Investors King has put together the latest news in Nigeria today, August 23rd, 2023, to ensure you stay atop trending news and happenings in the business world.
Nigeria’s Economic Struggle Contrasted with Norway’s Tech-Driven Prosperity
Nigeria is currently grappling with a pressing need for foreign currency, particularly dollars, while Norway, a nation sharing a comparable oil production capacity, witnessed its oil wealth surge by an astounding $142.65 billion during the initial half of 2023.
In a remarkable turnaround, Norway’s sovereign wealth fund, established to safeguard the nation’s future beyond oil, has experienced a substantial infusion of $142.65 billion due to a surge in AI-driven technological advancements. Read more here.
Oil Prices Experience Slight Dip Amid Anticipation of Iraqi Oil Export Resumption
Brent crude oil edged lower by 8 cents to settle at $84.38 per barrel in the early hours of Tuesday while the U.S. West Texas Intermediate crude oil shed 7 cents to $80.65 per barrel.
Market analysts from ANZ Bank, Brian Martin, and Daniel Hynes, in a conversation with Reuters, observed that “Crude oil faced challenges in maintaining its upward momentum, with indications of supply tightness showing signs of easing.” Read more here.
Former Nigerian Oil Minister Diezani Alison-Madueke Charged with Bribery Offences by British Police
British authorities announced on Tuesday that they have formally charged former Nigerian oil minister Diezani Alison-Madueke with bribery offences.
The charges stem from suspicions that she accepted bribes in exchange for awarding multi-million pound oil and gas contracts during her tenure. Read more here.
CBN Directive: Leaked Letter Prohibits Naira Overdrafts Secured by Foreign Currency Deposits
A confidential communication from the Central Bank of Nigeria (CBN) to a prominent commercial Bank Plc has surfaced, shedding light on a decisive directive issued by the apex bank concerning Naira overdrafts supported by foreign currency deposits.
This directive marks a significant shift in lending practices, disallowing borrowers from employing foreign currency deposits, notably in dollars as collateral to access loans denominated in Naira. Read more here.
Coinbase, Leading US Crypto Exchange, Takes Stake in Circle, a Major Stablecoin Issuer
Coinbase Global Inc., the largest cryptocurrency exchange in the United States, has made a strategic investment in Circle, a prominent stablecoin issuer.
This move is attributed to the perceived increase in regulatory clarity surrounding stablecoins, both in the US and across the globe. Read more here.
NIBSS Reports Significant Loss of N9.5 Billion in Banking Sector Amid Escalating E-Fraud Concerns
The Nigeria Inter-Bank Settlement System (NIBSS) announced a substantial loss of approximately N9.5 billion within the banking sector for the year 2023.
The disclosure was made by Premier Owoih, the Managing Director of NIBSS, during the third-quarter meeting of the Nigeria Electronic Fraud Forum (NeFF) held in Lagos. Read more here.
Africa’s Largest Economy Poised to Enter Booming Global Lithium Market
Thor Explorations Ltd has unveiled promising preliminary results from its initial drilling efforts in pursuit of lithium in Nigeria as it looks to tap into the $37 billion lithium market.
Thor Explorations, a Canadian mineral exploration company operating in Nigeria, Senegal, and Burkina Faso, recently reported “significant” findings of mineralized pegmatites in its initial drilling campaign. Read more here.
Canada Welcomes 10,180 New Immigrants from Nigeria, Africa’s Largest Economy, in First Half of 2023
Canada has warmly embraced a total of 10,180 new immigrants from Nigeria, the continent’s leading economy, during the initial six months of 2023.
The latest data provided by Immigration, Refugees and Citizenship Canada (IRCC) illustrates that the nation registered an increase of 0.74 percent in Permanent Residents (PRs) from Nigeria in the first half of this year compared to 2022, when the number stood at 10,105. Read more here.
Upwork Unveils Top 10 Generative AI-Related Searches and Hires in First Half of 2023
Upwork Inc., the world’s work marketplace and the preeminent destination for businesses to find trusted AI talent, today released new platform data examining the skillset make up of talent and the search and hiring behaviors of companies in relation to Upwork’s fastest-growing category: Generative AI.
The analysis by Upwork’s Research Institute found that businesses are progressing their understanding of generative AI as they increasingly move from searching and hiring for singular generative AI tools toward generative AI applications and services. Read more here.
JP Morgan Estimates Nigeria’s Net Foreign Reserves at $3.7 Billion, Discrepancy with CBN Figures Raises Concerns
Global financial services giant JP Morgan has revealed its assessment of Nigeria’s net foreign reserves to be approximately $3.7 billion. This estimation stands in stark contrast to the $33.8 billion reported on the Central Bank of Nigeria (CBN) website as of August 17.
JP Morgan’s latest report on Nigeria, titled “Nigeria: Reform pause rather than fatigue,” sheds light on this significant disparity in figures. Read more here.
