NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone– The African Landmass has 12% of the world’s oil reserves and 8% of gas supplies.

As it stands, it’s enticing billions of pounds of investment as it glances to launch over 400 oil and gas projects over the next four years.

In 2024, around £85 billion is anticipated to be invested in energy across Africa. Most of that money, £54 billion, drives into fossil fuel schemes, with the remainder financing a range of clean energy technologies.

One of the primary projects on headline, is the schedule to build a gas pipeline from Nigeria to Morocco.

The pipeline would extend for 4,350 miles and pass through thirteen countries along the Atlantic coast.

It will have a capacity of 10 billion cubic metres a year and could cost as much as £19 billion.

The pipeline has the proclivity to be extended to Spain, as a result; making it simpler for African nations to sell their gas to European markets.

Nigeria’s administration is very akin to get the project off the ground and exploit its abundant gas resources.

According to estimates from the US Energy Information Administration, the country has the world’s ninth-largest proven gas reserves.

Thus, the country flares off vast amounts of gas produced along with crude oil due to a lack of infrastructure to make use of it.

New Africa Daily News Abdul Rahman Bangura Reports, Africa Correspondent

NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone–Grid Africa is ventured to strengthening solar energy solutions slated at mitigating the rising costs as grid electricity evolves expensive across the African continent. Currently, Eskom declared a 36% surge in tariffs to NERSA brandishing a substantial rise in overall energy costs, which is anticipated to particularly impact business customers.

According to Norman Moyo – CEO of Grid Africa, “The recent changes in energy security in South Africa present a unique opportunity for businesses to deploy more solar energy projects, providing a buffer against escalating energy prices. With decreasing costs in solar technology and lithium batteries, we can further enhance energy efficiencies and enable peak shaving for our clients, where they can avoid peak charges on the electrical grid.

Grid Africa recently expanded its operations into Zambia, a market currently facing significant challenges with load shedding. This expansion underscores Grid Africa’s commitment to providing reliable energy solutions across the region. Grid Africa remains dedicated to leading the charge in renewable energy development, ensuring that businesses can thrive despite the shifting energy landscape in South Africa.

Hope Tshepo Segone – CEO of Rifuwo Energy Partners, noted on the investment, saying, “Grid Africa aligns with our mission to drive a just transition towards a more sustainable future. We are excited to partner with an experienced and entrepreneurial team who have a proven track record in developing and maintaining hybrid projects in challenging environments such as Zimbabwe, Kenya, and Ivory Coast.”

The corporation has same confirmed a solar agreement with Huawei to implement 72 megawatts (MW) of sustainable solar power infrastructure tailored to cater to the energy needs of mines across Zimbabwe, at a critical time when power blackouts have led to a $500 million revenue loss for mining companies.

This partnership is scheduled to the pressure on the strained national grid, but also drive down operational expenses and ensure a steady and uninterrupted power supply, ultimately bolstering the operational continuity for the mining enterprises involved.

“By integrating solar solutions through this landmark collaboration with Huawei, we are poised to bring about a transformative positive impact on the mines in Zimbabwe,” said Norman Moyo, CEO of Grid Africa. “This initiative will not only optimize energy usage but also provide a sustainable power source that will enhance the operational efficiency and financial stability of the mining sector.”

Utilizing solar power within mining operations establishes multiple windfalls, encircling a reduced reliance on the national grid, substantial cost reductions, and increased operational resilience through a consistent power supply. A 72MW solar project could create approximately 1,152 to 3,744 total jobs (direct and indirect) while also contributing to foreign currency savings by offsetting power imports. Moreover, with Huawei being a global energy player, this partnership further underscores the integration of cutting-edge technological expertise and a steadfast commitment to sustainability on a global scale.

The 72MW solar agreement between Grid Africa and Huawei paves the way for a new era of sustainable energy solutions, setting a benchmark for companies committed to improving operational efficiency, championing environmental stewardship, and driving transformative change in industrial energy consumption.

Xia Hesheng, President of Huawei Digital Power Sub-Saharan Region, re-affirmed the firm’s commitment to sustainability and technological innovation saying, “We are excited to merge our solar expertise with Grid Africa to empower Zimbabwe’s mining industry with clean, dependable energy sources. This partnership highlights our dedication to driving sustainable progress, fostering long-term operational sustainability, and reshaping the industrial energy landscape in the region.”

