Morning Beats

Buhari inaugurates N50b sugar estate

President Muhammadu Buhari has inaugurated the N50 billion Sunti Golden Sugar Estate which he said will employ 10,000 people directly. Speaking in Sunti in Mokwa local government area yesterday, he said the magnitude of the investment in the sugar estate, is a clear manifestation that the policies on economic diversification  of the government are attracting the right kind of support and engagement.The Nation

Reps, Fayemi clash over Ajaokuta concessioning plan

Buhari urged to intervene • N2b vote for concessioning ‘intact’ The House of Representatives has asked President Muhammadu Buhari to stop the Minister of Mines and Steel, Kayode Fayemi, from concessioning the Ajaokuta Steel Complex pending its review order. The lawmakers said the stop- order was in the interest of the economy and the anti- corruption fight of the government.The Nation

Agency banking: Keystone Bank, NIPOST partner

Keystone Bank Limited yesterday launched ‘KeyServ’, an Agency Banking Proposition to serve customers outside its conventional brick and mortar mode of banking. The initiative, which is in partnership with Nigerian Postal Service (NIPOST) and i-OneC, a financial technology firm, is in line with the Central Bank of Nigeria’s (CBN’s) Financial System Strategy (FSS 2020) goals to increase financial inclusion uptake in Nigeria.The Nation

Exporters lament drop in produce prices

Falling agro exports prices, despite the rise in cocoa prices, is giving stakeholders concerns. Cocoa price has continued its bullish trend, hitting more than $2,000 per tonne. On March 8, cocoa price was $2504 at the New York futures, while the International Cocoa Organisation (ICCO) price was $2489.36.The Nation

Taxation: what reduced Land Use Charge means for Lagos residents

The Lagos Land Use Charge, which was reduced yesterday, was created to get more properties into the tax net and increase revenue available for development. It was also meant to standardise property valuation on which charges are calculated and improve property enumeration across the state.The Nation

CBN introduces regulation to protect stakeholders on bills payments

The Central Bank of Nigeria (CBN) has introduced guidelines for the regulation of bills payments aimed at protecting stakeholders in the system.Vanguard

ASO Savings & Loans set to commission N10 billion Karsana Estate

ASO Savings and Loans Plc with its partner, Global High Property Development Company, is set to commission the  N10 billion ASO Garden Estate, Karsana, Abuja.Vanguard

Naira appreciates to N360.06/$ at I&E

The naira Thursday appreciated for the third time this week to N360.06 per dollar,even as the volume of dollars traded in the Investors and Exporters (I&E) window rose by 121 percent.Vanguard

‘60% of Nigeria’s cargoes diverted’

The Managing Director/CEO, Cowry Asset, Johnson Chukwu, has urged the Federal Government to redfuce import charges and fix the roads leading to the nation' s sea port to facilitate trade and end cargo dicersion to ports of neighbouring countries.The Nation

Cautious optimism over proposed ban on palm oil import

Prompted by the need to boost local production and halt the huge import bill for palm oil, valued  at N116.3 billion in 2017, the National Assembly has renewed the push to ban the importation of palm oil and its allied products. It is envisaged that this will conserve foreign exchange, create jobs and boost the economic diversification agenda.The Nation

Mechanisation can double rice production in five years, says PwC

Low mechanisation is one of the major production constraints in the rice value chain. The low rice mechanisation impacts negatively on the rice yields and production, as Nigeria’s rice yield is one of the lowest globally at two tonnes per hectare, relative to 4 – 7 tonne per hectare in Asia.The Nation

NSE equities capitalisation drops by N234bn, 38 stocks fall

The Nigerian Stock Exchange equities market capitalisation dropped by N234bn on Thursday after 38 stocks slippedPunch

PZ Cussons expected profit to drop in Nigeria, UK

PZ Cussons says it expects profit for the full year to fall short of expectations, hurt by weakness in the United Kingdom and Nigeria.Punch

Nigeria, Kenya inching closer to interest rate cuts

Nigeria and Kenya will follow Ghana’s lead and cut rates in the third quarter, a Reuters poll found, as long as there is a Monetary Policy Committee quorum in Abuja and an easier commercial lending policy in Nairobi.Punch

Bearish sentiment hits debt markets

In the Nigerian debt market for longer term instrument, bearish sentiment prevailed as the average bond yield advanced by 0.07 per cent to close at 13.53 per cent. Eleven instruments recorded yield increases while three bonds recorded yield declines. Others traded flat.Punch

MPC meeting’ll hold after Senate confirmation of members – Emefiele

The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, on Thursday said the Monetary Policy Committee meeting would hold seven to 10 days after the confirmation of the members of the committee by the Senate.Punch

Old Mutual split heralds end of an era

The group posts a 22% increase in adjusted operating profit and confirms that self-standing companies will list soonBusiness Day

Why Nigeria’s Central Bank Is Paralyzed by Politics

The Nigerian central bank’s Monetary Policy Committee is supposed to meet March 19 and 20.Bloomberg