Five things to know to start your Friday

Nigeria drops $1bn claim against Eni

Nigeria plans to drop a $1.1 billion claim against Eni SpA, ending a prolonged legal battle in Italian courts over alleged corruption in an oil field deal.

The Ministry of Justice will withdraw claims before Italy’s highest court, relinquishing further legal action against Eni and affiliates regarding Oil Prospecting Licence 245.

This move could pave the way for developing the oil block, which has stalled for over a decade due to legal disputes.

AFEX predicts rise in commodity prices

AFEX unveils its 2023 crop production report, projecting a surge in commodity prices due to reduced production and increased processing and export demands.

Analysing six key commodities, the report forecasts a 34 percent rise in paddy rice prices, linked to factors like flooding and the India rice ban.

Highlighting food insecurity, the report underscores a significant shortage in Nigeria and warns of worsening food prices, hindering progress towards eradicating hunger by 2030.

Nigeria says that it didn’t sign the ‘Samoa Agreement’

The Ministry of Foreign Affairs has responded to public outcry about Nigeria’s signing of a Samoa Agreement pact on November 15, 2023.

The Ministry clarified that the country wasn’t represented at the signing and is currently scrutinising the pact’s alignment with the country’s domestic laws.

The Samoa Agreement covers some crucial aspects like human rights and economic growth, as well as an aspect rumoured to legalise homosexuality and transgender rights in Nigeria. This is an issue that has sparked concern among many Nigerians.

Malawi suspends all govt foreign travels

Malawi’s President, Lazarus Chakwera, halts international travel for officials and mandates ministers abroad to return.

He slashed local travel and fuel allocation by half for government figures until March’s financial year-end.

Past pandemic austerity measures lacked enforcement. Chakwera seeks a wage hike for civil servants in the budget review and an income tax reduction to counter inflation’s impact.

This aligns with an IMF-approved $174 million credit post-44 percent kwacha devaluation, potentially tied to IMF conditions.

China’s President Xi aims for peace, seeks friendship with US

President Xi Jinping says China wants to be friends with the US and that his nation won’t fight a war with anyone, one of his clearest remarks yet proclaiming a desire for peaceful ties between the world’s two largest economies.

Xi said, “Whatever stage of development it may reach, China will never pursue an agenda of expansion and will never impose its will on others. China does seek spheres of influence and will not fight a cold war or hot war with anyone. China will remain committed to dialogue and oppose confrontation but instead build partnerships and alliances. It will continue to pursue a mutually beneficial strategy of opening up.”