Business
Petrol Prices Could Hit N1,500 per Litre by December, Oil Marketers Says
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Oil marketers have highlighted the uncertainty surrounding Nigeria’s petrol prices, explaining that predicting the future cost of Premium Motor Spirit (PMS) is nearly impossible.
Bill Gillis-Harry, President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), shared insights into this in a recent discussion, expressing concerns over rising fuel costs and the challenges within the oil and gas sector.
With growing speculation that petrol prices could soar to N1,500 per litre by December, Gillis-Harry emphasized that price fluctuations in Nigeria’s deregulated oil market make it hard to project any stable figures.
He pointed out that the pressing issue shouldn’t just be the price but rather the country’s energy security and ensuring a steady supply of petroleum products.
“Nothing remains the same,” he remarked, underscoring the constant shifts in the industry.
“We can’t pinpoint a specific figure for December’s fuel prices; instead, we must ensure we have enough stock to maintain our energy security.”
The unpredictability has added pressure to an already strained market, with petrol prices now exceeding N1,030 per litre in several areas nationwide.
The situation has been challenging for Nigerians, who are facing steep costs at the pump.
On October 9, the Nigerian National Petroleum Company Limited (NNPC) raised its pump price in Abuja to N1,030 per litre, up from N897, while other locations saw prices ranging from N1,080 to N1,300 per litre, based on demand and supply in those regions.
In response to the mounting crisis, oil marketers are seeking government intervention to avoid a potential collapse of the petroleum industry.
They recently requested a N100 billion support package from the federal government, aimed at stabilizing operations and mitigating the financial pressures on petroleum businesses.
This request, they argue, is critical to sustain operations, maintain job security, and manage the ever-changing landscape of Nigeria’s oil sector.
Business
Nigerians Hustle Culture: Is It Really the Key to Success?
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In Nigeria, “hustle” is working hard to make a living. From busy markets in Lagos to tech centers in Abuja, Nigerians are known for their determination to succeed. But is this constant hustle the true path to success, or does it have hidden costs?
Hustle Culture in Nigeria
Hustle culture praises constant work, suggesting that success comes from never-ending effort popularly named “do or die”. In Nigeria, this idea is strong.
Economic challenges and a young population mean many Nigerians have multiple jobs due to low income. They believe that working all the time is the only way to achieve financial security and balance.
How Hustle Affects Different Social Classes
Hustle culture impacts Nigerians differently based on their social class:
- Upper Class: Wealthy individuals often have the means to hire help, allowing them to focus on big projects. Their hustle might involve managing investments or expanding businesses.
- Middle Class: Making up about 23% of the population, the middle class includes professionals and small business owners. They often balance regular jobs with side businesses to maintain their lifestyle and aim for a better future.
- Working Class and Underclass: Facing financial difficulties, people in this group take on various informal jobs, like street vending or crafts. For them, hustling is essential to meet daily needs.
Pros and Cons of Hustle Culture
While a strong work ethic can lead to innovation, resilience and financial stability, there are downsides:
- Burnout: Constant work can cause physical and mental exhaustion. A report showed that 64% of Nigerian workers are at high risk of burnout, due to both physical and emotional stress.
- Loss of Personal Time: Putting work above personal life can harm relationships and reduce overall happiness.
- Risky Ventures: The pressure to succeed might push some towards unethical activities, such as internet fraud, locally known as “Yahoo Yahoo.”
Finding a Healthy Balance
Success doesn’t have to mean endless hustle. A balanced approach can lead to lasting achievement:
- Quality Over Quantity: Working efficiently, rather than for long hours, can increase productivity and leave time for personal life.
- Self-Care: Taking care of your health ensures long-term success. Regular breaks and clear boundaries are important.
- Redefining Success: Focusing on personal fulfillment instead of just material wealth can lead to a more satisfying life.
Many Nigerians work hard every day for little pay, struggling to keep up with the high cost of living. The stress and fatigue from constant hustling take a toll on their health, and some even lose their lives without fully enjoying the results of their labor. This is a common reality in Nigeria.
While the Nigerian hustle spirit has driven many to success, it’s important to recognize the potential downsides of an unbalanced approach. By redefining success and prioritizing well-being, Nigerians can reach their goals without sacrificing health and happiness.
Business
Trump Stops Bribery Prosecutions Saying US Businesses Need a Fair Chance
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Former U.S. President Donald Trump has signed an executive order directing the Justice Department to halt prosecutions of Americans accused of bribing foreign officials to secure business deals.
The order instructs Attorney General Pam Bondi to suspend cases under the Foreign Corrupt Practices Act (FCPA) of 1977 until new enforcement guidelines are introduced to support U.S. business interests.
According to the directive, any future FCPA investigations or charges must receive approval from the attorney general.
The White House argues that the law puts American companies at a disadvantage compared to foreign competitors, as it prevents them from engaging in practices that are common in global markets.
“America’s national security relies on U.S. businesses gaining strategic advantages worldwide,” a White House statement read, emphasizing that Trump is curbing aggressive FCPA enforcement to help American firms compete on a level playing field.
Business
Elon Musk Says He Has No Interest in Buying TikTok
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Elon Musk has made it clear that he has no interest in buying TikTok, despite growing speculation and concerns over the app’s Chinese ownership.
His statement comes after former U.S. President Donald Trump recently suggested that Musk could purchase TikTok if he wanted to.
However, the billionaire dismissed the idea, saying he hasn’t placed any bid and isn’t eager to acquire the platform.
“I don’t have any plans for TikTok. I’m not desperate to buy it. I rarely acquire companies,” Musk said.
He also admitted that he doesn’t use TikTok and isn’t familiar with its format, adding that his purchase of Twitter, now called X, was an exception rather than the norm.
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