FALLING interest rates, inflation and petrol prices will bring relief to the embattled economy this year, but conditions for business and consumers are set to remain tough.

Global markets are being buoyed by optimism that official rescue packages will pull the world's biggest developed economies out of recession, which would be good news for emerging markets such as SA.

Executive Director, Environmental Rights Action/Friends of the Earth (ERA), Mr Nnimmo Bassey, has called on President Umaru Yar'Adua to adhere to the December 31, 2008 deadline his administration set to stop gas flaring in Nigeria.

MARKETS are ending 2008 with a whimper, after a severe beating in the second half of the year. Stocks slumped, the rand weakened and the so-called "super cycle" for commodity prices ground to a halt as the credit crunch exploded and predictions for global growth slowed dramatically.

Sudan is hoping to use foreign cash to reinvigorate its under-performing agricultural sector, but there is growing disagreement over the extent to which outsiders, rather than local farmers, should be taking control of the industry.

The Nigeria National Petroleum Corporation (NNPC), has concluded arrangement to enter into a joint venture partnership with African Petroleum Plc, in year 2009, so as to construct a refinery in Lekki, Lagos.

The joint partnership will help alleviate the problem of distribution of petroleum products nationwide, an industry expert had noted.

Barely a week following the arrival of Seaboard Corporation with an initial investment of US30million, another company has arrived in the country with a huge investment package.

The Organised Private Sector (OPS) has raised the alarm over the continued decline in capacity utilisation in industries and the real sector of the economy.

The crash in oil prices at the international market has manifested in the depletion of Nigeria's revenue as the nation recorded a drop of N177.52 billion in accruals to the Federation Account last November.

Seaboard Corporation, one time owner and operator of the National Milling in Buchanan, Grand Bassa County (Flour Mill) has returned to the country with an investment proposal of over US$30 to US$40 million.

The largest mobile telecommunications network company in the world, Vodafone Group, has expressed its desire to operate in the Nigerian telecoms terrain.

Vodafone, with its headquarters in Berkshire, England, UK has a market value of about £75 billion.

It currently has operations in 25 countries and partner networks in a further 42 countries.

India today is becoming the single largest foreign investor in Ethiopia with nearly $4 billion in private sector investment, said the Ambassador on Monday.

Monovia: Liberian President Ellen Johnson-Sirleaf on Friday set up an anti-corruption commission in response to donor calls for tougher measures against graft in the West African country.

Somalia: PT Medco Energi Internasional and Kuwait Energy Co. have formed a petroleum venture with the Somali government, Investor Daily Indonesia reported, citing Hilmi Panigoro, president commissioner at the Indonesian company.

Lagos: Nigeria is committed to implementing international nuclear safeguards and safety regime in the process of generating electricity from nuclear power plants, local media reported Wednesday.