External reserves of one of Africa’s biggest economies, Nigeria, have hit a 31-month high of $33 billion. This information was revealed by the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, while speaking on Thursday at the ongoing 24th seminar for Finance Correspondents and Business Editors in Awka, Anambra State.

The Federal Government says the local production of blended fertilizer has saved the country N112bn. The Special Assistant to the President on Media and Publicity, Garba Shehu made this known at the weekend during an audience participation programme titled Hannu Ya Dawa organized by FRCN Kaduna. While giving a breakdown of the figure, Shehu said about N52bn usually spent on foreign exchange as well as the N60bn budgetary allocation for fertilizer subsidy were all saved by the current administration.

Youths from five communities in Ahoada West Local Government Area of Rivers State on Thursday shut a Nigerian Agip Oil Company oil well over alleged neglect of the communities.

CBN

Desirous of enhancing foreign investment flow into the country, the Central Bank of Nigeria (CBN) has directed banks and other authorized dealers to immediately commence the issuance of electronic Certificates of Capital Importation (eCCI) with effect from today.

The senator representing Anambra South Senatorial District, Princess Stella Oduah, has stated that the South eastern part of the country requires a minimum of three container ports to boost the economic growth of the country.

Minister of Communications, Barr Adebayo Shittu,

The Minister of Communications, Barr Adebayo Shittu, has disclosed that Nigerian Communications Satellite Limited (NIGCOMSAT) is to be a competitive commercial service provider and to also manage government investment in communications satellite through commercialization of the services of the satellite.

The Nigeria Custom Service (NCS), Zone B, Kaduna said it has intercepted over N1.14 billion worth of contraband between January and August 2017.  The Comptroller of the Command, Aminu Sahiru made the disclosure on Wednesday in a chat with NAN in Minna, the Niger State capital. He hinted that a total number of 1, 357 items such as illicit drugs, mosquito coil, furniture, tyres, tin tomatoes, vegetable oil rice and drones among others were seized during the period.

Emerging reports indicate that five ships laden with Maize, ethanol and wheat have berthed at the Lagos and Tin Can Island ports.  According to the Nigerian Ports Authority's daily Shipping Position obtained on Saturday by Punch, Eike Oldendorff, arrived at the Joseph Dam terminal at the Tin Can Island port bearing 36,850MT of wheat valued at $5.7m while Cape Daly, arrived at the ABTL terminal on September 1 carrying 10,150 metric tons of ethanol worth $421,935.5 at the current market value of $41.57 per metric ton.

Following the improvement of macro economic prospects in Africa, a wealth management investment company, UBS International, has said that Nigeria’s economic growth rate may not likely to return to its previous high, after recovering from recession this year.

Oil and gas will be crucial components of the world’s energy future, according to DNV GL’s inaugural Energy Transition Outlook. However, renewable energy will grow its share of the energy mix, DNV GL’s independent model predicting the energy mix to 2050, shows that oil and gas will account for 44 percent of world energy supply in 2050, compared to 53 percent today.