Connect with us

VenturesNow

Equatorial Guinea, Nigeria sign gas pipeline deal

Published

on

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.

VenturesNow

Nigeria’s Dangote Refinery exports first fuel to Cameroon

Published

on

 

The Dangote Refinery in Nigeria said on Wednesday that it had exported its first petrol to Cameroon, marking a significant milestone that may help stabilise gasoline costs throughout the region and open the door for regional energy integration.

When fully operational, Nigerian billionaire Aliko Dangote’s 650,000-barrel refinery in Lagos is intended to alter the trade of refined products in the Atlantic basin and compete with refineries in Europe.

According to a statement by Neptune Oil, an energy company based in Cameroon, both businesses were looking into new projects to create a dependable supply chain that would assist in stabilising fuel costs and opportunities throughout the area.

According to Neptune Oil, there were no middlemen involved in the petrol delivery deal.

It is anticipated that the refinery’s operations will spur growth in the upstream, midstream, and downstream sectors, increasing investments in cement manufacture, plastic and rubber production, chemical and pharmaceutical goods, and oil refining.

 

Continue Reading

VenturesNow

Egypt’s November inflation drops to 25.5%, near 2-year low

Published

on

According to figures released Tuesday by statistics agency CAPMAS, Egypt’s annual urban consumer price inflation rate fell more than anticipated to 25.5% in November, the lowest level since December 2022.

Following the Russian invasion of Ukraine, which caused international investors to pull billions of dollars out of Egyptian treasury markets, inflation started to rise sharply in early 2022.

In September 2023, headline inflation reached a record high of 38.0%. It dropped to 26.5% by October 2024.

In a Reuters survey last month, 15 economists’ consensus prediction was for annual inflation to gradually decline to 26.4%.

According to CAPMAS statistics, headline inflation decreased from 1.1% in October to 0.5% in November every month.

Compared to October, when they fell 1.1%, food costs fell 2.8% over the month, making them 23.3% more than they were a year ago.

An increase in the money supply has been a major contributor to inflation. According to central bank data, Egypt’s M2 money supply increased by 29.54% in October compared to the same month last year.

Continue Reading

EDITOR’S PICK

Musings From Abroad11 hours ago

Zimbabwe at risk of fresh dry season after El Nino, WFP warns

The United Nations World Food Programme has warned that Zimbabwe looks to be on the verge of another dry season...

Musings From Abroad13 hours ago

Mali rights group accuses Russian mercenaries of civilian atrocities

According to a study released on Thursday by Human Rights Watch, following the withdrawal of a United Nations peacekeeping mission...

Politics13 hours ago

Ethiopia, Somalia agree to resolve Somaliland port conflict

Ethiopia and Somalia agreed to cooperate in settling a disagreement over Addis Ababa’s proposal to construct a port in Somaliland....

VenturesNow13 hours ago

Nigeria’s Dangote Refinery exports first fuel to Cameroon

  The Dangote Refinery in Nigeria said on Wednesday that it had exported its first petrol to Cameroon, marking a...

Metro16 hours ago

Lungu: Zambian law association calls for respect of court decisions

The Law Association of Zambia (LAZ) has called on citizens to respect court decisions amid widespread criticism over the barring...

Metro16 hours ago

Nigeria: President Tinubu’s reforms, economic policies yielding positive results— Minister

Nigeria’s Minister of State for Defence, Bello Matawalle, has backed the reforms and economic policies embarked upon by President Bola...

Tech1 day ago

Huawei launches cloud service in Nigeria

Global technology company, Huawei, has launched its first African hyperscale local cloud service in Nigeria, making it the first international...

Sports1 day ago

FIFA officially confirms Morocco 2030 World Cup co-host

World football governing body, FIFA, has officially confirmed Morocco as the co-host of the 2030 world cup along with Spain...

Politics2 days ago

Officials report fight between Somalia’s Jubbaland region, central govt

After Jubbaland staged an election against the advice of the Mogadishu administration, officials claimed on Wednesday that fighting had broken...

VenturesNow2 days ago

Egypt’s November inflation drops to 25.5%, near 2-year low

According to figures released Tuesday by statistics agency CAPMAS, Egypt’s annual urban consumer price inflation rate fell more than anticipated...

Trending