South Sudan’s Minister of Petroleum, Hon. Puot Kang Chol, and Equatorial Guinea’s Minister of Mines and Hydrocarbons, H.E. Gabriel Mbaga Obiang Lima have rejected accusations that the decision to cut production by OPEC+ was politically motivated, but rather, based on technical factors. The two were speaking during a panel discussion on global energy security moderated…
Two months to the 27th global climate summit (COP27) in Egypt, key African and global leaders rallied in Rotterdam, to highlight the urgency of climate adaptation funding for the continent. The summit, the first to focus on helping Africa adapt to the fallout from climate change, brought together the African Union Commission Chair Mousa Faki Mahamat,…
Japan has pledged $30 billion in a bid to ramp up investments on the continent over the next three years. This was announced by Japanese Prime Minister, Fumio Kishida during the eighth Tokyo International Conference on African Development (TICAD8) in Tunisia. “Japan will invest both public and private funds worth $30 billion over the next…
Ethiopian Prime Minister Abiy Ahmed has inaugurated the Dire Dawa Free Trade Zone. This is the country’s first free trade zone which is set to boost its economy by improving its import and export trade. The development of free trade zones is one of the major economic initiatives set as part of Ethiopia’s 10-year perspective…
Central African ministers have agreed to merge two regional blocs in a move to boost trade and integration. The 11-member Economic Community of Central African States (ECCAS) will join with the six-member Economic and Monetary Community of Central Africa (CEMAC). The deal aims to eliminate rivalry that has helped to make central Africa the poorest…
The African Export-Import Bank (Afreximbank) and the SADC Business Council (SADC BC) have launched the SADC – Africa Trade and Investment Marketplace. The marketplace aims at promoting regional trade, unlocking investment opportunities, deepening economic cooperation, and driving sustainable business growth between the SADC region and the rest of Africa. The SADC – Africa Trade and…
Organisation of Petroleum Exporting Countries (OPEC) will make 600 million Africans who are without electricity a priority in its global energy transition discussions. This is according to the new Secretary-General of OPEC, Kuwait’s Haitham Al Ghais. Al Ghais made this disclosure at a virtual event where he engaged part of the Nigerian media on his…
Africa has been losing 5 percent to 15 percent of GDP per capita due to climate change, according to the African Development Bank’s (AfDB) Acting Chief Economist and Vice President Kevin Urama. “We have been losing 5% to 15% of GDP per capita growth in Africa because of climate change, and that is in addition…
Seven African countries, including Rwanda, Cameroun, Egypt, Ghana, Kenya, Mauritius and Tanzania have been selected to start trading under the African Continental Free Trade Area (AfCFTA) framework in a pilot phase. This move seeks to test the environmental, legal and trade policy basis for intra-African trade, according to the AfCFTA secretariat. The countries picked to…
The African Union Executive Council has adopted the African Common Position on Energy Access and Just Transition during as the 41st Ordinary Session of the Executive Council. This is part of a comprehensive approach that charts Africa’s short, medium, and long-term energy development pathways to accelerate universal energy access and transition without compromising its development…
The oil and gas sector is one of the most important sectors of South Sudan’s economy, contributing to about 90 percent of revenues and almost all exports, according to World Bank. Despite its fragility, and underdevelopment, recent developments have seen African oil rich countries become a frontier for global oil and gas production as the…
China donated a US$140 million building to Zimbabwe that will become home to the country’s parliament. The gift is among the many grand projects designed by Beijing to deepen its influence on the continent This 650-seat building constructed by the Shanghai Construction Group will replace the current parliament building structure of 100 seat capacity. The building…
The past 30 years have seen the creative arts industry grow beyond entertainment, to a power house sector that has created nearly 30 million jobs worldwide and employs more people aged 15−29 than any other sector, according to a UNESCO report. In Africa, the industry is equally growing, in fact according to PWC Nigeria’s film industry…
International Development Association (IDA) should aim at pulling Africa out of its current dependency syndrome. This is according to the President of the Republic of Liberia, George Manneh Weah, at the International Development Association (IDA) for Africa summit organized by the World Bank Group and the Government of Senegal. “The plan should aim at pulling…
The Central African Republic has launched its national crypto dubbed the ‘Sango coin’, barely three months after adopting Bitcoin as a legal tender in April. This was made known by CAR President Faustin Archange Touadéra at a virtual event launching of Project Sango. In his keynote address he delivered CAR’s crypto vision where the country’s…
Ireland should look into a 15% increase in investment to Africa. This is according to African Development Bank Group President Dr. Akinwumi Adesina during the 7th Africa Ireland Economic Forum in Dublin, In 2020, Ireland joined the African Development Bank Group as its 81st shareholder and has continuously showed increased interest in strengthening it’s economic ties with Africa…
African Union member states need to embrace the idea of industrialization if they wish to remain competitive within the global trade space. This is according to Wamkele Mene, Secretary General, African Continental Free Trade Area (AfCFTA). According to Mene, the over dependence on export of the continent’s primary commodities as well as on external partners…
Africa Risk Capacity (ARC) is set to receive a share of $120 million from the United States government to support its Africa Disaster Risk Financing Programme (ADRiFi). The programme is set to help African governments respond to food system shocks by increasing access to risk insurance products. This announcement was made by President Biden during…
German’s BioNTech has started Construction of First mRNA Vaccine manufacturing facility in Kigali, Rwanda. The facility is expected to produce millions of vaccine doses to help Africa achieve vaccine equity. This biopharmaceutical company co-developed the first approved mRNA-based vaccine (Pfizer-BioNTech COVID-19 vaccine), will work with staff from its sites in Germany to accelerate the training…
The Nigeria-Morocco Gas Pipeline is among the most notable investment projects through which Morocco hopes to help Africa achieve financial independence. This is according to Morocco’s King Mohammed VI. In a message delivered on his behalf by Minister of Economy and Finance Fouzi Lekjaa during the launch conference for the African Forum of Foreign Investors…