Connect with us

VenturesNow

Nigeria to enter agreement with ECOWAS for the construction of Nigeria-Morocco gas pipeline

Published

on

The Nigerian government has concluded top level plans to enter into an agreement with the West African regional bloc, ECOWAS, for the construction of the Nigeria-Morocco gas pipeline.

The authorization came on Wednesday during a meeting of the Federal Executive Council (FEC), to the Nigerian National Petroleum Corporation (NNPC) to immediately set in motion the modalities for the agreement.

Minister of State for Petroleum Resources, Timipre Sylva, disclosed the decision to journalists after the meeting held at the Presidential Villa in Abuja, chaired by Vice President Yemi Osinbajo in the absence of President Muhammadu Buhari who is in Madrid, Spain, on a state visit.

According to the Minister, the Ministry of Petroleum Resources had presented a memo to the FEC with the Council authorizing the NNPC to sign a memorandum of understanding with ECOWAS for the construction of the Nigeria-Morocco gas pipeline which will pass through several countries in the sub-region.

The pipeline, according to the Minister, would connect Nigerian gas to all West African coastal countries including Benin, Togo, Ghana, Côte d’Ivoire, Liberia, Sierra Leone, Guinea, Guinea-Bissau, Gambia, Senegal, and Mauritania, ending in Tangier, Morocco and Cadiz, Spain.

The 7,000-kilometer-long pipeline which will also cross the territorial waters of 13 countries, is intended to be a catalyst for the economic development of the North-West African region and carries a strong desire to integrate as well as improve the economic and social development of the region.

It also aims to boost the regional economy through the promotion of economic development in North-West Africa, the development of job-generating industries, the reduction of gas flaring and the use of reliable and sustainable energy.

The Nigeria-Morocco gas pipeline mega-project had been first discussed during the official visit of King Mohammed VI of Morocco in December 2016 to President Buhari in Abuja.

Following the high powered meeting, a related agreement was signed on June 10, 2018, during a reciprocal visit to Rabat Nigeria’s President Buhari.

The mega project is also the subject of an agreement between the NNPC and the Moroccan National Office of Hydrocarbons and Mines (ONHYM).

VenturesNow

Somalia gives foreign banks licence to operate in decades

Published

on

The Somali government has announced the licensing of foreign banks for the first time in over two decades six weeks after President Hassan Sheikh Mohamoud was sworn into office following an elections that took years to conduct following a lingering political crisis.

The announcement which was made on Monday by the governor of the Central Bank of Somalia (CBS) Abdirahman Mohamed Abdullahi, said the war-ravaged country has granted banking licenses to two foreign institutions to operate in the country after President Mohamoud had promised to open the country to international investment during his campaigns for the elections.

The first foreign banking institutions to benefit from the decision are Egyptian bank, Banque Misr, and Turkish bank, Ziraat Katilim, who have been allowed to operate in Somalia.

“The review of the applications of these two banks has been the subject of a lengthy process of several months.

“These are two strong banks that will add value to the development of Somalia’s financial sector and contribute to the growth of our economy,” the CBS governor said

Ranked one of the poorest countries in the world by the World Bank, the average Somalian lives on less than $1.90 a day as the country struggles to recover from decades civil war and and opening its doors to foreign investments is seen as President Mohamoud fulfilment of his pledge to improve the economic situation and provide basic banking services to the population.

Continue Reading

VenturesNow

Egypt Suez Canal announces record $7bn profit in 2021-2022

Published

on

The management of the Egyptian Suez Canal has announced a record profit of $7 billion for the 2021-2022 fiscal year, which it said was as a result of repeatedly raising transit fees for ships through the crucial passage for world trade.

The Suez Canal Authority (SCA), said on Monday that between July 2021 and June 2022, about 1.32 billion tonnes of cargo transited through the canal, providing a $7 billion rent in transit fees, which is the highest in the history of the SCA, its Executive Chairman, Admiral Osama Rabie, said.

Rabie added that the Canal was able to increase its profit by 20.7% compared to the previous financial year where it made €5.5 billion.

The Suez Canal handles about 10% of the world’s maritime trade and is one of Cairo’s main sources of foreign currency and despite the war in Ukraine and the rise in the oil price which has affected shipping, the canal also recorded its highest monthly turnover in April, valued at €605 million according to Rabie.

“The international crises have demonstrated the importance of the Suez Canal for the stability of global supply chains,” Rabie said.

He added that the Canal has contributed significantly to the growth of the North African country’s economy which has been caught between inflation of over 15% and a recent devaluation of the pound by nearly 20%, which had increased transit fees for oil and gas shipments by 6% in February and then by 5 to 10% in March.

Continue Reading

EDITOR’S PICK

Politics1 hour ago

Tunisia President Saied dares opposition, defends new constitution despite criticism

Tunisia’s President Kais Saied has defended his proposed new constitution despite widespread criticism and protest by opposition figures, saying the...

Politics2 hours ago

Sudan’s junta leader, General al-Burhan, promises to withdraw army from civilian government

Leader of Sudan’s military junta, General Abdel Fattah al-Burhan, has promised he will withdraw the army from further participating in...

Metro3 hours ago

Nearly €20 million in contention as Chad arrests top oil sector, banking officials

An investigation into embezzlement at the national oil company in Chad has led to the arrest of a group of...

Politics7 hours ago

Rwanda/Congo DR: Kagame, Tshisekedi to meet in Angola. Will they finally bury the hatchet?

The leaders of two African countries that have been at loggerheads in recent months, Democratic Republic of Congo’s President Felix...

Metro17 hours ago

326 Mozambican Police officers dismissed for involvement in crimes since 2020

The Mozambican Police Force (PRM), has dismissed 326 officers from the force since 2020 over their involvement in different crimes...

VenturesNow17 hours ago

Somalia gives foreign banks licence to operate in decades

The Somali government has announced the licensing of foreign banks for the first time in over two decades six weeks...

VenturesNow17 hours ago

Egypt Suez Canal announces record $7bn profit in 2021-2022

The management of the Egyptian Suez Canal has announced a record profit of $7 billion for the 2021-2022 fiscal year,...

Metro18 hours ago

Egypt: First electrified light rail transit (LRT) begins trial

North African country, Egypt has recorded a great feat in its transportation sector as it first electrified light rail transit...

Metro19 hours ago

President Kagame doesn’t mind if Rwanda soldiers are excluded from regional force on Congo’s demand

President Paul Kagame Rwanda has said he doesn’t mind if his country is excluded from a regional military force battling...

Politics20 hours ago

Sudan/Ethiopia in view as IGAD summit holds in Nairobi, Kenya

The 39th extraordinary meeting of the Inter-Governmental Authority on Development (IGAD) will on Tuesday in Nairobi. The heads of state...

Trending