Nigeria: Buhari ‘to continue’ with privatisation

President Muhammadu Buhari said his administration will continue with privatisation of key sectors of the economy. (The Cable)

UAE drops fuel subsidies to boost finances and cut emissions

The United Arab Emirates is to end billions of dollars worth of petrol subsidies in a bid to strengthen the Gulf state’s finances and limit spiralling car usage in the country, which has one of the highest per capita greenhouse gas emission rates in the world.  (Financial Times)

Ghana’s parliament plunged into darkness as energy crisis hits home

Ghana’s parliament was thrown into darkness by a power outage, leading to jeers from the opposition as MPs flipped open their mobile phones to use as flashlights. (euronews)

Germany says Iran must improve Israel relations for closer economic ties

German vice chancellor Sigmar Gabriel urged Iran at the start of a three-day visit to improve its relationship with Israel if it wanted to establish closer economic ties with Germany and other western powers. (Reuters)

South Africa returns seized $15m to Nigerian government

The government of South Africa has reportedly returned $15m to the Nigerian government. (All Africa)

Saudi finances weaken as foreign exchange reserves slide

Outflows are now running at 8% of GDP, a swing of 14% of GDP.  Saudi Arabia ramped up oil production to an all-time record high of 10.6m barrels a day in June, 200,000 barrels per day (bpd) higher than in May. (Gulf News)