Connect with us

VenturesNow

Nigeria-Morocco sign MoU as gas pipeline project takes off

Published

on

The gas pipeline project between Nigeria and Morocco has finally taken off. The two countries on Thursday, in Rabat, signed a memorandum of understanding to that effect.

According to an official source, the gas pipeline which would link Nigeria to Morocco will also supply West Africa and Europe.

A joint statement by the countries revealed the memorandum on the Nigeria-Morocco gas pipeline project (NMGP) was initialed by the leaders of the National Nigerian Petroleum Company Limited (NNPC), the Moroccan Office of Hydrocarbons and Mines (ONHYM), and a senior official of the Economic Community of West African States (ECOWAS) in charge of energy.

The text signed “confirms the commitment of ECOWAS and all the countries involved to contribute to the feasibility of this important project”, the statement said.

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.

Although no date has been given for the completion of the Trans-Saharan, the 6,000 km Nigeria-Morocco project will cross 13 African countries along the Atlantic coast and supply the landlocked states of Niger, Burkina Faso and Mali.

Amidst the recent scramble for gas across the world, most countries, particularly in Europe, are seeking to reduce their dependence on Russian supplies.

In July, the Deputy-Director General of the European Commission’s energy department, Matthew Baldwin, revealed that the continental bloc is preparing for potential Russian supply cuts and increased 14% of its total LNG supplies from Nigeria and there is a potential for more than double this.

There have also been gas supply deals between countries European countries like Italy, Israel, and Germany and African gas sources like Algeria, Egypt, Senegal, and Angola.

VenturesNow

Petrol prices fall in South Africa, Libya but cost of diesel keeps flying

Published

on

Prices of petrol have fallen in South Africa and Libya but such cannot be said of diesel.

The government of government on Monday announced that the petrol pump price would decrease by up to 1.02 Rand a litre but the price of diesel would increase by up to 15 cents a litre from October 5.

In Sudan also, petrol prices seem to be obeying the law of gravity as the energy ministry said in a statement on Tuesday that price had fallen from 700 Sudanese pounds to 522 pounds ($0.9235) per litre.

There has been a fall in global oil prices recently which has caused a fall in domestic inflation to 7.6% in August in South Africa.

The ongoing war between Russia and Ukraine has had its knock-on effects on oil prices globally. Prices of diesel have almost tripled in most African countries.

In Nigeria for instance, industries like aviationtelecom operators have all struggled with the situation which has disrupted business operations.

Continue Reading

VenturesNow

Zambia sets for first meeting with creditors amidst growing fiscal challenges

Published

on

The finance ministry in Zambia said it is set for its first meeting with its creditors as the South African country struggles to escape its current financial mess.

The finance minister, Situmbeko Musokotwane made the revelation on Monday at a public meeting to discuss the country’s annual budget.

Musokotwane said at a budget speech last week Zambia’s external public debt reached $14.87 billion at the end of June 2022.

“Have we started negotiations with creditors? Not yet but right now we have preparations for the first meeting,” Musokotwane said in response to a question.

Zambia’s creditors are mainly Chinese lenders and bondholders.

The Southern African country that opted to bow out of a $42.5 million Eurobond repayment in 2020,  is seeking $8.4 billion of debt relief from 2022 to 2025.

Zambia is one of the African countries currently facing economic woes. The country has been in negotiation with the International Monetary Fund (IMF) for aid amidst the crisis.

The country was struggling with a debt burden of almost $32 billion, around 120% of its gross domestic product.

Continue Reading

EDITOR’S PICK

Tech2 hours ago

South African calling app startup, Talk360, gets $7m seed funding following new backing

South Africa’s international calling app, Talk360, a Voice over Internet Protocol (VoIP) startup, has secured an additional US$3 million in...

VenturesNow2 hours ago

Petrol prices fall in South Africa, Libya but cost of diesel keeps flying

Prices of petrol have fallen in South Africa and Libya but such cannot be said of diesel. The government of...

VenturesNow2 hours ago

Zambia sets for first meeting with creditors amidst growing fiscal challenges

The finance ministry in Zambia said it is set for its first meeting with its creditors as the South African...

Politics3 hours ago

Lesotho to hold parliamentary election as political instability rages

Southern African nation, Lesotho will hold its parliamentary elections on Friday despite political instability rocking the country following the inability...

Politics4 hours ago

President Tshisekedi of Congo DR appoints new military chiefs amidst growing unrest

The presidency in the Democratic Republic of Congo has replaced the head of the armed forces as part of broader...

VenturesNow4 hours ago

Kenya lifts ban on genetically modified crops as worst drought in 40 years strikes

Public policy reforms have continued under Kenya’s new president William Ruto as the president just lifted a ban on genetically...

VenturesNow4 hours ago

Ukraine promises more grain exports to African countries to tackle food crisis

Ukraine has promised to send more grain to African countries in a bid to tackle growing food insecurity on the...

Metro5 hours ago

Ugandan President Museveni promotes son to full General after threatening to capture Kenya

President Yoweri Museveni of Uganda has promoted his first son, Lt. Gen. Muhoozi Kainerugaba, to full General which is the...

Sports9 hours ago

Too Good, Too Bad: How African stars performed in Europe last weekend

With the return of football after the international break, African stars plying their trade in Europe returned to action for...

Metro1 day ago

Liberian narcotics officials arrest drug trafficker with cocaine worth $100m

Operatives of the Liberia Drug Enforcement Agency (LDEA) and National Security Agency (NSA), have arrested a 31-year-old Guinea-Bissauan drug trafficker,...

Trending