Blog Medium Without Sidebar

By Abdul Rahman Bangura – NEW AFRICA DAILY NEWS ( NADN ) Freetown, Sierra Leone- Lekoil, an oil and gas exploration and production company with a focus on Nigeria and Western Africa, said it has attained an authorization with Optimum Petroleum Development Company – the Operator of the OPL 310 License; on postponing the last tranche of expenditure of $7.6 million payable on or before May 2nd, 2020. Nonetheless, Lekoil asserted that, this is in conformity to its reports on January 21st, 2020, March 25th, 2020 and April 3rd, 2020. Alhaji Yusuf N’jie – Managing Director Optimum Petroleum Development Company uttering on the agreement, said: “The recent challenges in the oil industry – the remarkable supply and demand shock brought on by the COVID-19 pandemic, proposes...

By Abdul Rahman Bangura – NEW AFRICA DAILY NEWS ( NADN ) Freetown, Sierra Leone- Mulling over the significant part that, the Africa Trade Insurance (ATI) influences in the nation’s financial growth, the European Investment Bank (EIB) donated $12.5 million authorization loan to cover Togo’s shareholding in ATI. The inclusive $37.5 million assortment, completed by European Investment Bank (EIB) in 2019, encloses the shareholdings of Niger, Togo and Cameroon, with Cameroon’s finished off membership to be published imminently and with extra financing feasible for more nations to enroll in 2020. The membership in ATI gives African governments with distinct business and enterprise safety capability and improves hazard grade for autonomous deficits; sufficient security ability, vital...

By Richard Adorsu- NEW AFRICA DAILY NEWS (NADN) Accra, Ghana- Policy and advocacy think tank, AfroChampions, is urging African Trade Ministers to convene a virtual summit under the aegis of the African Union to keep on track the operation of the African Continental Free Trade Area (AfCFTA) amidst the Coronavirus pandemic. According to the policy group, this high-level meeting would be an opportunity to discuss practical measures to pursue African economic integration despite the COVID-19 pandemic to take advantage of the existing AfCFTA provisions to respond to the health emergency, and to also consider a broader strengthening of capacities and infrastructure to help Africa recover from the crisis over the long-term. The AfroChampions Initiative, in an official appeal, proposed the...

By Abdul Rahman Bangura – NEW AFRICA DAILY NEWS ( NADN ) Freetown, Sierra Leone- Wamkele Mene, the scribe of the Africa Continental Free Trade Area (AfCFTA) disclosed the postponement of the undertaking of the AfCFTA authorization slated for July 1, 2020, recounting the Novel Coronavirus (COVID-19) pandemic. “It is obviously not possible to commence trade as we had intended on July 1st, 2020 under the existing conditions. Mene stated. “I think that’s the credible thing to do. I don’t think it would be appropriate when people are dying to be concentrated on meeting the July 1st, deadline. Rather, all governments should be permitted to direct their efforts on combatting the pandemic and saving lives at home.” Mene did not publicize the targeted enactment date, but...