Morning Beats

Oil prices hit over $73 on Trump’s Russia warning

Oil prices hit their highest level since early December 2014 after United States President Donald Trump warned Russia to prepare for a strike on its ally, Syria.The Nation

DPR slams marketers for under-dispensing petrol

The Department of Petroleum Resources (DPR) yesterday, accused some marketers of using some Nigerian National Petroleum Corporation (NNPC) outlets to defraud motorists via under-dispensing of petrol.The Nation

Wema Bank posts N65.27b full-year gross earnings

Wema Bank PLc has grown its gross earnings by 20.07 per cent to N65.27 billion, its audited financial result for the year ended December 31, 2017has shown.The Nation

Buhari extends VAIDS deadline to June 30

President Muhammadu Buhari has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS) to June 30.The Nation

Oando: Confusion trails NSE’s lifting, reversal of technical suspension

The Nigerian Stock Exchange ( NSE ) on Wednesday lifted the technical suspension placed on Oando shares with the Securities and Exchange Commission ( SEC ), ordering a reversal three hours later.The Nation

Average prices for petrol, others drop in March — NBS

The National Bureau of Statistics (NBS), yesterday, said the average prices paid by consumers for Premium Motor Spirit (petrol), Kerosene, Liquefied petroleum gas (cooking gas) and Automotive Gas Oil (Diesel) dropped in March by 5.3 percent to N163.4 from N172.5 in February 2018 while price for Kerosene decreased by 6.79 percent to N269 in March from N288.57 in February 2018.Vanguard

Afreximbank to assist Nigeria airline operators acquire new aircraft

AS part of its, efforts at improving the air transport infrastructure across Africa, the African Import Export Bank,Vanguard

Nigerian Shippers Council awaits 20 coaches at Kaduna inland dry port

The Nigerian Shippers Council (NSC), says it is awaiting deployment of 20 coaches to enhance service delivery at the Kaduna Inland Dry Port.Vanguard

Ghana’s economy grew by 8.5% in 2017 – Provisional Estimate

Ghana’s economy grew by 8.5 per cent in 2017 – the fastest rate in five years – mainly due to increased oil and gas production, the country’s statistics office said on Wednesday.Vanguard

Customs net N1.63bn from smugglers, duty evaders

The Nigeria Customs Service, Federal Operations Unit Zone A’ Ikeja has announced that between March 19 and April 9, it intercepted smuggled goods worth N1.4bn.Punch

IMF chief warns trade war could rip apart global economy

Christine Lagarde warned on Wednesday that the rules that underpin global trade were “in danger of being torn apart” by protectionist forces in what the IMF managing director said would be “an inexcusable, collective policy failure”.Punch

Oodua Cooperative opens microfinance bank

The Oodua Cooperative Conglomerate Limi-ted has established a microfinance bank in Ibadan, the Oyo State capital, with a plan to have branches in all the South-West states.Punch

Global debt rises by 42% to $237tn

Global debt rose to a record $237tn in the fourth quarter of 2017, more than $70tn higher from a decade earlier, according to an analysis by the Institute of International Finance.Punch

Naira drops to 363/dollar

The naira recorded marginal weakness at the parallel market on Wednesday, one week after the Central Bank of Nigeria’s Monetary Policy Committee retained the Monetary Policy Rate at 14 per cent.Punch

Investors to stake fresh N250bn in Nigeria rice production

Following plans to establish additional 14 rice mills in the country, investors have committed additional N250billion into Nigeria’s rice production.Guardian

Eight power plants shut down over operational constraints

At least Eight out of the 27 power plants in Nigeria were shut down on April 9, due to gas, line and frequency management constraints, data from the Power Generation Report by the Ministry of Power, Works and Housing, has shown.Guardian

Stock market indices appreciate further by N126b

Following price gains recorded by more highly capitalised stocks, transactions on the Nigerian Stock Exchange continued in an upbeat yesterday, as the market capitalisation increased further by N126 billion.Guardian

Nigeria's Domestic Wheat Plan Falters With Imports Set to Surge

Nigeria’s decades-old program to boost wheat production and reduce imports worth more than $4 billion a year has faltered with farmers cutting output because of soaring input costs, leaving foreign suppliers to meet rising domestic demand, officials and farmers’ groups said.Bloomberg

Biggest South African Cement Maker Sees Demand Boost From Ramaphosa

PPC Ltd., South Africa’s largest cement maker, sees a pick up in demand in its home market as President Cyril Ramaphosa inspires greater investor confidence and initiates new infrastructure projects.Bloomberg

Kenya Slashes Power Tariffs for State-Owned Solar Farm by Half

Kenya cut its fixed-price purchase contract for a state-owned 50-megawatt solar plant by half because the project was financed using concessional funds, Energy Regulatory Commission Director-General Pavel Oimeke said.Bloomberg

Telcos market shift as Airtel gains voice traffic, Safaricom drops

Telecoms operator Airtel picked up more subscribers and won a bigger share of the mobile voice market in the last quarter of 2017, in a significant push against market leader Safaricom’s  dominance.Business Daily