President Bola Tinubu joined other world leaders at the G20 Compact with Africa summit which commenced today.

President Tinubu was one of the panelists who discussed ways to foster local value chains and investments in Africa.

The President emphasized the need for promotion of good governance in all sectors of the economy.

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In a recent Central Bank of Nigeria report, foreign exchange inflow reportedly increased to $7.17bn, compared to $6.21bn in the previous quarter. While we’re seeing an increase from one quarter to the next, there are still concerns about just how much the largest economy in Africa is making, how much it is spending and on what?

Q1 2023 saw a total of $17.18 billion come into the economy, representing an increase of 7.5 percent compared to $14.62 billion in the preceding quarter. But the federal government’s fiscal operations resulted in a deficit of N1.43 trillion in the review quarter.

Anchor: Tolulope Adeleru-Balogun
Guest: Kalu Aja, financial analyst and a certified financial educator.

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A Nigerian judge has ordered the confiscation of two multi-million-dollar penthouses in the lh kkatest seizure of assets linked to the former oil minister. Diezani Alison-Madueke -- who was also the first female president of OPEC -- served under former president Goodluck Jonathan until 2015.

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Still on President Jacob Zuma's first Visit to Nigeria since Presient Muhamadu Buhari took over. We now cross to Nigeria's economic advisor to the government.



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African countries including Uganda rejected the proposal to have homosexuality as a human right in the Commonwealth Parliamentary Charter. The proposal moved by a United Kingdom delegate sparked off a heated debate during the Commonwealth Parliamentary Conference in South Africa. African delegates told their colleagues to respect the values of other countries. Agnes Nandutu reports from South Africa.

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*All is not well in two of Africa's biggest oil producers as Nigerians and Angolans protest the long fuel shortages that have hit their countries this week.*

For almost a week, petrol stations in both countries have been selling fuel at high prices, with many eventually 'closing shop' when the fuel supply they have runs out.

"We don't have any more," said Henriques Carvalho, a pump attendant in Angola's capital, Luanda.

"They came here to refuel but demand has been so great that we sold our l…
READ MORE : http://[a]www.africanews.com%2F2017%2F12%2F23%2Fanger-as-nigeria-angola-face-fuel-shortages-ahead-of-christmas[/a]

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Last week, Nigeria's advertising regulator, Advertising Regulatory Council of Nigeria sued Meta for $70 million.

On today's Techpoint Africa Podcast, Emmanuel and Timi Olagunju, Tech Lawyer and Policy Consultant discuss this, including the implications, if this is politically motivated, who should control social media, among other things.

To advertise or promote your brand, visit this link - https:/techpoint.africa/advertise or send an email to business@techpoint.africa

Explore the fintech in everything at The Fintech Summit 2022 - https://techpoint.africa//2022..../08/18/explore-the-f

Timestamps
00:00 - Intro
02:42 - We meet Timi
03:29 - First thoughts on the lawsuit
10:00 - Is it legal to discuss the lawsuit?
10:45 - Should ads be vetted?
15:31 - Why is the focus on Meta?
20:21 - Should we take this seriously?
21:48 - Is this politically motivated?
27:14 - Who should control social media?
34:33 - Can a balance between government and businesses' needs be achievable?
38:22 - How to entice big tech companies
41:42 - Isn't the government being protective of its citizens?
43:35 - How to prevent things like this

Useful links
Cambridge Analytica Nigeria: The story so far - https://techpoint.africa/2018/....04/09/cambridge-anal
271,000 Nigerians were affected by the Cambridge Analytica data breach - https://techpoint.africa/2018/....04/09/nigerians-affe
Nigerian advertisers can no longer use foreign models and voice-over artists, and there’s more to come - https://techpoint.africa/2022/....08/24/apcon-bans-for

This episode was produced by Ogheneruemu Oneyibo and Bolu Abiodun

Email us your feedback at podcast@techpoint.africa. Visit www.techpoint.africa for more stories.

