- Infrastructure: AfDB Unveils $80m Finance Plan With DFID
The African Development Bank (AfDB) on Wednesday said it has partnered with the UK’s DFID to invest $80 million in infrastructure in Africa.
The deal signed during the 2020 UK-Africa Investment Summit will ensure UK’s DFID invest in African infrastructure to bridge the over $108 billion annual infrastructure gap on the continent.
Dr. Akinwumi Adesina, the President, AfDB, explained that the African continent currently has between $68-$108 billion investment gap annually, adding that while this is a massive gap, it could also be seen as an opportunity for interested investors.
“It’s either the cup is half-full or half empty. To us, that is a $68-$108 billion opportunity. The issue of risk in Africa is exaggerated. The risk of loss is lower than in Latin America. Yet, funds are not being channeled into Africa. There are $8 trillion of assets under management in London, but only 1% is invested in Africa,” Adesina stated.
Among the 16 African Presidents present was President of the Islamic Republic of Mauritania, Mohamed Ould Cheikh el Ghazouani.
Ghazouani said his administration is reforming security measures in the blue ocean economy, therefore, encouraged investors to look into Mauritania’s opportunities.
“We have reinforced security along our coasts. Other measures include the establishment of a Council on Investment. These huge efforts are showing tremendous results and it is giving comfort to investors,” Ghazouani said.
Baker Hughes Set to Boost Nigerian Energy Landscape with Refinery Investments and Oil Field Bid Participation
Global oil and gas giant Baker Hughes has expressed its commitment to invest in Nigerian refineries and actively participate in the upcoming bid round for marginal oil fields, according to an announcement by the Federal Government on Sunday.
The announcement followed a meeting between Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and Baker Hughes Chairman/President Lorenzo Simonelli at the 28th United Nations Climate Change Conference in the United Arab Emirates.
During the meeting, Baker Hughes expressed its eagerness to sustain and enhance its investments in Nigeria’s oil and gas industry, particularly showcasing interest in contributing to the country’s refinery sector.
Simonelli emphasized the company’s commitment to supporting Nigeria’s energy transformation agenda.
“Nigeria is a blessed nation with vast potentials and great opportunities in diverse sectors. As a partner with the Federal Government over the years, we are inspired to direct investment in the refinery domain of oil and gas,” said Simonelli.
In response, Minister Lokpobiri welcomed Baker Hughes’ move, highlighting the pivotal role Nigeria plays in the global energy landscape.
He expressed optimism about deepening collaboration and assured the company of the Federal Government’s commitment to creating an enabling environment for investments in the refinery sector.
“I am very happy that you have joined other companies in identifying the great opportunities and government’s favourable policies in our oil and gas sector,” Lokpobiri stated.
Additionally, the Minister’s media aide confirmed Baker Hughes’ interest in participating in Nigeria’s forthcoming marginal oil fields bid round, signaling a broader engagement in the nation’s energy sector.
This move aligns with Nigeria’s efforts to revitalize its oil and gas industry, with ongoing rehabilitation works at the country’s three refineries and the anticipation of increased investments under the new Petroleum Industry Act (PIA).
Nigeria Export-Import Bank Highlights Lucrative Investment Environment with Mexico
Mexican Investors Explore Solid Minerals Opportunities in Nigeria
Business3 weeks ago
Nigeria’s Logistics Sector Holds Untapped N3tn Potential, Says Courier and Logistics Management Institute
Black Market Rate4 weeks ago
Black Market Exchange Rate Today 14th November 2023
News4 weeks ago
Millionaire Powerplay Limited Unveils Unprecedented Odds in American Lotto’s Instant Cashless Payout
Forex3 weeks ago
Black Market Exchange Rate Today 16th November 2023
Forex4 weeks ago
Black Market Exchange Rate Today 10th November 2023
Black Market Rate3 weeks ago
Black Market Exchange Rate Today 21st November 2023
Telecommunications3 weeks ago
Airtel Africa Announces Interim Dividend Amidst Robust Half-Year Performance
Naira4 weeks ago
N-Power Dismisses Fake Recruitment Reports, Highlights Ongoing Payment Resolutions