Nigeria Financial News

OPEC+ began its meeting on Thursday, seeking to resolve a deadlock on oil quotas and consider further production cuts to shore up flagging crude prices.

Neobank Canza Finance‘s decentralized finance (DeFi) tech provides decentralized foreign exchange (FX) for African currencies, its CEO and co-founder Pascal Ntsama IV said.

Forbes has released its latest “30 Under 30” list in Finance, featuring a significant number of leaders from the cryptocurrency and blockchain industries, highlighting their growing influence in the financial sector.

Forex liquidity and currency swaps are hard to access for many in Africa, which limits the use of United States dollar-based services in the continent’s import-dependent economies. This creates a vacuum that decentralized finance (DeFi) could solve, leveraging cryptocurrencies, blockchain networks and services, according to the CEO of Canza Finance, Pascal Ntsama IV.

Redmi 13C 5G smartphone in India with a focus on the ₹10,000 smartphone segment. The Redmi 13C 5G will be a successor to the already popular Redmi 12C, which was launched in March this year. The Redmi 13C made its debut in Nigeria earlier this year and is all set to be launched in India on December 6, Redmi confirmed in a social media post.

Redmi is all set to launch its Redmi 13C 5G smartphone in India with a focus on the ₹10,000 smartphone segment. The Redmi 13C 5G will be a successor to the already popular Redmi 12C, which was launched in March this year.

Nigeria’s leader has presented a $34.8 billion spending plan for 2024 to federal lawmakers with a focus on stabilizing Africa’s largest but ailing economy and tackling a deadly security crisis

Quiver Quantitative — The Organization of the Petroleum Exporting Countries (OPEC+) and its allies, led by Russia, are deliberating new oil production cuts, potentially reducing output by as much as 1 million barrels a day. This significant proposal comes amidst the ongoing Middle East conflict and could lead to a surge in oil prices. Initially scheduled for last week, the OPEC meeting was postponed due to disagreements over production quotas and is now set to occur virtually. While a consensus on further cuts remains uncertain, with some members opposing the reduction, Saudi Arabia has expressed strong support for the measure.

A stakeholder in the blockchain and fintech ecosystem has called on the federal government of Nigeria to implement regulations that will foster the widespread integration of the approved blockchain policy in the country. Nigeria’s National Blockchain Policy aims to deliver economic growth, job creation and more financial inclusion. 

Country singer Morgan Wallen’s “Last Night” tops Apple Music’s global song chart in 2023

By Raphael Satter and Diane Bartz

commerce ministry is working to address issues related to non-tariff barriers and market access for domestic products in sub-Saharan African countries like Nigeria, Ethiopia, Ghana and Gulf nations to boost India's exports, an official said. The official said meetings have been held with Indian missions of the sub-Saharan African countries with which India has significant bilateral trade. The major trading partners of India in that region in 2022-23 were South Africa (total trade USD 18.9 billion, exports USD 8.5 billion); Nigeria (USD 11.85 billion, exports USD 5.15 billion); Togo (USD 6.6 billion, exports USD 6 billion), and Tanzania (USD 6.5 billion, exports USD 3.93 billion). The other countries were Mozambique (USD 5 billion, exports USD 2.5 billion); Angola (USD 4.22 billion, exports USD 621 million); and Kenya (USD 3.4 billion, exports USD 3.2 billion). «A virtual meeting with Indian Mission of top 10 countries (bilateral trade-wise) in sub-Saharan African region was held in September to discuss the overall economic and commercial relations with those countries, export performance and non-tariff barriers which are acting as impediments to bilateral trade and enhance exports,» the official said. A similar meeting was also held with Indian Missions in GCC countries. GCC is a union of six countries in the Gulf region — Saudi Arabia, the UAE, Qatar, Kuwait, Oman, and Bahrain.

how to keep artificial intelligence safe from rogue actors, pushing for companies to create AI systems that are "secure by design." In a 20-page document unveiled Sunday, the 18 countries agreed that companies designing and using AI need to develop and deploy it in a way that keeps customers and the wider public safe from misuse. The agreement is non-binding and carries mostly general recommendations such as monitoring AI systems for abuse, protecting data from tampering and vetting software suppliers.

The Nigeria Police Force (NPF) has announced the arrest of a politician in connection with the theft of over 200 million naira (approximately $246,153) from Patricia Technologies’ crypto wallet. 

The Nigeria Police Force (NPF) said it has arrested one politician, Wilfred Bonse, for the theft of over 200 million naira ($246,153) from Patricia Technologies’ crypto wallet.

The delayed OPEC+ meeting next week will be held online instead of in-person as the cartel wrangles over production levels amid a slump in oil prices.

In a bid for greater global recognition and domestic use of the Nigeria Payments System, the director-general (DG) of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi, has stressed the importance of collaboration between NITDA, the Central Bank of Nigeria (CBN) and financial institutions.

Investing.com-- Oil prices rose slightly in Asian trade on Friday as traders remained on edge over a delay in an OPEC+ meeting, although expectations of more supply cuts by the cartel put prices on course to break a four-week losing streak.

Nigeria's Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, has   announced   a landmark achievement in the nation's digital transformation journey. The 3 Million Technical Talent (3MTT) initiative, a strategic program designed to advance artificial intelligence (AI) skills among Nigerians, has successfully attracted over one million applicants. This remarkable response, disclosed on November 8, 2023, on a platform formerly known as Twitter, represents a significant stride in Nigeria's ambition to become a hub of technological talent.

By Leigh Thomas

By Natalie Grover