|Economy|
Nigeria’s Forex Reserves Hit 4-month Low: Nigeria's foreign exchange reserves fell to a 4-month low of $37.9 billion as of November 7, down by 3.99 per cent month-on-month after the Central Bank of Nigeria (CBN) sold dollars to banks to prop up the value of the naira. Data published by the central bank on Tuesday showed the reserves were at $39.55 billion on October 10 and in July it stood at $37.89 billion. The central bank last week said it will continue to defend the local currency, which has fallen six per cent so far this year on concerns about lower oil prices and an exit from the local debt and equity markets by offshore investors. Source: Thisday

N1tn Spent on Cars, Parts Importation Annually – Aganga: The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, has said Nigerians spend a total of $6.5bn (N1.096tn) on the importation of cars and car parts annually. The minister said, “We spend $3bn every year importing cars and another $3.5bn every year importing parts. “That is why the auto policy is an economic issue, it is a job creation issue, it is a revenue issue, but it is also a balance of payment issue.” Aganga explained that with a young population of an average age of about 18.6 and which was expected to be the third largest in the world by 2070, the country could not continue importing cars. “That is why we must invest in assembling and increasing the local content, and be part of the global value chain for the auto industry,” he said. Source: Punch

|Oil & Gas|
NNPC Halts Sale of Shell’s Oil Block to Creststar: The year-long process by Shell Petroleum Development Company (SPDC) and its joint venture partners to divest some of their onshore assets has run into a hitch, as the Nigerian National Petroleum Corporation (NNPC) has moved to stop the sale of Oil Mining Lease (OML) 25 to Creststar consortium. Under the latest divestment programme, Royal Dutch Shell had concluded the sale of OMLS 18, 24, 25 and 29, in addition to the Nembe Creek Trunk Line (NCTL), following a 2013 review of its business in the country. Source: Thisday

|Power|
Gas Supply Problems Stall Power Plants’ Sale – BPE: The sale of the 10 power plants constructed under the National Integrated Power Project has been stalled by gas supply challenges, the Bureau of Public Enterprises has said. The Head, Public Communications, BPE, Mr. Chigbo Anichebe, disclosed this in a telephone interview with our correspondent in Abuja on Tuesday. The NIPP plants are located in Alaoji, Benin, Calabar, Egbema, Gbarain, Geregu, Ogorode, Olorunsogo, Omoku and Omotosho. Anichebe said the BPE had not been able to sign Share Purchase Agreements with the prospective core investors in the power plants as a result of the failure to secure Gas Supply Agreements for the plants. Source: Punch