Energy giant, Saudi Aramco, says it plans to raise its crude production capacity by one million barrels per day to 13 million bpd as a price war with Russia intensifies.

The decision came a day after Saudi Arabia, the world’s top exporter, decided to hike production by at least 2.5 million bpd to a record 12.3 million from April, and prompted sharp new falls in world prices.

CEO Amin al-Naser said Aramco would dedicate all of its resources to achieving the increased capacity quickly.

Boosting production capacity normally takes a long time and requires billions of dollars of investment.

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Ghana has been ranked the sixth-best country in Africa for investors in the latest RMB Investment Attractiveness 2020 rankings.

The country climbed three places from the previous year’s report – edging closer to the coveted top 5 countries for investments in the whole of the continent.

The report released earlier this week said the country’s growth outlook is strong and concentrated around the oil and gas sector.

The report forecasts that although the country’s economy has largely been driven by hydrocarbons, the non-oil growth will pick up again, supported by pro-business reforms and a steady improvement in the power supply.

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The Senate has called on the Accountant General of the Federation, Ahmed Idris, to supply details of the lawyer who was paid 4 million dollars from the already depleted excess crude account.

The accountant general was in the red chamber to explain the Federal Government’s achievements so far on the revenue projection for 2020. He was also expected to give reasons for the depletion in the ECA.

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Lagos State Government on Wednesday announced alternative routes for motorists as the Federal Controller of Works, Mr. AdedamolaKuti, confirmed the closure of a section of Eko Bridge. This is to enable rehabilitation works on worn-out bearings noticed between Alaka and Costain portion inwards Apongbon.

The Special Adviser to the Governor on Works and Infrastructure, Aramide Adeyoye, issued a statement after the joint appraisal of a failed section by an Inter-ministerial technical team.

Adeyoye said it became necessary to close a section of the bridge to prevent endangering the lives of commuters using the bridge, pending commencement of repairs.

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Aliko Dangote, Africa’s richest man, will begin oil production from two assets he snapped up from Royal Dutch Shell Plc in July. According to Bloomberg, the group executive director at Dangote Industries, Devakumar Edwin, says the group is working with Chinese and Malaysian contractors and has completed a development plan for the Kalaekule field on its Oil Mining Lease 72 asset. Edwin says work will then move to an undeveloped KI discovery on Block 71, a small shallow water asset in southeastern Niger River delta.

He says the first phase of the project will refine about 20,000 barrels of oil daily with an expectation of expanding to 100,000 barrels a day for the two blocks in 12 to 15 months.

Production from the fields will eventually feed the 650,000 barrel a day oil refinery.

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Japan has donated a rice mill worth over 26 million naira to Edo state as part of efforts to facilitate rice production and improve the livelihood of residents.

Japanese Ambassador to Nigeria, Yutaka Kikuta, said this while addressing journalists in Benin after a courtesy visit to the Secretary to Edo Government, Osarodion Ogie.

Kikuta commended the achievements of the Obaseki-led administration in the agriculture sector, saying the visit was to inform the governor of the commissioning and hand over of the Japanese project to the state.

He said the Japanese Government Rice Mill project would enhance farmers’ income and foster socio-economic development of communities in the state

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The Nigerian Government has called for a collective effort to exploit the economic potentials in the Nigeria-Sao Tome and Principe Joint Development Zone. Minister of State for Foreign Affairs, Zubairu Dada, stated this on Wednesday in Abuja at the official inauguration of the Nigerian delegation to the Nigeria-Sao Tome and Principe Joint Ministerial Council of the Joint Development Zone.

Dada said that with the inauguration of the delegation, Nigeria’s interest and symbolic achievements would be showcased at the council, which would further advance the two countries’ commitment to peace and enhanced Africa integration.

He, urged the delegation to “spare no room in working together as a team, for the good of Nigeria.

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The bearish trend of Nigeria's main capital market index continued for a third straight day as the All Share Index fell more than 2,000 basis points in two days. After 7,150 deals, the All Share Index on Wednesday fell 3.35 percent to 23,572.75 points. Market capitalisation stood at 12.284 trillion naira as the volume of shares traded increased to 1.391 billion.

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Italy's deputy economy minister, Laura Castelli said Mortgage payments will be suspended across Italy as part of measures to soften the economic blow of coronavirus on households,

Italy's banking lobby group ABI said lenders would offer debt holidays to small firms and families.

Suspending debt payments is not unheard of in Italy. Some small businesses and families were given time off during the financial crisis before having to repay.

Italy has extended its emergency coronavirus measures, which include travel restrictions and a ban on public gatherings, to the entire country.

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Stock markets in Europe have recovered some ground following Monday's plunge, when shares saw the biggest falls since the 2008 financial crisis.

London's FTSE 100 share index is more than 3% higher after having sunk 7.7% in the previous session.

Markets were battered on Monday in reaction to the threat of an oil price war between Russia and Saudi Arabia.

But after falling as much as 30% on Monday, oil prices also saw some recovery, with Brent crude rising 8%.

The main share indexes in France and Germany have also risen, climbing more than 2%.

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