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Nigeria in 1min: Economic, Business and Financial Headlines – 020418

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April 04, 2018 7:10 AM / Proshare News 

PROSHARE ECONOMY

What To Expect From The Markets This Week- 020418 - One cardinal target of the on-going administration is to improve or bolster Value Added Tax to Gross Domestic Product from 6% to 19%; eventually providing policy makers with ample room to replenish the already diminished fiscal capacity, at the same time reducing the nation’s absorption rate of domestic debt. Source Proshare Read More 

VAIDS: Uneasy calm as tax amnesty window expires - All things being equal, many tax offenders will face sanctions or assets forfeiture as the deadline on the Voluntary Assets and Income Declaration Scheme (VAIDS) expired over the weekend. Source Daily trust Read More 

FG recorded N2.14tn fiscal deficit in 2017 –CBN - The Federal Government recorded a fiscal deficit of N2.14tn in its operations in the 2017 fiscal period, figures obtained from the Central Bank of Nigeria have revealed. Source Punch Read More 

States’ IGR can’t clear N7.33trn debt in 7 years - If states decide to clear their total debt stock using their entire internally generated revenues (IGR), it may take them more than seven years to achieve that. Source Daily trust Read More 

Fed Govt extends 2017 capital budget implementation to June 5 - The Federal Government has extended the implementation of the 2017 capital budget 2017 to June 5, 2018. Source THE NATION Read More 

Fed Govt has pumped over N2.5tr into infrastructure, says Adeosun - Finance Minister Mrs. Kemi Adeosun says the Federal Government has put the economy on the path of growth, investing over N2.5 trillion in infrastructure. She also states that the government is clearing the arrears of subsidies inherited from the past administration. In this interview with Assistant Editor Nduka Chiejina, she emphasises that the country has turned the corner and is heading for growth. Source THE NATION Read More 

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FG to construct 100 houses at OSCOED, Ilesa - The Provost of the Osun State College of Education, Ilesa, Prof. Kolawole Kazeem, has said the Federal Ministry of Power, Works and Housing has expressed its readiness to build 100 housing units inside the campus of the institution. Source Punch Read More 

Afreximbank okays $700m for trade, infrastructure - The African Export-Import Bank (Afreximbank) will arrange $700 million multi-sourced finance to support trade and related infrastructure projects in Mali, focusing mainly on transport logistics, tourism, agro-processing and the financial sector, its President, Benedict Oramah, has said. Source THE NATION Read More 

Azura test power to cost FG N66m for January - The Federal Government through the Nigerian Bulk Electricity Trading Plc (NBET) paid Azura Power the sum of N8m being twelve percent of about N66 million for test power sent to the national grid in January, sources with knowledge about the transaction have told BusinessDay Source BUSINESSDAY Read More 

Starch, flour imports hit $654mn on low quality, technology gaps - Despite being world’s largest cassava producer, Nigeria has seen its imports of cassava by-products hit $654 million (N235.4billion) in 2017, owing to low quality flour and technology gaps in the sector, Manufacturers Association of Nigeria (MAN) sectorial data shows. Nigeria industries have continued to import, starch, flour and ethanol in large quantities as they claim. Source BUSINESSDAY Read More 

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PROSHARE MARKETS

ZAMBIA- Greater Short-Term Stability Belies Continued Long-Term Risks -  Political tension will continue to recede in Zambia in the near term, after the government refrained from extending the so-called State of Threatened Public Emergency, initially put in place in July. Source Proshare Read More 

TUNISIA – Further Hikes Ahead to Mitigate Price Pressures - Inflation will remain elevated in Tunisia over the coming quarters, driven by VAT hikes, persistent dinar weakness and rising commodity prices. Source Proshare Read More 

Banks borrow N27.5tn from CBN in six months - The Deposit Money Banks in the country borrowed the sum of N27.5tn from the Central Bank of Nigeria through the Standing Lending Facility window of the regulator during the first six months of 2017, the CBN Financial Market Department report has showed. Source Punch Read More 

CBN spent $3.3bn on forex interventions in Q1 - The Central Bank of Nigeria (CBN) has spent $3,328,190,000 in forex interventions in the various segments of the interbank market in the first quarter of 2018. Source Daily trust Read More 

External reserves up to $46.2b – CBN - Nigeria’s foreign reserves stood at $46.2 billion as of March 28, up 8.8 percent from a month earlier, Central Bank data showed on Saturday. Source Daily trust Read More 

Nigeria loses N63.778tr to oil production halt in Ogoni - Over $177.136 billion (N63.778 trillion) has been lost to the halt in crude oil production from 96 oil wells in Ogoni land in the last 25 years. Source Guardian Read More 

Banks record higher default rate on credit card loans - The Central Bank of Nigeria has disclosed that banks experienced higher default rates on credit card loans and overdrafts/personal lending to households in the first quarter of 2018. Source Punch  Read More 

Four banks earned N49bn from maintenance charges in 2017 - four commercial banks operating in the country generated about N49bn from maintaining customers’ accounts in 2017, the annual reports of the banks showed. Source Punch  Read More 

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PROSHARE BUSINESS

FG releases another list, says 24 persons looted $19.82b, N320b - The Federal  Government has released another list of more looters in Peoples’ Democratic Party (PDP). The list indicated that the total amount allegedly looted by 23 people named in the list is $19.82 billion in foreign currency, and N320.066 billion. Source Vanguard Read More 

Tunisia raises fuel prices again to reduce budget deficit - Tunisia raised fuel prices on Saturday for the second time in three months in an effort to rein in its budget deficit, one of a series of reforms the country’s international lenders want. Source Reuters Read More 

Mauritius cuts 2018 growth forecast, agriculture seen slowing - The economy of Mauritius is expected to grow by 3.9 percent this year, down from a previous forecast of 4.0 percent in December, due to an expected slowdown in agriculture and fishing activities, the statistics office said on Friday. Source Reuters Read More 

Botswana's GDP growth accelerates in Q4: stats office - Botswana’s economy expanded 5.5 percent quarter-on-quarter in the last quarter of 2017 following a 1 percent contraction in the previous three months, statistics office data showed on Thursday. Source Reuters Read More 

Bill Gates says it's 'a certainty' that we will have another financial crisis like in 2008 - Many economists consider the financial crisis of 2008 to be the worst economic downturn since the Great Depression. Source Yahoo Read More 

China Unveils Plan to Lure Big Tech Stock Listings Back Home - China took a major step toward seeing Alibaba Group Holding Ltd., Baidu Inc. and others list in its domestic market, announcing a trial program that would allow the technology giants to see their shares bought and sold in the world’s most populous country. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

Telegram Raises $1.7 Billion in Coin Offering, May Seek More - Telegram Group Inc., an encrypted messaging app seeking to create its own cryptocurrency, has increased the proceeds from the world’s largest initial offering to $1.7 billion, according to a regulatory filing. Source Bloomberg Read More 

Telecom firms sue National Assembly over incessant summons - Telecoms companies under the auspices of the Association of Licensed Telecommunications Operators of Nigeria have dragged the National Assembly to court over its incessant summons of their chief executive officers Source Punch Read More 

Chinese firm to invest $550m equity in NigComSat – Minister - Chinese satellite manufacturer, Great Wall Industry Corporation of China, will make $550m equity investment in the Nigeria Communications Limited, the Minister of Communications, Mr. Adebayo Shittu, has said. Source Punch Read More 

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