|Economy|
Nigeria, Mexico to Increase Trade and Investment: The Federal Government, in a bid to improve bilateral relations with Mexico, has inaugurated the Nigeria/Mexico Chamber of Commerce and Industry. The move, according to the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, will help to increase the level of trade between both countries as well as open investment opportunities for investors. The minister, said the strengthening of the bilateral tie was coming at a time when the Federal Government was working assiduously to deepen trade, create employment and improve the welfare of the people. He said it would also make both countries diversify their economies away from oil and tap into the opportunities in sectors such as manufacturing, agriculture and the automotive industry. Source: Punch

Naira Firms Against Dollar, Exchanges at N184: Naira firmed against the dollar on the interbank market yesterday, supported by dollar sales by two energy companies. The local currency closed at N178.70 to the Dollar, 0.66 percent firmer than N179.90 it closed on Friday at the interbank market. Yesterday, the operators in the black market exchanged it at N184, N5 stronger than N189 it went for last week. Yesterday’s Naira appreciation was due to $74 million sold to some lenders by a unit of French oil company Total, and an undisclosed amount sold by Nigerian Liquefied natural Gas (NLNG) company. Both sales boosted the dollar liquidity. Source: Daily Trust

|Energy|
SEFA Invests N102m in Bio-refinery Project in Nigeria: The Sustainable Energy Fund for Africa (SEFA) has approved a $580,000 preparation grants for the expansion of Green Energy & Biofuels (GEB) Bio-refinery project in Nigeria. The project, according to the African Development Bank, AfDB, is a pilot of Small & Medium Entrepreneurship Fundamentals (SMEFunds) and the first bio-energy cooking fuel production facility and distribution network in Nigeria. Specifically, the SEFA grant, the AfDB said will finance technical studies, business advisory services and a full environmental and social impact assessment in support of the scaling-up of SMEFunds/GEB operations, particularly the waste-to-ethanol cooking fuel production and distribution in Nigeria, to fully harness economies of scale. The expansion entails growing their biogel production capacity from 1,000 to 30,000 litres/day and ramping up the cook stove manufacturing supply chain four-fold over the next three years. Source: Vanguard

|Oil & Gas|
Oil: Brent Drops to Five Year Low at $61: The average price of crude oil from the Organisation of Petroleum Exporting Countries fell below $60 for the first time since July 2009, according to data from the 12-member cartel. However, the global benchmark Brent, against which Nigeria’s oil is priced, fell to $61.28 per barrel on Monday. Brent has now lost more than 45 per cent of its value since its mid-June spike of $115 per barrel. The price of OPEC basket of 12 crudes stood at $58.65 per barrel, compared with $60.50 on Thursday, according to OPEC Secretariat calculations. The OPEC basket, the best measure of what the oil exporters earn per barrel, had in early November fell below $80, the lowest since October 2010. Source: Punch