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Saudis, Russia Favor Extending Oil Cuts Until End-March 2018

Saudis, Russia Favor Extending Oil Cuts Until End-March 2018

Saudi Arabia and Russia said they favor extending oil-output cuts by global producers through the end of the first quarter of 2018 to shrink a market glut. Crude prices jumped. vor extending oil-output cuts by global producers through the end of the first quarter of 2018 to shrink a market glut. Crude prices jumped. Extending […]

South Africa’s Currency Rating And Low Business Confidence Chief Among 2017 Risks

South Africa’s Currency Rating And Low Business Confidence Chief Among 2017 Risks

A downgrade of the South African rand’s credit rating and sagging business confidence are the biggest risks to growth this year, a Reuters poll found, and would make it difficult for the economy to escape a slow-expansion trap. Both Standard & Poor’s and Fitch Ratings Agency downgraded South Africa’s credit rating to below investment grade […]

Senate Approves 21% Budget Hike to Boost Economy

Senate Approves 21% Budget Hike to Boost Economy

Nigeria’s lawmakers approved to boost spending by 21 percent this year to help the West African economy recover from its worst slump in 25 years. The Senate, led by its President Bukola Saraki, agreed on Thursday in the capital, Abuja, to increase spending this year to 7.4 trillion naira ($23 billion). That compares to a […]

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 […]