Newscast - Africa

Cryptocurrency exchange FTX owes its 50 largest creditors almost $3.1bn.
The embattled firm, which filed for bankruptcy in the US last week, says it owes about $1.45bn to its top 10 creditors but has not named any.
The collapse of the world's second-largest crypto exchange shook confidence in the already troubled cryptocurrency market.
FTX's previous bankruptcy filings revealed more than one million people and businesses could be owed money following its collapse.
FTX says it had launched a review of its global assets and was preparing for the sale or reorganisation of some businesses.

The leaders of French-speaking countries have held a summit on the Tunisian island of Djerba to discuss growing instability in Francophone African countries.
The head of the group, Louise Mushikiwabo, says there were long debates about the main conflict zones.
She says the group could support and quicken efforts to mediate between parties in conflict.
The prime minister of the Democratic Republic of Congo, Jean-Michel Sama Lukonde, refused to pose for a group photo next to the Rwandan president, Paul Kagame.
Kinshasa has accused him of supporting M23 rebels fighting in eastern DR Congo.
Rwanda has always denied the allegations.

Authorities in the United Arab Emirates have announced a visa ban slapped on Ugandans and 20 other nationalities seeking to visit Dubai with immediate effect.
Other countries affected by the visa ban include Ghana, Sierra Leone, Sudan, Cameroon, Nigeria, Liberia, Burundi, Republic of Guinea, Gambia, Togo, Democratic Republic of Congo, Senegal, Benin, Ivory Coast, Congo, Rwanda, Burkina Faso, Guinea Bissau, Comoros, and the Dominican Republic.
In a notice issued to trade partners including travel agents, authorities indicated that all applications should be rejected.

Lawmakers want to place eight federal revenue-generating agencies on a cost-of-collection percentage to stop the agencies from spending their revenue arbitrarily
Federal lawmakers are proposing a drastic measure to help the country out of the fiscal hole by placing eight revenue-generating agencies on financial autonomy.
The National Assembly has moved to stop the agencies from spending their revenue arbitrarily by placing them on the cost of collection percentage.
In 2023-2025, Medium Term Expenditure Framework and Fiscal Strategy Paper passed by the lawmakers, the Nigerian Communications Commission, Corporate Affairs Commission, Nigerian Port Authority, Joint Admission and Matriculation Board, National Upstream Petroleum Regulation Commission, the National Midstream and Downstream Regulatory Authority, National Agency for Food and Drug Administration and Control, and Nigerian Maritime Administration and Safety Agency will henceforth operate under the 'cost of collection.

The Independent National Electoral Commission has reiterated its assurance to the Nigerian electorate that citizens who have yet to attain the legal voting age will not be allowed to participate in the polls.
The Director of Voter Education and Publicity, INEC, Victor Aluko, says that the register will be cleaned up completely and no underage voter will vote in 2023.
Aluko stated that after collating the complaints, INEC’s revision officers at various levels could work on them.
The National Commissioner, INEC, Festus Okoye, however, assured Nigerians that it was committed to cleaning up the register and punishing those found guilty of tampering with its integrity.

Nigeria now ranks seventh on the Organisation of the Petroleum Exporting Countries’ crude oil production list, according to the organisation’s Monthly Oil Market Report for November, which examined oil production performance in October.
Nigeria’s output was a mere 1.014 million barrels per day in October, ranking seventh after Saudi Arabia, United Arab Emirates, Kuwait, Iraq, Angola, and Algeria.
While Nigeria’s production was 1. 014mb/d in October, Angola produced 1. 051mb/d; Algeria, 1.060mb/d; Kuwait 2.811mb/d; UAE, 3.188mb/d; Iraq, 4.651mb/d; and Saudi Arabia, 10. 957mb/d.
While Venezuela’s production was 711b/d, Equatorial Guinea’s was 57b/d. The likes of Gabon, Libya, and Iran did not produce a barrel in the month.

The Nigerian Export Promotion Council says Nigerian businesses exported 36 percent of value-added products in the first six months of 2022.
The Chief Executive Officer, of NEPC, Ezra Yakusak, says the export of primary products was valued at 33 percent while semi-processed and manufactured products constituted 36 percent.
He says the situation showed that Nigerian firms are imbibing the value-addition culture in exports, noting that his agency would continue to sensitize exporters on the need to ship out more value-added products.
He says the export week would provide a path for business and sector-led activities to thrive while helping entrepreneurs, particularly SMEs, to look out for new opportunities in the sector.

The International Monetary Fund says that Nigerians should brace up for higher food prices/ risks in 2023 due to recent floods and high fertilizer prices.
The National Bureau of Statistics says food inflation hit 23.72 percent on a year-on-year basis in October 2022, with inflation on certain food items rising to between 50 – 100 per cent.
The IMF added that the volatility in the value of the naira, the Federal Government’s continued dependence on the Central Bank of Nigeria for financing its budget deficit, and climate change were also risk factors.
The Washington-based lender says the effects of recent flooding and high fertilizer prices could become more entrenched impacting negatively both agricultural production and food prices in 2023.

Elon Musk has told Twitter staff that they must commit to working long hours at high intensity or else leave the company.
The social media firm's new owner says workers should agree to the pledge if they wanted to stay.
He says those who do not sign up will be given three months' severance pay.
Mr Musk says that Twitter will need to be extremely hardcore in order to succeed.

Food prices are rising at their fastest rate for 45 years, with the cost of basics such as milk, cheese, and eggs surging.
Food price inflation hit 16.2% in the year to October, up from 14.5% in September.
Energy and fuel costs also rose sharply, pushing the overall inflation rate to its highest level since 1981.
The Office for National Statistics says it was hitting poorer households hardest, as they spent around half of their income on food and energy, compared to about a third for those on middle incomes.