New Africa Daily News Abdul Rahman Bangura Reports, Africa Correspondent

NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone– Apparently, this slates to bring another 5.7 trillion CFA francs in private investment, a draft government plan illustrates. Public investment in education, energy infrastructure and a range of other projects is seen increasing by an average of 14.7% yearly between 2025 and 2029, according to the plan, which was shared by the Finance Ministry. The document is however, a work in progress and could still have a paradigm shift, according to a presidency official.

The plan is being established by the new administration of President Bassirou Diomaye Faye, who took office in April and has pledged to curb high levels of poverty and unemployment. It states that, a lack of transparency and bad management of public finances has delayed efforts to uplift Senegal’s 18 million people, that wealth and income differences between those living in the capital and the countryside have expanded and that Senegal is too highly indebted.

About half of the West African nation’s people who don’t resident in the main cities live below the poverty line, official youth unemployment stood at 22% in 2022 and one fifth of eligible children aren’t in school, official data shows. The Administration of Faye gears to navigate more revenue from its oil, gas, gold and other natural resources going forward, while curtailing its dependence on loans under a “prudent, better and more-controlled debt policy,” the plan states. It redirects Senegal’s debt-to-gross domestic product ratio falling to 61% in 2029, and that the government will rely more heavily on local and regional markets for financing.

A current review illustrated the debt-to-GDP ratio averaged 76.3% during erstwhile President Macky Sall’s last five years in power — higher than the 65.9% his administration had reported. The budget deficit meanwhile averaged 10.1% of GDP, almost double what had been previously stated, according to the review.

While the plan says that mining contracts and a fiscal framework for the oil and gas industry will be reviewed, it stops short of specifying that the terms will be renegotiated as Faye’s government had previously announced. The budget deficit will be cut to 3% of GDP from next year and maintained at that level through 2025. The average current account deficit is anticipated to drop 4.1% of GDP over the next five years, from 10.3% listed between 2014 and 2023, in part due to an increase in oil and gas exports and a gradual fall in food imports.

Energy subsidies are expected to fall to less than 1% of GDP by 2029, from 4% over the 2020-2023 period, as the increased use of gas to generate electricity helps contain costs and more lower-cost crude oil becomes available for refining.

New Africa Daily News Abdul Rahman Bangura Reports, Africa Correspondent

NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone– The disclosure ensues six months after the lift-off of the primary round of offshore oil and gas exploration blocks, which were divulged by the President of Zanzibar, Dr. Hussein Mwinyi.

The Minister for Blue Economy and Fisheries, Shaaban Ali Othman, remarked in a statement on September 27th, 2024 that the current blocks were established from the Pemba-Zanzibar block, which was disembarked to the administration after the license held by a United Arab Emirates (UAE) oil and gas company Rakgas expired.

“The former Pemba-Zanzibar block has been divided into two: Zanzibar Block 1, covering 6,572 square kilometers, and Zanzibar Block 2, covering 6,242 square kilometers,” the Minister noted in the statement.

He remarked that, giving the blocks through negotiation corresponds with Zanzibar’s strategic vision to attract investment in oil and gas exploration and to strengthening the island’s natural resources.

“Both the Zanzibar Development Plan (ZADEP 2021/26) and the 2022 Blue Economy Policy stressed in pursuing oil and gas exploration in Zanzibar and partnering with international oil and gas companies (IOCs) in the activities,” Othman noted.

Glancing the eight offshore blocks disclosed in March, he noted that, the Administration is still accepting applications, with crucial interest from global oil and gas companies. Thus, he did not publicize the number of companies that have applied so far.

The first deadline for applications for the offshore blocks was September 2024 but has been extended to December 2024.

“We are open to discussing opportunities with anyone ready to invest in the onshore oil and gas sector,” the statement furthered.

The Ministry’s Permanent Secretary – Hamad Bakari Hamad, bolstered, the Ministry’s venture to assuring the sector is fully utilized for the benefit of the nation and its people.

The Administration of Tanzania in partnership with oil and gas companies have discovered a total of 57.54 trillion cubic feet (TCF) of natural gas from different blocks. That includes 10.41 TCF from onshore wells and 47.13 TCF discovered offshore. The natural gas is currently utilized mainly for electricity generation, industrial consumption, domestic use and a little bit for fuel in gas-powered vehicles.

About 53.2% of the electricity was being generated through natural gas, according to the Energy budget speech, while hydropower plants account for 43.1%. Oil contributed 3.7%, the Ministry noted.

New Africa Daily News Abdul Rahman Bangura Reports, Africa Correspondent

NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone– This thrilling event will have in attendance CEOs and investors from the local and global investing communities. The summit will be concentrating on ways to enable financial advancement, competitiveness and stability. This summit is organized by the Nigerian Economic Summit Group yearly.

