Business Tips

Disorganised? Chaotic? This is why you should Relax & Embrace your Inefficiency

Do terms like ‘time management,’ ‘productivity,’ or ‘efficiency’ dictate your hectic 21st-century life?

In today’s modern world, the need for optimum efficiency has been championed both at work and at home, backed up by a multitude of apps, articles, books, talks and self-appointed gurus that all pay homage to living life in its neatest, most efficient form.

But what if all that buzz about efficiency was actually, after all that, making us less efficient?

Car Dealers want Reduced Customs Duties

Some car dealers in Abuja have called on the Federal Government to reduce customs duties of imported cars and to formulate policies to encourage Nigerians to patronise locally assembled vehicles.

The dealers told the News Agency of Nigeria on Monday that high customs duties and the high exchange rate of the naira had affected their businesses negatively.

A female dealer at Galadima, who spoke on condition of anonymity, appealed to government to reduce the custom duties, saying “we pay as high as N350,000 for duty on Lexus”.

How France can help Africa more

President Muhammadu Buhari has said that the partnership between the African continent and France has yielded fruits in so many positive ways but that France can do more to help Africa overcome its challenges.

In a statement issued at the 27th Africa-France Summit for Partnership, Peace and Emergence taking place in Bamako, Mali, President Buhari said: "Notably, France has been playing important roles in the areas of development as well as peace and security on the African continent.

Weekly Market Review and Outlook – Week Ended Jan. 13, 2017

Global Market Review
Global market performance is expected to remain dictated by political development in the US and comments by FED officials. While investors continue to digest different remarks made by the President-elect (Donald Trump) and uncertainties surrounding his future polices, the Fed Chair, Janet Yellen on Thursday noted that the US economy is ‘doing well’ and with a stable short term outlook, thus buoying market sentiment.

World Bank Predicts 2.7% Global Economic Growth in 2017

There will be only a moderate pick up in global economic growth during 2017, the World Bank has predicted, according to BBC report.

Its Global Economic Prospects report is forecasting 2.7% growth compared with the 2.3% seen last year.

That slight strengthening will be driven mainly by improvements in emerging markets and developing economies, the Bank says.

But there is heightened uncertainty after the US Presidential election, according to the report.

US Charges Three Foreign Exchange Traders

Prosecutors in the US have accused three former currency traders at major banks of trying to rig foreign exchange (forex) rates in the banking industry, BBC reports.

The three are Richard Usher, Rohan Ramchandani and Chris Ashton,

They worked at, respectively, the banks JP Morgan, Citigroup and Barclays.

The charges are a follow-up after those banks, along with RBS, paid $2.5bn in fines in May 2015, after pleading guilty to conspiring to rig foreign exchange rates.

Nigerian Cargoes Slow to Trade amid Uncertainty

An excess of Nigerian crude oil weighed on differentials on Tuesday, while buyers were made more wary due to a threatened increase in hostilities by militants in the oil-producing Delta region.

Reuters report that a variety of Nigerian crudes were experiencing loading delays, including Qua Iboe, Erha, Usan and Bonny Light. The issues made them less attractive to potential buyers, traders said, and there were some 30 February-loading cargoes left.

A threat from militants to resume hostilities has also raised concerns about further disruptions to supplies.

Seme Customs Generate ₦10.5b in 2016

The Nigeria Customs Service (NCS), Seme Area Command generated N10. 50billion from January to December 2016.

The Customs Area Controller of the Command, Comptroller Victor Dimka, disclosed this in a statement made available to the News Agency of Nigeria on Friday by the Public Relations Officer of the command, Mr Selchang Taupyen.

Dimka said the revenue was generated from general cargoes and vehicles, adding that Duty and Taxes accrued from escorted transit vehicles accounted for 56 per cent of the total revenue generated in the 12 months of the year.

Nigerian Sovereign Fund in Credit Tie-up to Unlock Infrastructure Funding

Nigeria's sovereign wealth fund is setting up a company in partnership with London-based local currency guarantee firm GuarantCo to enable pension funds to invest in Nigerian infrastructure bonds, its chief executive said, according to Reuters report.

The new business will be launched in a few weeks' time and aims to overcome some of the challenges facing the financing of infrastructure projects in Africa's most populous nation.

Naira Stabilises at 490 to Dollar

The Naira yesterday stabilised at N490 to a dollar at the parallel market in spite of speculations that it would depreciate to N500 to a dollar by the end of 2016, the News Agency of Nigeria reports.

The Pound Sterling and the Euro also closed at N585 and N505 respectively.

At the Bureau De Change (BDC) window, the dollar exchanged at N399, CBN controlled rate, while the Pound Sterling and the Euro traded at N598 and N510, respectively.

Trading at the interbank market saw the dollar closed at N305.