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Nigeria to Start Building $5.8 Billion Power Plant in 2018

Nigeria to Start Building $5.8 Billion Power Plant in 2018

Nigeria plans to start building a $5.8 billion hydro-power plant in the eastern Mambila region this year, after it agrees on loan terms with China’s Export-Import Bank. “We hope to break ground this year if we can conclude the financing,” Power, Works and Housing Minister Babatunde Fashola said in a Jan. 23 interview in the […]

Gas Flaring Law Error Cost Nigeria Billions of Dollars

Gas Flaring Law Error Cost Nigeria Billions of Dollars

Africa’s top oil producer plans to make gas flaring more costly for companies that have escaped the payment of billions of dollars despite being fined, Nigeria’s Finance Minister Kemi Adeosun said. In the “legal framework for the gas-flaring penalty, it was drafted as a charge. A charge is tax-deductible” Adeosun said in a January 23 […]

Nigeria to Target Tax Defaulters in Bid to Spur Economy

Nigeria to Target Tax Defaulters in Bid to Spur Economy

  Nigeria’s finance minister plans to drag tax defaulters who don’t make use of an amnesty to court as she seeks funds to plug the nation’s $25 billion infrastructure gap. In the nine months of reprieve ending March, some penitent taxpayers have said “you got me” and cleared arrears without paying interest and or penalties, Kemi […]

JPMorgan Plans Expansion Into Ghana And Kenya

JPMorgan Plans Expansion Into Ghana And Kenya

JPMorgan Chase & Co plans to expand its African presence into countries including Ghana and Kenya, Chief Executive Jamie Dimon said in an interview on Wednesday. “You’ll see us open in some countries we are not in, in Africa you’ll be hearing about some of that stuff,” Dimon told Bloomberg Television on the sidelines of […]

Central Bank Unable to Meet, Holds Rate at 14%

Central Bank Unable to Meet, Holds Rate at 14%

The Central Bank of Nigeria won’t hold its monetary policy meeting scheduled for Monday and Tuesday because it’s unable to form a quorum as lawmakers haven’t approved monetary policy committee members, it said. The CBN “shall continue to maintain key monetary policy variables as decided by the last monetary policy committee meeting” in November, Governor […]

Emefiele Expects Rate to Be Held Next Week

Emefiele  Expects Rate to Be Held Next Week

Nigeria’s central bank governor expects the Monetary Policy Committee to hold its main interest rate at next week’s meeting. “I don’t think rates will change,” Godwin Emefiele said in an interview in Abuja, Nigeria’s capital, Wednesday. “Normally, when you begin the year, what you find is that you want to hold the policy rate steady.” […]

Bitcoin Frenzy Helps Crypto Hedge Funds Reap 1,100% Gains

Bitcoin Frenzy Helps Crypto Hedge Funds Reap 1,100% Gains

While most of the world’s institutional investors watched from the sidelines as cryptocurrencies surged last year, a small group of hedge fund managers piled in. Call them visionaries or just plain lucky, but boy did they hit the jackpot. The nine cryptocurrency hedge funds tracked by Eurekahedge Pte soared 1,167 percent as a group in 2017, according […]

Saudi Wealth Fund Is Said To Weigh Bank Loans For Investments

Saudi Wealth Fund Is Said To Weigh Bank Loans For Investments

Saudi Arabia’s sovereign wealth fund, which aims to become a $2 trillion investment giant, is considering borrowing from banks for the first time as it seeks investments in the kingdom and abroad, according to people familiar with the matter.  The Public Investment Fund, or PIF, has held talks with local and international banks and could raise about […]

Morocco’s GDP Growth To Slow To 2.8 Percent In 2018

Morocco’s GDP Growth To Slow To 2.8 Percent In 2018

Morocco’s economic growth will slow to 2.8 percent this year, down from 4 percent in 2017, officials forecast on Wednesday, blaming a decline in agricultural production. A lack of rainfall will cause farming output to fall by 1.3 percent this year after a 13.6 percent gain last year due to better weather conditions, officials told […]

Algeria Bans Imports Of Cell Phones, Veg And Other Goods To Curb Trade Deficit

Algeria Bans Imports Of Cell Phones, Veg And Other Goods To Curb Trade Deficit

Algeria has temporarily banned the import of 900 products including cell phones, household appliances and vegetables in a bid to cut a ballooning import bill following a fall in energy earnings, according to an official document seen by Reuters. The OPEC member has been trying to cut spending since crude oil prices started falling in […]