“The summit will emphasize the importance of achieving Africa’s aspirations in a new global context through bold ideas and actions, supported by strong leadership at the industry, national, regional and global levels,” NESG noted. The theme for this year’s summit is “Collaborative Action for Growth, Competitiveness and Stability”.

Panel discussions will gear towards on topical issues encompassing regulatory reforms for financial growth and competitiveness; is the market ready for increased local manufacturing of medicines? power sector dynamics: building state-level energy systems; launch of the AMV private sector compact in Nigeria; reforming Nigeria’s economy: a view from business; strengthening food security systems, and digital inclusion: closing the accessibility gap. Other topics for panel discussions include bolstering gender inclusive policies for economic development; bridging gaps: a framework for mainstreaming youth inclusive policies; fiscal & monetary policy reforms: removing barriers to private sector investment; Africa’s economic transformation and resilience: the next priorities, and leveraging the global trading system for inclusive growth.

Omoboyede Olusanya – Chairman of the Planning Committee for the 30th NES has earlier remarked that the summit is a critical platform for discussing regulatory reforms critical for significance financial usage and competitiveness. The summit is to mobilize leaders towards establishing good chances for both the present and the future.

The chairman enlisted that the summit will incorporate meetings with CEOs from the French speaking nations (Francophone) and deliberate on topics like local pharmaceutical manufacturing and energy sector dynamics, slating to bolster collaboration amongst stakeholders for good and sustainable development.

New Africa Daily News Abdul Rahman Bangura Reports, Africa Correspondent

NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone– The disclosure evolves reports that recommended the Federal Administration had authorized Dangote Refinery as the sole supplier of jet fuel to airlines.

In a post on X, Keyamo refuted these claims, stating that it was not accurate to report that the government had approved the refinery as the exclusive supplier. He asserted that, the decision was made by the airline operators themselves, with his approval.

The Minister noted: “The airline operators recently met and, with my approval, voluntarily decided that they would only purchase Jet A1 fuel from Dangote Refinery.”

He emphasised that the move aligns with the federal government’s crude-for-naira initiative, where transactions would be conducted in the local currency, Naira, with no dollar component.

Keyamo noted that this arrangement, recently implemented between the government and Dangote, would help ease the pressure on the country’s foreign currency reserves.

“By eliminating the influence of international market fluctuations, we can stabilize the price of jet fuel, which will now be clearer and cheaper, as payments will be made in Naira,” he stated.

New Africa Daily News Abdul Rahman Bangura Reports, Africa Correspondent

NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone– Mohsen Antit – Tunisia’s Ambassador to Nigeria made the disclosure during a visit to Governor Mai Mala Buni, where he remarked that, the state has the mastery that are beneficial to the Tunisian business community and the business community in Yobe State.

He noted, “We are willing to explore these potentials to the benefit of our people and governments. We will arrange for exchange visits between the business communities for them to appreciate the potentials and the mutual benefits available for the two communities,” Mohsen stated.

Responding, Governor Buni guaranteed the Ambassador of his Administration’s commitment towards propagating business partnership between the two parties.

“We have huge arable lands and energetic youth readily available for agricultural engagements, education and other areas. Similarly, our vibrant business community is ready for the partnership,” Governor Buni stated.

The Governor same noted government would support the exchange visits to promote the partnership, adding that the newly completed cargo airport would contribute to the proposed partnership between Yobe State and Tunisia”

“Let us be pragmatic, proactive and time conscious in promoting this partnership to the benefit of our people,” Buni also furthered.

New Africa Daily News Abdul Rahman Bangura Reports, Africa Correspondent

NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone– TotalEnergies is navigating a fresh upstream programs in Angola – from offshore exploration to infill drilling to greenfield projects – as enlisted by Martin Deffontaines – Managing Director of TotalEnergies Angola during the Angola Oil & Gas conference and exhibition.

Senior Vice President of the African Energy Chamber – Deffontaines expressed the firm’s Kaminho Deepwater Development, which secured a $6-billion FID in May this year. The project exemplifies the primary large deepwater development in the Kwanza Basin and gears to bolster the Cameia and Golfinho fields, with a production plateau of 70,000 barrels per day and target start-up of 2028.

“It has been a collective effort by the technical teams and partners – Sonangol, Petronas and the ANPG. Once the design was established and optimized, we had to make it commercial. Thanks to the contractual terms we got from the ANPG, it became a project and was validated in May. It’s a game changer for Angola and for TotalEnergies.”

