may pay more as marketers have hinted that the high exchange rate of dollar to naira is having a negative impact on importation. National Operations Controller, Independent Petroleum Marketers Association of Nigeria, IPMAN, Mike Osatuyi, in a chat with our correspondent, said independent marketers sourced dollars for importation from the black market, hence, gas price would continue to increase until naira strengthened at the exchange market. “Our members, who still sell gas, bought 20,000 metric tonnes at around N11 million last month, but now, the price has jumped to…

Monday, 10 October 2022 06:02

Nigeria’s exports of key fertilizer input jumped 400 percent, with N516.5bn revenue in Half 1, 2022 - NBS

Nigeria’s exportation of urea has increased by more than 400 per cent in the first half of this year when compared to the same period in 2021. According to the Foreign Trade in Statistics, released by the National Bureau of Statistics (NBS), urea moved to the third position of Nigeria’s top traded exports with N208.3bn in the first quarter and N308.1bn in the second quarter, N516.5bn cumulatively. But in the first half of 2021, the commodity named ‘Urea, whether or not in aqueous solution,’ was in the eighth position with N31.3bn exported in Q1 of 2021 and N30.7bn in Q2…

Monday, 10 October 2022 05:57

Cashless policy receives boost as e-payment increased 26 percent in first 9 months of 2022 - NIBSS

Banks network malfunction, among other factors, contributed to N396.18billion or 1.19 per cent decline in Nigeria Inter-Bank Settlement Systems (NIBSS) Instant Payment Platform (NIP) to N32.84 trillion in September 2022 from N33.2 trillion reported by NIBSS in August 2022. The latest data released by NIBSS revealed that total value of transactions worth N271.56 trillion were performed electronically in nine months of 2022, an increase of 26 per cent when compared to N215.76 trillion reported in nine months of 2021. NIBSS NIP is an online real-time Inter-Bank payment solution developed by NIBSS and Banks, Other Financial Institutions (OFI). Customers prefer funds…

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