Morning Beats

Nigeria earns $6.3b FDI from oil, gas manufacturing                                                

Over $6.3 billion has been recorded as Foreign Direct Investment (FDI) in the oil and gas sector, as well as in manufacturing this year, the  Executive Secretary, Nigeria Investment Promotion Commission (NIPC),  Yewande Sadiku, has said.The Nation

‘Smuggling killing rice, poultry policies’

Nigeria’s bid to be self-sufficient in rice and poultry production is being threatened by smugglers, investigation has revealed.The Nation

Equities lose N125b in opening trades

Nigerian equities opened this week to a massive selloff as investors sought to resize their portfolios in consideration for current corporate earnings and prospective risk-return values.The Nation

Malabu scam: Shell, Eni’s trial adjourned to June

he trial of top executives from two oil majors, Eni and Shell, over alleged corruption in Nigeria started on Monday with a brief procedural hearing and a decision to re-adjourn to next month.Punch

FG begins repair of Lagos-Abeokuta road

The Federal Ministry of Power, Works and Housing on Monday inaugurated the rehabilitation of the Lagos-Abeokuta Expressway, with an inspection tour of the road.Punch

NSIA hails presidential initiative on fertilizer

The Chief Executive Officer, Nigerian Sovereign Investment Authority, Mr. Uche Orji, has said that the careful and committed implementation of the Presidential Fertilizer Initiative by the Federal Government and the Fertilizer Producers and Suppliers Association of Nigeria has eliminated the conduits in the product’s subsidy programmes through which previous governments were defrauded of billions of naira annually.Punch

World Bank hails FG’s economic growth strategy, others

The World Bank Group on Monday commended the strategy of the Federal Government in the implementation of the Economic Recovery and Growth Plan.Punch

NNPC issues two-year crude lifting contracts to traders

The Nigerian National Petroleum Corporation has issued crude export contracts that are expected to last two years instead of the usual one year, according to trading sources familiar with the matter.Punch

Budget passage’ll boost liquidity, heighten inflationary pressures – FDC

The Financial Derivatives Company Limited has said the passage of the 2018 budget will boost liquidity in the economy and lead to rising inflationary pressures.Punch

Settle dispute with Ansbury, shareholders tell Oando

A group of shareholders have urged the management of OandoPlc to settle the row with its foreign investor, Ansbury Investments Incorporated.Punch

‘CBN, others’ll play key role in cryptocurrencies’ use’

The Central Bank of Nigeria and other African countries’ central banks will play an important role in promoting the use of blockchain technology and cryptocurrencies in the future, a financial expert and Chief Operating Officer of United Digital Currency Reserve Foundation, Victoria Walker, has said.Punch

Jaiz Bank’s 161% profit growth excites shareholders

Shareholders of Jaiz Bank Plc have said that the 161 per cent growth in the bank’s profit from N343.02m in 2016 to N894.01m in 2017 is an indication that the strategies put in place by the management of the bank have started yielding results.Punch

Ethiopian Air Seeks Africa Dominance With New Carriers, Jet Deal

Ethiopian Airlines Enterprise plans to establish half a dozen international offshoots before the end of the year as Africa’s biggest carrier steps up efforts to dominate markets across the continent.Bloomberg

Nigeria’s 2.069mbpd oil production still below budget estimates

Nigeria’s crude oil production including condensate reached 2.069 million barrels per day (mbpd) in April 2018, according to data from the Federal Ministry of PetroleumGuardian

Kenya rejects China-EAC trade pact

Kenya will not sign a free trade agreement that China has been negotiating with the East African Community (EAC) partner States since 2016, Trade principal secretary Chris Kiptoo has said.Business Daily

BAT slams brakes on 100pc profit payouts

Cigarette maker BAT Kenya  has slammed brakes on its longstanding policy of paying out almost the entire net earnings as dividend.Business Daily