VenturesNow

Equatorial Guinea, Nigeria sign gas pipeline deal

Published

2 months ago

August 15, 2024

According to a statement released on Thursday by the Nigerian presidential spokesman, Ajuri Ngelale, Equatorial Guinea and Nigeria have inked a deal to build and run a gas pipeline.

During a three-day visit, Equatorial Guinean President, Teodoro Obiang Nguema Mbasogo, and Nigerian President, Bola Tinubu, discussed a variety of topics, including food security, employment, and conflict resolution.

To strengthen energy security, encourage regional integration, and provide a channel for African gas to be exported to Europe, Nigeria and Morocco decided to build the pipeline in 2016.

Supported by the Economic Community of West African States (ECOWAS), the project is anticipated to be completed in three phases and link up with current infrastructure, with an estimated cost of $25 billion and an annual capacity of 30 billion cubic meters.

The agreement with Equatorial Guinea addresses general principles, ownership of the gas pipeline, establishment and operation of the pipeline, and legislative and regulatory procedures related to it.

Mbasogo praised the agreement, citing its strategic importance for Africa’s advancement and its pursuit of a permanent seat on the UN Security Council.

Nigeria’s known natural gas reserves were 5.94 trillion standard cubic meters as of 2023. The sum was somewhat higher than the year before, maintaining the growing trend that has been seen since 2016. The greatest natural gas reserves in Africa are found in Nigeria. About 29.7 billion standard cubic meters of natural gas were exported by it in 2022.

Nigeria’s Oil And Gas Market size in terms of production volume is expected to grow from 4.60 Billion cubic feet per day in 2024 to 4.93 Billion cubic feet per day by 2029.

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TotalEnergies CEO to meet Mozambique president for further project discourse

Published

18 hours ago

October 3, 2024

Ifeoluwa Dada

To discuss the company’s proposed LNG project in Mozambique with the nation’s new president, CEO Patrick Pouyanne has announced he will travel to Mozambique later this month.

“The project remains profitable, we remain committed,” Pouyanne said at an investor presentation.

The $20 billion Mozambique LNG project has been delayed because of worries about violent upheaval in the area, although Pouyanne claimed there had been “progress on security” recently.

On October 9, Mozambicans will cast their votes in presidential and legislative elections that will almost certainly prolong the fifty-year rule of the ruling Frelimo party, which is fighting a protracted Islamist insurgency in one of the largest gas reserves in Africa.

Pouyanne went on to say that lenders had affirmed between 70% and 80% of a $14 billion finance package that supports the project.

“We are waiting on the green light on financing from three credit agencies, some are in Western countries where rules on gas have changed … as soon as that is in place we will move,” Pouyanne said.

VenturesNow

Tanzania’s central bank maintains 6% lending rate

Published

18 hours ago

October 3, 2024

Ifeoluwa Dada

Tanzania’s central bank announced on Thursday that it had left its benchmark interest rate at 6% unchanged.

The benchmark rate was maintained by the central bank at 6% in the two quarters leading up to September, up from 5.5% when the rate was first published in January.

Agriculture, construction, and manufacturing led real GDP growth to 5.3% in 2023, up from 4.7% in 2022. Private investments drove demand.

Tight monetary policy and food and energy price moderation reduced inflation from 4.3% in 2022 to 3.8% in 2023. Due to foreign cash shortages, the Tanzanian shilling fell 8% in 2023.

Despite mounting pressure on the shilling, consumer inflation has remained comfortably below the bank’s objective of 5%. August saw a rise in inflation from 3.0% year over year to 3.1%, according to information from the statistics office.

In recent weeks, many African countries announced monetary policy decisions. Nigeria raised its benchmark interest rate by an additional 50 basis points, to a new record high of 27.25%, Ghana reduced its benchmark monetary policy rate by 200 points to 27% at a normal meeting. while South Africa decreased its benchmark interest rate by 25 basis points to 8% after holding seven consecutive meetings at a 15-year high of 8.25%.