resh $3 billion investment to boost Nigerian sugar market - Additional N3 billion injected into the Nigerian sugar industry will yield positive returns and become another success story, BusinessDay has learnt. Riding on the back of backward integration, the Nigerian sugar market has attracted about $3 billion investment from local and international investors. The investment represents funds used for expansion of production capacity to meet current and future consumption, according to Latif Busari, executive secretary, National Sugar Development Council (NSDC). A breakdown of the figure showed that Dangote Group is leading with a fresh investment of $2 billion on projects in six states to produce about 1.5 million metric tons. It is also planning to expand its Savannah Sugar from current 6,500 hectares (ha) to 21,000 ha by 2018 to produce 100,000 tons sugar annually. HoneyGold Group, on the other hand, is to invest $300 million on two sites in Adamawa state to produce 200,000 tons of sugar annually. BusinessDay learnt that Crystal Sugar Mills is spending $30 million to expand its operations to produce 60,000 tons sugar/annum by 2018 from its recently acquired 1,500 TCD Sugar plant at Hadejia, Jigawa state, while Confluence Sugar Company is investing $240million in Kogi State to produce 200,000 tons per sugar/annum on about 37,000 ha of land at Ibaji. PUNCH External reserves fall by $5bn in 11 weeks - The Central Bank of Nigerias decision to keep defending the falling naira from the nations external reserves has put the reserves in free fall, tumbling by a whopping sum of $5bn in 11 weeks, according to statistics on the CBN website. The latest CBN data showed that the foreign reserves balance, which was falling at the rate of $1bn every month, is now losing $1bn every week, confirming recent concerns raised by analysts over imminent devaluation of the naira. The reserves which started the year with $43.5bn on January 2 fell to $38.7bn on March 12. Vitafoam expands operations - The Chief Executive Officer of Vitafoam Nigeria Plc, Mr. Joel Ajiga, has said the introduction of new products by the company is part of the strategic plan to expand its operations and boost its shareholders wealth. Ajiga, who addressed a press conference to mark Vitafoam Nigeria Plcs 2014 World Sleep Day on Thursday, said as a corporate firm, the company had an obligation to leverage its technology to make products that would prevent burden of sleep, sleep disorder and alleviate pains. According to him, a healthy society is a precondition for socio-political and economic growth, adding that this years World Sleep Day slogan, Restful Sleep, Easy Breathing, Healthy Body was targeted at promoting a culture of good sleep. He said Vitafoam had introduced a range of products which were already in the market including memory bed topper, memory pillow, spring firm and galaxy. THISDAY FG stops Totals oil field development as contractor floods project with 185 expatriates - In a first major onslaught against multinational companies since President Goodluck Jonathan signed the Nigerian Oil and Gas Industry Content Development Act on April 22, 2010, the federal government, through the Nigerian Content Development and Monitoring Board (NCDMB) has wielded the big stick against Total Exploration and Production Nigeria, by stopping the companys Ofon II project. The NCDMB has also banned Italian engineering, construction and drilling contractor, Saipem, as well as Hyundai Heavy Industries (HHI) of Korea, the contractor for Total from participating in the ongoing and future tendering processes in Nigerias oil and gas industry. Located 65 kilometres offshore Nigeria and in a water depth of 40 metres, the Ofon deepwater field is in Oil Mining Lease (OML) 102. The Ofon Phase II is a 90,000 barrel –per- day project consisting of construction and installation contract awarded in February 2012 to unlock the Ofon fields undeveloped reserves, by installing four new platforms – two production platforms, a processing platform and an accommodation platform. LEADERSHIP FAAC: Revenue from oil rises in February, as NPDC remits N82bn - Revenue from crude oil increased by N129.574 billion in the month of February, 2014, despite shortfall in production, the Federation Account Allocation Committee (FAAC) revealed yesterday. Data released after the FAAC meeting yesterday in Abuja, revealed that oil revenues for the month of February rose to N569.136 billion representing an increase of 29.5 per cent over the N439.56 billion received in January. This is even as the Nigeria Petroleum Development Company (NPDC) made an exceptional payment of N82 billion which increased gross revenue for the month to N666.745 billion despite the drop in production, as a result of the shutdown of some terminals due to some repair works, pipeline leaks and fire outbreak compared to N540.87 billion received the previous month. AP Oil rises; natural gas slumps; pump price at $3.50 - The price of oil got a slight boost from positive U.S. economic data Thursday, while natural gas hit a nearly two-month low. Meanwhile, the average price for a gallon of gasoline at the nations gas stations reached $3.50 for the first time since Sept. 18, according to AAA. Benchmark U.S. crude for April delivery rose 21 cents to $98.20 a barrel on the New York Mercantile Exchange. On Wednesday, the Nymex contract fell $2.04 to close at $97.99, its first close below $100 in a month. Brent crude, used to set prices for international varieties of crude, dropped 63 cents to $107.39 on the ICE Futures exchange in London. In the U.S., retail sales bounced back in February after suffering a steep decline during a bitterly cold January. Shoppers spent more on autos, clothing and furniture. And the number of people seeking U.S. unemployment benefits dropped to the lowest level in three months. That countered the effect of data showing a decline in Chinese exports in February. Growth in factory output, investment and retail sales, reported Thursday, was unusually weak. That fueled worries that the worlds second-largest economy is weakening further. BLOOMBERG Increased Ukraine worries hit stocks - World stock indexes dropped and the yen climbed against the dollar and euro on Thursday as concerns increased over the trajectory of the crisis in Ukraine. Reuters reported on Thursday that concerns about the pace of Chinese growth added to the pressure on stocks as well as copper. China accounts for 40 per cent of global refined copper demand. Major United States indexes dropped more than one per cent, with losses accelerating after reports that US F-16 fighter jets landed at central Polands Lask air base to take part in military exercises in a gesture of support for Washingtons eastern NATO allies. Russia said it had started military exercises near the border with Ukraine, in what is likely to be seen as a show of force in the standoff with the West over the Crimea region. Meanwhile, German Foreign Minister Frank-Walter Steinmeier said Germany assumes this weekends referendum in Crimea will be followed by steps to absorb the region into Russia, and if there is no change in direction the European Union will be forced to consider a further, third stage of sanctions. While investors nervously monitored the crisis in Ukraine, their appetite for riskier assets was also diminished by fears of slowing economic growth in China. Osborne told to curb U.K. housing aid to prevent bubble - U.K. Chancellor of the Exchequer George Osborne should scale back his housing-market stimulus next week to prevent prices spiraling, according to a survey of economists. Almost three-quarters of 33 analysts in a monthly survey by Bloomberg said property in the U.K. is at risk of overheating. The poll, published today, also showed that more than 80 percent said Osborne should use his March 19 budget to curtail the Help-to-Buy program, which allows people to buy a home with a down payment of as little as 5 percent. Introduced by Osborne a year ago, the incentive program has helped boost mortgage lending. This stimulus, combined with a strengthening recovery and record-low interest rates, has bolstered demand for property and fueled concern that a bubble may be forming. A report from Acadata today showed house prices soared the most in almost two years in February as London continued to power growth.
Posted on: Fri, 14 Mar 2014 09:01:00 +0000
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