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Fresh Concerns in Nigeria as Crude Oil Price Slumps below $40

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The price of Brent, the benchmark for Nigeria’s crude oil, fell below $40 per barrel to a four-month low of $37 on Thursday, raising fresh fears of another price collapse as countries in Europe announced a new rash of lockdowns on the back of a second wave of the COVID-19 pandemic.

Fresh Concerns in Nigeria as Crude Oil Price Slumps below $40

Brent dropped 3.5% to $37.75 a barrel in London, being the lowest since May, while US crude dropped by 3.6%, to $36 as supply continued to outstrip demand.

With the United States recently cutting its import of Nigeria’s crude oil, the country, which depends on it for a huge percentage of its foreign exchange earnings, has been looking to Asia, mostly China and India, and a number of European countries to buy the commodity.

The falling prices will negatively affect the financial stability of the country’s 36 states, which are heavily dependent on federal allocations to pay their bills.

Unless the drop in prices is halted, it will also hamper the implementation of the federal budget, even after the government at the centre recently reviewed it for the year.

The majority of Nigeria’s foreign exchange earnings come from oil and a crash in global oil prices would lead to a drop in the country’s fiscal revenues putting pressure on its overall budgetary balance.

As the lockdown begins to take effect across Europe, particularly Germany and France, demand for oil weakened resulting in a deterioration of the price of white oil products.

Libya currently produces 680,000 bpd and expects production to rise to 1 million bpd in the coming weeks, a development that has created an additional headache for the Organisation of Petroleum Exporting Countries (OPEC) and its allies.

The international oil cartel plans to reduce production in January 2021 from a recent 7.7 million barrels per day to about 5.7m barrels per day and is scheduled to meet on November 30 and December 1.

If the fall continues, it will also negatively impact the 2021 budget, which is currently under consideration by the National Assembly and is based on a benchmark of $40 a barrel.

Meanwhile, the Congressional Research Service (CRS), a non-partisan group which provides legislative research and analysis for the United States Congress, has said crude oil accounted for 88% of the country’s $4.4 billion imports from Nigeria in 2019.

In its updated research paper titled,” Nigeria: Current Issues and US Policy”, authored for the American lawmakers by an analyst in African Affairs, Tomas Husted, and specialist in African Affairs, Lauren Blanchard, the CRS said Nigeria had maintained its position as the United States’ second-largest trading partner in sub-Saharan Africa.

The document is to help the country’s lawmakers make ‘informed’ decisions on key issues in the country.

“As of 2019, Nigeria was the United States’ second-largest trading partner in sub-Saharan Africa (after South Africa) and third-largest beneficiary of US foreign direct investment (FDI) in the region (after Mauritius and South Africa).

“Nigerian exports to the United States are dominated by crude oil, which at $4.4 billion, accounted for 88% of US imports from Nigeria in 2019.

According to US International Trade Commission data, Nigeria consistently ranks as the top source of exports to the United States under the African Growth and Opportunity Act,” it stated

However, it noted that Nigeria also remains a major regional destination for US exports of motor vehicles and refined petroleum products (e.g., gasoline), which are among the fastest-growing U.S. exports to Africa.

Agricultural products and machinery, the research group said, are other top US exports to the country, adding that Nigeria’s demand also has driven growing U.S. petroleum exports to nearby Togo, a regional transhipment hub.

On the US foreign assistance globally, the document noted that the USAID allocated $451.4 million in bilateral aid for Nigeria in FY2020, nearly 90 per cent of which supported health programmes.


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Francis Okafor Stuns China, Emerges Second-Place Winner @ Tencent OpenClaw Hackathon

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In a striking moment of global recognition for African talent in artificial intelligence, Shenzhen-based Nigerian technologist, Francis Okafor has emerged as the second-place winner at the 2026 Tencent OpenClaw Hackathon, a fiercely contested competition hosted by Chinese tech giant Tencent.

The achievement places the Nigerian engineer among the top innovators in one of the world’s most competitive technology hubs, Shenzhen, often described as China’s Silicon Valley.

Okafor’s journey to the podium was anything but scripted. Walking into Tencent’s facility on the day of the contest, he found a room already buzzing with elite programmers deep in preparation.

“Laptops open. Heads down. Some people setting up their system before the challenges even dropped,” he recalled, contrasting the scene with his own uncertainty at that moment. “And then there is me — a Nigerian looking around like, okay Francis, what exactly are you doing here?”

Rather than confidence, his first reaction was raw nerves. “I won’t lie, I had goose bumps. Not the inspirational kind,” he admitted, describing a quiet internal debate about whether he had wandered into territory far beyond his league. Yet that hesitation quickly gave way to experimentation, a hallmark of the hackathon spirit.

Earlier that same week, Tencent had rolled out OpenClaw integration into WeChat (known domestically as Weixin), exposing its massive user base to AI agent capabilities.

Okafor, a senior technology lead, artificial intelligence advocate, and global community organiser, had already been stress-testing the system and decided, on the spot, to build his entry around it. “I had been pushing it hard all week just to see what it could do… so when the challenges dropped I thought, you know what, let me use this thing as my weapon.”

That decision proved decisive. Competing against some of the most accomplished engineers in China’s hyper-competitive tech ecosystem, Okafor’s solution stood out for both ingenuity and execution. “It went far enough apparently,” he said with understated pride after securing second place.

Remarkably, he had entered without a grand plan. “I didn’t go in with a strategy. I went in for the thrill of it… Honestly I thought I would learn a few things and go home with a good story.” Instead, he left with a trophy, and a narrative that has resonated far beyond the competition hall.

