NANTV ECONOMIC NEWS SUMMARY FOR MARCH 12, 2018

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Refinery
Refinery

The Federal Government is making progress in the establishment of modular refineries with the arrival of one set of package shipment.

Vice President Yemi Osinbajo informed members of the Niger Delta Inter-Ministerial Committee that the refinery would be installed in Delta State, while another set of refinery equipment expected in April would be installed in Rivers state.

The Federal Government has also announced an upward review of the excise duty for tobacco, alchoholic beverages, wines and spirits.

According to Finance Minister Kemi Adeosun, the new tariff regime aims to raise fiscal revenues and reduce tobacco and alchohol-related diseases.

Oil market prices have climbed following a drop in the number of United States rigs drilling, even as the U.S. economy continues to create jobs which could drive higher fuel demand.

Brent sweet crude was at 65.70 dollars per barrel, up 21 cents, or 0.3 per cent, from its previous close.

The Central Bank of Nigeria says the country’s External Reserve has steadily grown by about 3.2billion dollars between February and March 2018, and currently stands at 46billion dollars.

CBN Spokesman Isaac Okoroafor, said that the reserves stood at 39.3billion dollars at the beginning of 2018, then rose to 42.8billion dollars in February before hitting the new high of 46billion dollars.


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