Morning Beats

MINISO Nigeria plans 45% local content by 2020

Nigerian unit of Japanese retail chain, MINISO, said it plans to achieve at least 45 per cent local material procurement in its production line by 2020, as part of its backward integration in the country.Guardian

FIRS agrees to refund $2m, other tax overpayments in Arco, GE saga

The Federal Inland Revenue Service (FIRS), has said it will refund the N360million and $2million excess withholding tax (WHT) deducted from Arco Petrochemicals Engineering Company Limited, through its business dealings with General Electric (GE) International Operations Nigeria Limited.Guardian

Foreign investors exit, uncertainties drag NSE’s indices further by N13b

Exit of foreign investors, amid political instability have continued to induce sell pressure on the equity sector of the Nigerian Stock Exchange (NSE), as the market recorded the seventh consecutive decline at the end of yesterday’s transactions,Guardian

‘Single digit inflation target now uncertain’

Nigeria may lose out on its targeted single digit inflation level this year, which would have checked the streak of weak purchasing power and put the country on a sustainable path of interest rate cut.Guardian

Fidelity Bank, kank of IndustryBoI unveil scheme to promote Nigerian leather

Top Nigerian lender, Fidelity Bank Plc, in strategic partnership with the Bank of Industry (BoI), has launched the Aba Finished Leather Goods Cluster Financing Programme, as part of continuous efforts to promote Made-in-Nigeria goods capable of meeting global standards for export and local consumption.Guardian

Firm unveils academy to drive digital marketing in Nigeria

With the Nigerian digital market expected to hit $10 billion by year 2020, a group of digital marketing experts, Lagos Digital Academy has unveiled an academy to equip Nigerians to take advantage of the opportunities inherent in the digital market space.Guardian

Intaxiads debuts, empowers 5, 000 cab drivers

An advert agency, Intaxiads, has launched a unique taxi interior advertising to create edge over close competitors in Nigeria. The move, is to enable businesses, organisations and individuals take their brands to commuters all over the country and receive a boost in sales.Guardian

PIB delay causes leakages, theft, sabotage in oil industry – NNRC

Stakeholders in the Nigerian petroleum industry have stated that the delay in passing the Petroleum Industry Bill, PIB, into law has resulted in a lot of leakages, theft and sabotage in the industry.Vanguard

Naira depreciates to N362.20 /$ in I&E window

The Naira, yesterday, depreciated to N362.20 in the Investors and Exporters (I&E) window even as the volume of dollars traded rose marginally by 93 percent.Vanguard

FG, others got N3.5trn FAAC funds in H1’18

WITH the distribution of N668.9 billion for the month of June 2018, as indicated in the report of the National Bureau of Statistics, NBS, Monday, the three tiers of Nigerian government have shared a total of N3.5 trillion as statutory allocations in the first half of 2018, H1’18.Vanguard

Awaiting new Lagos buses

Mercedes Benz Brazilian Daimler (MB do Brazil) is set to deliver 200 buses to Lagos by month end. The buses, says the government, are part of the first batch of 800 needed to flagoff the new bus operation.The Nation

CBN okays N14.9b for Northeast commodity association

The Central Bank of Nigeria (CBN) has approved N14.9 billion loan to the Northeast Commodity Association (NECAS) on the platform of its Anchor Borrowers' Programme (ABP).The Nation

Meter supply is Discos’ responsibility, says FG

The Federal Government on Monday announced that power distribution companies still had the responsibility of providing meters to customers as opposed to the recent position of the Discos.Punch

Electricity generation drops to 2,684MW

The nation’s power generation plunged by 777.9 megawatts on Monday as output from the hydropower plants and some gas-fired stations, including Egbin in Lagos, suffered declines.Punch

Nigeria, two others push OPEC oil output higher

Crude production from the Organisation of Petroleum Exporting Countries rose in July on the back of increased output recorded by Nigeria, Kuwait and the United Arab Emirates, the latest report obtained on Monday showedPunch

Nigeria’s economy attracts N8.5tn investments in three years

The Nigerian economy attracted a total investment inflow of $27.9bn between July 2015 and March this year.Punch