The Economy Ministry figure was lower than many economists forecast and comes after a 1.8% fall in output in May. The ministry said that, after strong output data in the first three months of 2014, weaker growth was expected. It comes as the European Central Bank (ECB) prepares to announce its latest interest rate decision, and a day after Italy fell back into recession.
Updated 5 Years ago

Finally, the N220 billion Micro Small and Medium Enterprise (MSME) Development Fund launched last year by the Central Bank of Nigeria (CBN) is almost ready for disbursement to the sub-sector through eligible financial institutions. The eligible financial institutions are deposit money banks that are responsible for SME loans, private- or state-owned microfinance institutions that access and disburse micro loans, finance houses and cooperative finance agencies; and 60 percent of the fund is for women.
Updated 5 Years ago

Nigerian stock market took a positive route yesterday following gains recorded by 35 companies led by Seplat Petroleum Development Company plc. As the market moved on a new path, the value of listed equities appreciated by N16bn while the market’s benchmark performance indicator rose by 1.18 percent, pushing the year-to-date (YtD) return higher at 2.33 percent.
Updated 5 Years ago

Oil speculators bet right on prices after a fire at a refinery supplied by the biggest US crude hub curbed demand and drove futures to a six-month low. Hedge funds and other money managers trimmed their net-long position again in the week through July 29, extending the drop from this year’s peak in June to 22 percent, US Commodity Futures Trading Commission data show.
Updated 5 Years ago

Diamond Bank’s half year profit increased 9.03 percent on reduced tax as the Nigerian lender grapples with challenging operating environment, analysis of financial statement shows. For the six months through June 2014, the bank’s net income increased by 9.03 percent to N13.78 billion from N12.64 billion last year, helped by a 53.5 percent decrease in income tax expense.
Updated 5 Years ago

Africa’s richest man Aliko Dangote has partnered Blackstone Group LP and Carlyle Group LP, the world’s two biggest private-equity firms, to invest in energy infrastructure in Nigeria and Africa. “They want to invest heavily,” Dangote said in an interview with Bloomberg news. “They couldn’t really find a local partner to work with and you are not going to move down here and sit here and make sure it is done, because you are doing business all over the world,” he said.
Updated 5 Years ago

College graduates today are the most tech-savvy generation to ever enter the workforce. While knowledge of the latest and greatest devices can be a tremendous asset to landing a job, it’s also proving to be a hindrance. Graduates today too often use technology as a replacement for essential communication skills that are still coveted by employers. The Center for Professional Excellence at York College of Pennsylvania conducts an annual survey to evaluate the status of professionalism in America. Most recent data from college and university career development offices noted a troubling trend. Respondents believe professionalism has decreased in the past five years. They attributed that drop to a loss of communication and interpersonal skills due to technology.
Updated 5 Years ago

Everyone invariably fails in life somewhere along the way. But very few events will cause as much emotional and financial pain as failing at startup or business. My most recent startup, Autotax.me, failed and I lost about $80,000. But I was able to use those losses to generate $11,619 in cash. Every entrepreneur needs to know that the time, money and heart put over the years always has tangible value -- whether successful or otherwise.
Updated 5 Years ago

With social media use by business ownerscontinuing to grow and the number of platforms exploding, entrepreneurs are asking themselves, How many social-media platforms should I use? All things being equal, more is better than less. The more times social-media content is seen or heard, the greater the odds of converting a person into a customer. According to a 2012 study conducted by Market Force, a business intelligence company, 78 percent of consumers are influenced by posts by vendors when it comes to a purchasing decision.
Updated 5 Years ago

Mary Ekah writes about a charity that is helping the less privileged and victims of Boko Haram insurgency to overcome their challenges Tochukwu Ikenna, a middle-aged man from Awka in Anambra State had left home some eight years ago to do business in one of the Northern states. He was full of joy for the business opportunity. In just two years he had established a flourishing auto spare parts company in the city centre. But last year, after eight years of his sojourn, he lost everything and had to return home.
Updated 5 Years ago