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Nigeria Almost Triples Budget For Niger Delta Amnesty – Presidency

Nigeria Almost Triples Budget For Niger Delta Amnesty – Presidency

Nigeria has almost tripled the budget for an amnesty programme for militants in its oil-producing heartland, the presidency said on Saturday, a key factor in maintaining a tenuous peace in the Niger Delta and supporting crude production. An additional 30 billion naira ($98.47 million) would be released for the former militants and an extra 5 […]

Investors Start Taking Notice of Nigeria’s Latest Naira Plan

Investors Start Taking Notice of Nigeria’s Latest Naira Plan

Foreign investors are warming to the foreign-exchange window that Nigeria opened last week to ease a severe shortage of dollars, according to the head of the trading platform overseeing it. The naira’s depreciation in the window to almost the same level as the black-market rate means the new market is already “nearing equilibrium,” according to […]

IMF Team In Cairo To Review Second Installment Of $12-billion Loan

IMF Team In Cairo To Review Second Installment Of $12-billion Loan

An International Monetary Fund (IMF) delegation will arrive in Cairo on Sunday to review Egypt’s progress on economic reforms before it disburses the second instalment of a $12-billion loan programme, the Finance Ministry said. The IMF delegation will stay until May 11 and meet with officials from the ministry and the central bank, the ministry […]

IMF to Return to Zambia in May to Continue Loan Talks

IMF to Return to Zambia in May to Continue Loan Talks

  The International Monetary Fund will send a mission to Zambia in May to continue talks over as much as $1.6 billion in aid the government is seeking after they failed to reach a deal in Washington this month. “Progress was made but program discussions have not yet been concluded,” Alfredo Baldini, the fund’s representative […]

Scarred Investors Want Proof Naira to Really Float on Window

Scarred Investors Want Proof Naira to Really Float on Window

Nigeria’s latest attempt to ease the dollar shortage choking its economy is dependent on traders trusting the central bank. The monetary authority opened a foreign-exchange window for investors and exporters Monday where the naira trades between the interbank rate and the black-market rate, which many Nigerians use to access dollars. In the weeks before the […]

Nigerian Stocks Rise 2.37 Pct On New Cenbank Forex Window

Nigerian Stocks Rise 2.37 Pct On New Cenbank Forex Window

Nigerian stocks rose by more than two percent on Monday after the central bank introduced a new policy to allow foreign investors to engage in foreign exchange trading at rates the buyers and sellers set. The market all share index rose in early trade by 2.37 percent, lifted by Dangote Cement, which accounts for a […]

Nigeria Needs Aggressive Tax Revenue Generation to Drive Growth

Nigeria Needs Aggressive Tax Revenue Generation to Drive Growth

The Minister of Finance, Kemi Adeosun, says Nigeria needs to focus on aggressive tax revenue generation to drive economic growth. A statement signed by Festus Akanbi, Mrs. Adeosun’s media aide, said the minister gave the advice during a Finance Ministers ‘ meeting convened by the G 24 Group at the ongoing IMF/ World Bank Spring […]

It’s Time to Load Up on Chocolates Before Cocoa Rebounds

It’s Time to Load Up on Chocolates Before Cocoa Rebounds

Chocolate addicts, it’s probably a good time to start stocking up. The treats may not be this cheap much longer. Cocoa’s 41 percent slump over the last 12 months makes it the worst performer among 34 commodities tracked by Bloomberg. Prices tumbled as output increased in Ivory Coast, the world’s top grower, and the decline […]

Finance Minister Says Country Needs To Tap Its Non-Oil Revenues

Finance Minister Says Country Needs To Tap Its Non-Oil Revenues

Nigeria plans to get out of recession by boosting government revenues and cracking down on corruption, Finance Minister Kemi Adeosun said on Thursday, and will also issue more international debt to pay for infrasturcture projects. The country is in its second year of recession, brought on by lower oil prices, which have slashed government revenues, […]

Zambia Seeks IMF Deal of as Much as $1.6 Billion This Month

Zambia Seeks IMF Deal of as Much as $1.6 Billion This Month

Zambia, Africa’s second-largest copper producer, plans to reach an aid deal for as much as $1.6 billion with the International Monetary Fund by the end of April, Finance Minister Felix Mutati said. Bond yields fell. “At the moment we know that we can get up to $1.6 billion — if you ask me, I’d go […]