Economy
How to Effectively Manage Multiple Businesses Same Time
By Anton van Heerden
“What do you want to be when you grow up?” It’s a question that most of us heard by the time we were four years-old, with the expectation that the answer would be a single profession or career.
But times are changing fast and many people are now rejecting the idea that they should choose to define themselves by only one job for life.
Many young professionals and entrepreneurs are embracing the idea of pursuing multiple professional interests in search of better earning power or more personal satisfaction.
Becoming an accountant doesn’t mean that you need to give up your dream of running a restaurant on the side; taking on a job as sales rep doesn’t stop you from earning some cash pursuing a passion such as freelance writing.
Serial entrepreneurs who move from one business to the next are becoming more common; so are entrepreneurs who run more than one business at once.
Sage research shows that 94 percent of young entrepreneurs in Nigeria and 82 percent in South Africa expect to start more than one business in their lifetime. The most common reason for wanting to do so is that they believe they have so many great ideas to share with the world.
If you’re an entrepreneur, there are many reasons to start up a second (or third or fourth…) business.
For many people—and this is often true for African entrepreneurs—one business isn’t enough to cover their living expenses. They might need to run a taxi service and offer part-time maths tuition to make ends meet.
It could be that your existing business has hit its maximum growth potential, so you could get better returns by investing your cash and time in a new venture. Or you might want to diversify your income streams to reduce your financial risks.
Alternatively, you may simply want to pursue a passion project that allows you to spend at least part of your workday doing something you love.
Managing multiple business interests can be tricky and demands great discipline.
At the Sage Summit this year, we learnt that there are many well-known people such as Ashton Kutcher who are involved in multiple businesses other than just being an actor. Such business owners whether big or small have one common trait – passion.
Here are a few ideas about how you can juggle multiple business interests:
Bed down your first business before starting another
Starting a new business venture has a major strain on your time and your money for at least a few months. If you try to start two businesses at nearly the same time, one or both will suffer from the lack of focus. Be careful of overcommitting yourself when you have limited capital, time and energy to spend. Ideally, your first business should be stable and providing you with a constant income before you try to launch the next one.
Be choosy
The problem that many entrepreneurs face is not a shortage of (seemingly) good business ideas and opportunities, but an excess of them. Pick your projects carefully and dedicate enough resources to them to give them a good chance of taking off. But also be brave enough to walk away when a side project will not be a success.
Hire a talented team
If you want to run multiple businesses, you’ll need to accept the fact that you’ll need to delegate more of the day to day operations to your team. It’s important to find people who you trust and work well with so that you can be comfortable leaving them to get on with it while you’re busy elsewhere. It can work well to share skills across your businesses and work with the same external consultants.
Get advice about how to structure your businesses
When you decide to diversify, you’ll need to look at the right structure for your different businesses. It might make sense to simply add your new line of business to an existing company, or to treat it as an associate, or to set it up as a completely new company. Discuss the pros and cons with your financial and legal advisors, with a view to minimising risk and optimising cost efficiencies.
Share infrastructure and skills where you can
Don’t double up on skills, services and infrastructure when it isn’t necessary. For example, you might be able to share an IT backbone, receptionist and an office between two or more businesses. As an extension to this thought, if you’re thinking about expanding into a new business or market, why not look at ideas that can leverage off the skills, infrastructure and assets you already have in place?
Be a time management and multitasking master
Use IT systems to save you time—ditch the spreadsheets and use proper accounting and payroll software, for example.
Learn to prioritise: perhaps focus on sales first, then marketing and admin.
Make time first thing in the morning or at the end of the day to take care of admin and email when there is no one else in the office to distract you.
Schedule your time carefully.
Outsource low value tasks or delegate them to juniors.
Closing words
Take South African serial entrepreneur Shezi Ntuthuko for example, who says that being an entrepreneur “does become easy after the first 10”. It takes hard work and human sacrifice to turn a dream business idea into a way of life. It is the entrepreneurial spirit that makes the difference all over the world.
By Adedapo Adesanya
Nigeria and the United Kingdom are moving to tackle a long-standing £1.2 billion discrepancy in their trade records, with both countries agreeing to develop a structured data-sharing system aimed at improving transparency and accountability across bilateral commerce.
The agreement was reached during a high-level meeting in London on March 18, 2026, held on the sidelines of President Bola Tinubu’s State Visit, under the Nigeria–United Kingdom Enhanced Trade and Investment Partnership (ETIP).
According to a statement by Nigeria Customs Service (NCS) spokesperson, Mr Abdullahi Maiwada, the talks signal a shift toward deeper operational cooperation between both countries’ customs authorities.
At the centre of the discussions was a persistent mismatch in trade figures. While Nigeria recorded about £504 million worth of imports from the UK in 2024, British records show exports to Nigeria at approximately £1.7 billion for the same period, leaving a gap of roughly £1.2 billion.
To address this, the two countries agreed to explore a pre-arrival data exchange framework that will connect their digital customs systems, with the aim of improving risk management, reconciling trade data, and strengthening compliance monitoring along the corridor.
The meeting was led by Comptroller-General of Customs, Mr Adewale Adeniyi and Ms Megan Shaw, Head of International Customs and Border Engagement at His Majesty’s Revenue and Customs (HMRC), and also focused on customs modernisation and data transparency.
Mr Adeniyi underscored the broader economic implications of the initiative, noting that customs collaboration plays a central role in trade facilitation.
“Effective customs cooperation remains a critical enabler of economic growth and sustainable trade development,” he said.
He added that “customs administrations serve as the frontline institutions responsible for ensuring that trade flows between both countries are transparent, secure, and mutually beneficial.”
The Nigeria–UK trade relationship spans multiple sectors, including industrial goods, agriculture, energy, and consumer products — all of which depend heavily on efficient port and border operations.
Beyond addressing data gaps, the meeting also highlighted ongoing modernisation efforts on both sides. The UK showcased advancements in artificial intelligence-driven trade tools, digital verification systems, and real-time analytics designed to enhance cargo processing, risk assessment, and border security.
The engagement further produced plans for a Customs Mutual Administrative Assistance Framework, alongside technical groundwork for capacity building, knowledge exchange, and a joint engagement mechanism under the ETIP platform.
Mr Maiwada said the outcomes are expected to strengthen Nigeria’s trade ecosystem and support broader economic reforms.
“The NCS has reaffirmed its commitment to deepening international partnerships as part of a broader modernisation agenda designed to promote transparency, efficiency, and competitiveness in Nigeria’s trading environment,” the statement said.
It added that “insights from this engagement will strengthen its operational capacity, enhance trade facilitation, and support Nigeria’s economic reform objectives under the Renewed Hope programme.”
By Adedapo Adesanya
Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.
Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.
Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.
Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
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