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Afreximbank to Lead $1b Trade, Infrastructure Support in Togo

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  • Afreximbank to Lead $1b Trade, Infrastructure Support in Togo

The African Export-Import Bank (Afreximbank) will attract up to $1 billion in financing and investments to support trade activities and infrastructure development- industrial parks and logistics facilities, in Togo.

The move, which forms part of its support for the development of the region’s economic activities, will see it participate in projects that are likely to span from $500 million to $1 billion in the country, beside those in other African countries.

Afreximbank President, Dr. Benedict Oramah, after meetings with Togolese President, Faure Gnassingbé and several ministers, Dr. Oramah, led a mission of business leaders to discuss trade and investment opportunities in the country and continent at large.

He described Togo’s economic vision as being in line with Afreximbank’s strategy to promote intra-African trade and intensify the continent’s industrialisation and pledged the bank’s readiness to provide financing to promote trade and the development of trade-facilitating infrastructure in Togo.

Oramah said that the accompanying business leaders were keen to explore opportunities to set up joint ventures and to invest into concessions.

The country’s Minister of Economy and Finance, Sani Yaya and his Infrastructure counterpart, Ninsao Gnofam, described the Lomé port as the driving force for Togo’s trade growth and as a sub-regional economic integration tool, serving as the transit point for more than 80 per cent of the country’s trade flows and servicing nearby landlocked countries like Burkina Faso, Mali and Niger.

But Oramah assured that the bank would use its arrangement with international partners to finance the supply of mining and agricultural equipment and to set-up processing facilities for potash for fertilisers, while African oil and gas firms could come in the construction of storage and logistics facilities for petroleum products.

Already, Minister of Trade, Industry and Tourism, Bernadette Legzim-Balouki, presented the bank’s delegation with tourism and hospitality projects, including the construction of luxury leisure resorts and conferencing facilities along the Togolese coastline and the building of eco-friendly bush and wildlife resorts on sustainable development concepts.

Oramah pledged that the bank would explore it’s Construction/Tourism Relay Facility, designed to provide financing to equip Africa with world-class tourism facilities, to see how it could be implemented in Togo in collaboration with business leaders and investors.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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