Beyond personal triumph, Okafor emphasized the broader technological significance of the moment. Tencent released the WeChat OpenClaw plugin on the very morning of the event, effectively putting advanced AI agent tools into the hands of an estimated 1.4 billion users.

In his view, this signals a profound shift in how artificial intelligence will reach the public. The company, he observed, is “not just making AI accessible to developers… they are bridging it to everyone,” while using hackathons to identify innovators capable of pushing the technology forward, regardless of origin.

Okafor was acutely aware of his uniqueness in the room. “I was definitely the only African there and for sure stood out,” he noted. Yet what mattered was not nationality but capability. “Nobody cared about where I was from. They cared about what I built.”

His message to aspiring technologists, particularly those from underrepresented regions, is both simple and powerful: show up. “Enter things you think you have no business entering,” he urged. “The worst case is you learn something. The best case is you shock yourself.”

In an industry often defined by geography, capital, and institutional advantage, Okafor’s victory offers a compelling counter-narrative. Talent, preparation, and courage can still disrupt expectations, even in rooms that seem designed for someone else.

As he concluded in a line that has since captured widespread attention: Black excellence, he said, “doesn’t need a geography.”


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CBN Pledges Deeper Synergy with EFCC in Enugu Operations

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Economic and Financial Crimes Commission (EFCC) has urged the Central Bank of Nigeria (CBN) to deepen collaboration and provide faster operational support in Enugu State.

EFCC Seeks Stronger Ties with CBN in Enugu for Anti-Graft War

Zonal Director of the EFCC Enugu Zonal Directorate, Commander Daniel Isei, made the call during a courtesy visit to the CBN Branch Controller in Enugu, Mr Otutubuike Justice Agbaeze, on Tuesday.

The engagement forms part of ongoing efforts to boost inter-agency ties, enhance financial sector accountability, and fortify anti-money laundering initiatives nationwide.

Isei described the CBN as “our most critical partner in the fight against economic and financial crimes,” highlighting years of joint operations and the bank’s role in securing recovered assets.

“The CBN naturally stands out as one of our most critical partners… it serves as a secure repository for valuables recovered by the EFCC and it has greatly enhanced our operations,” he stated.

While commending past cooperation, Isei appealed for quicker responses to the EFCC’s frequent investigative requests from its Enugu office.

“We understand that these requests may be demanding, but timely responses are crucial, as time is of the essence in financial investigations. We therefore seek your continued indulgence in ensuring that our letters receive expeditious attention,” he added.

In response, Agbaeze reaffirmed CBN’s dedication to the partnership, pledging expert support and improved synergy “in the interest of financial system stability and national development.”


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Firm Shares Tips for Updating Your Digital Habits for an AI-driven World

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As smart devices with artificial intelligence (AI) tools, and always-on services become part of everyday life, the cybersecurity habits many people formed a few years ago may no longer be enough.

From AI-powered scams to social media trends that encourage users to upload personal details, the way people interact online is changing quickly. Ensuring that you stay secure now requires small, deliberate actions in your daily digital behaviour. Experts from Kaspersky, a global cybersecurity and digital privacy company, share the below advice to stay safe online.

  1. Be cautious with verification requests. Many scams now mimic legitimate verification processes, asking users to confirm accounts, update payment details, or approve login attempts. Because people are used to frequent security prompts, it is easy to respond automatically. Pause before sharing verification codes or personal information and independently verify requests through official websites or by contacting service providers directly.
  2. Cultivate healthy AI usage habits. AI agents, chatbots and multimedia-generating apps can be convenient and entertaining, but uploading high-resolution photos or personal information carries privacy implications. Facial images can function as biometric identifiers, and once shared with an online service, be it AI or a social network, control over how that data is stored or reused may be limited. Before using AI tools, review privacy policies, minimise the personal information they provide, and avoid uploading sensitive documents or confidential content.
  3. Do your homework on AI. For parents, the rise of AI assistants introduces another dimension. While AI tools can help in making education interactive and gamified, children may turn to AI tools for homework support or entertainment without fully understanding how their data is used or how to evaluate responses critically.

Open conversations about responsible AI use, privacy awareness, and the importance of not oversharing personal information can help children build safe digital habits from an early age.

  1. Audit your online subscriptions. Reducing digital exposure is another simple but often overlooked step. Over time, unused subscriptions, dormant accounts, and forgotten apps accumulate personal data and payment details. Regularly reviewing subscriptions, deleting unused accounts, and checking which apps have access to personal information can significantly reduce risks of this data being leaked.
  1. Secure your devices and home. Device longevity and smart home security also play an important role. Older devices that no longer receive security updates may contain unpatched vulnerabilities.

Ensure that smartphones, laptops, routers, and smart home devices are running the latest firmware and are protected with strong passwords and multi-factor authentication. Changing default passwords on connected devices and securing home Wi-Fi networks are essential steps in protecting both personal data and physical spaces.

As technology and AI becomes more integrated into daily life, security is less about dramatic measures and more about consistent, informed habits.

“Technology evolves quickly, and our online behaviour should keep pace,” says Brandon Muller, Technical Expert for the Middle East and Africa region at Kaspersky. “Take time to review privacy settings, app permissions, and connected third-party services, removing anything that is no longer needed. By being more deliberate about what we share, how we verify requests, and how we manage our devices, we can significantly reduce exposure to modern cyber risks while enjoying all the benefits of new technologies.”


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