Music - Beach by MBB - https://www.youtube.com/watch?v=dEnQ8dHwDSk

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Nigeria is speeding up the construction of a gas pipeline that can deliver gas across the nation.
It will be used to generate electricity and boost exports.
The government's spent $30bn on electricity projects in the past 20 years, but delivered less than what is needed for the population of more than 200 million.
Electricity shortages have forced Nigerian businesses to either cut production or shut down completely.

Al Jazeera’s Ahmed Idris reports from Port Harcourt.

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The Nigerian government has put drastic measures in place to spur rice production, closing the country's land borders since August. That was to curb smuggling and give a boost to local farmers. But many of them say they are struggling to meet increasing demand, and that the price of rice has increased. Ifiok Ettang reports from Jos, North Central Nigeria.

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Nigeria's informal sector is booming amid slumping oil prices. Oil accounts for 95% of foreign income and two thirds of government revenue but low prices have led many entrepreneurs to explore other avenues, with estimates now suggesting that the informal sector is creating revenues of 178 billion dollars a year.

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On May 30, 1967, General Emeka Ojukwu declared Nigeria’s southeastern Biafra region an independent state, sparking what would become a bloody civil war that claimed more than one million lives. Fifty years on, many veterans from both sides of the conflict have taken their stories to the grave, but FRANCE 24 managed to meet with some who shared their memories of bravery, desertion and near-death experiences.
The first shots of the Biafra war were exchanged in Obudu, a provincial town in southeast Nigeria. Today, Obudu is a sleepy tropical backwater that harbours few signs of a brutal civil war. But in most families, there is someone who remembers how the war divided the town, which back then straddled the border between Nigeria and Biafra.
At the beginning of the conflict, the people of Obudu supported the Biafrans out of geographical convenience. But by the end of the war, after seeing upwards of a million civilians die of starvation, many young men from the town deserted the Biafran army to become informers for the Nigerian military, helping them to ultimately win the war.
The interests of foreign powers played out during the war, with Britain arming the Nigerians. The French and Russians sold guns and ammunition to the Biafrans, while the Swedish aristocrat and aviator Carl Gustaf von Rosen helped establish the Biafran Air Force. Tanks and unexploded ordnance still litter the countryside of southeastern Nigeria. Over 300 people have been killed by landmines since the guns fell silent 50 years ago.
The Biafrans manufactured landmines, rockets and hand grenades, contributing to one of the most sophisticated indigenous weapons programmes in Africa's history. But instead of harnessing that ingenuity for industrial development like Germany and Japan did, the Nigerian authorities let that knowledge go to waste.
Above all, Biafra will be remembered not for the Biafrans' military ingenuity nor for the Nigerians' military might -- but for the humanitarian fallout. Millions of people around the world watched the horrors of enforced starvation play out on their television screens. These were the first images of malnourished African children that people had ever seen. The notion of international humanitarian aid as we now know it was born out of the deaths of one million Biafrans.
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Inflation has been a major challenge affecting many Nigerians for several months now.
Prices of goods and services have continued to skyrocket coupled with the high cost of fuel and Naira depreciation.

According to the Latest inflation data released by the National Bureau of Statistics in October 2023, the headline inflation rate increased to 27.33 percent compared to the September inflation rate which was 26.72 percent.

Another report also shows that food inflation increased by 31.52 per cent in October 2023 signaling a 0.88 per cent increase over the 30.64 per cent recorded in the previous month.
As Nigerians go through this difficult phase they are hoping that the government takes strategic actions to lessen their burden.

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The Global Business Report spoke to Kunle Elebute, former Chairman of KPMG Africa, former Sr Partner of KPMG Nigeria. He provided solutions to several of Nigeria's economic headwinds from job creation to electricity, foreign exchange, and others



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African Farmer Mogaj speaks on the potentials of Nigeria's Agricultural sector and the measures that should be put in place in maximizing the full potentials of the sector.
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