According to Deffontaines, the Kaminho project employs an “ultra modern design” with an all-electric FPSO – designed to minimize greenhouse gas emissions and curtail routine flaring, with all associated gas to be fully re-introduced into the reservoirs – and correlates with TotalEnergies’ venture to sustainability and low carbon energy production.

“The world is changing and we have to adapt. We are committed to net-zero by 2050 as a company. We are closing flaring at all our FPSOs, of which we currently operate six in Angola. We will close the Dalia FPSO flare, which will save around 50,000 KT of carbon emissions per year. It’s a permanent effort we are making.”

Deffontaines same, underscored the role of local subcontractors in TotalEnergies’ projects and installations. Since 2023, the operator has added 77 local entities to its supplier base and aided local companies to strengthen their technical qualifications to tally with TotalEnergies’ call for tenders. In addition, TotalEnergies currently inducted an incubator program to assist 100 young Angolans set up their businesses.

“We have received 3,000 candidate projects, with very good ideas coming from agriculture, digital, tourism, fashion and so forth. We are committed to selecting 100 projects and providing support, which can be access to project financing or different competencies to create their business.”

New Africa Daily News Abdul Rahman Bangura Reports, Africa Correspondent

NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone– The enviable infrastructure concept will correlate five West African nations— Côte d’Ivoire, Ghana, Togo, Benin Republic, and Nigeria—via a 1,068-kilometer highway that will connect eight border towns, starting in Lagos and ending in Abidjan.

Chaired by Nigeria’s Minister of Works – Dave Umahi, the meeting was centered on projecting it towards its procurement phase, with construction anticipated to commence in 2025.

The Minister remarked that, the project has been in development for 11 years, receiving vital assistance from the African Development Bank. “Today, we aim to finalize the design and set procurement goals for our next meeting,” Umahi said.

“The design of the project, ESIA design, conceptualization, and funding mechanisms have been on in the past 11 years,” he said.

“As of today, we are going to listen to the committee of experts in terms of the design and so we believe that we will finalize and approve the design today, and then we set the goal for procurement, probably in our next meeting.”

It was reported that, the Lagos-Abidjan Highway project is expected to carry over 500,000 passengers daily and significantly boost trade, tourism, and economic activities within the region.

The Lagos-Abidjan highway would be instrumental in expediting trade, tourism, and overall economic advancement across the West African sub region, drawing parallels with the U.S. economic boom, which was largely brandished by its extensive highway system.

The Minister of Equipment and Road Maintenance for Côte d’Ivoire, Dr. Amede Kouakou, underscored his country’s commitment to accelerating the project, emphasizing the significance profits it will provide to both Nigeria and Côte d’Ivoire, as well as the broader region.

New Africa Daily News Abdul Rahman Bangura Reports, Africa Correspondent

NEW AFRICA DAILY NEWS (NADN) Accra GHANA- The Board of Directors of the African Development Bank Group has approved a $129.71 million loan to Tanzania for the implementation of a youth-focused agribusiness programme.

The loan will fund the first phase of the “Building a Better Tomorrow: Youth Initiatives for Agribusiness” program, which aims to create business opportunities and jobs for young people in key agricultural sectors.

The total cost of the project is estimated at $241.27 million. In addition to the Bank’s loan, which covers 53,76 percent of the cost, the funding package includes grants of $1.15 million from the Korea-Africa Economic Cooperation (KOAFEC) Trust Fund and $210,000 from tropical vegetable seed firm East-West Seed. The Tanzanian government will provide $110.41 million, representing 45.76 percent of the total.

Patricia Laverley, the Bank’s Country Manager for Tanzania, said: “This project is expected to incubate and empower approximately 11,000 ‘agripreneurs,’ including at least 6,000 young agribusiness owners.” She added that the program will facilitate access to finance for an additional 2,500 young people already involved in agribusiness but lacking access to commercial loans. We expect each agribusiness run by a young person will employ an average of five workers.”

The project will implement strategies to raise awareness and manage knowledge using youth-oriented information and communication technologies. It will also provide training and support for agri-food business incubation and acceleration, with a particular focus on the recruitment of female applicants.

Digital technologies, including satellite technology and artificial intelligence, will be utilized to improve agricultural productivity and decision-making processes for young farmer cooperatives.

As of 30 June 2024, the African Development Bank approved 25 projects in Tanzania, with a total commitment of $3.48 billion.

For New Africa Daily News Richard Adorsu Reports, Africa Correspondent