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Nigerian to launch $5bn Africa Energy Bank in January

Published

1 month ago

November 2, 2024

To improve energy access and development throughout Africa, the Nigerian government has announced that the much-awaited $5 billion Africa Energy Bank will open for business on January 28, 2025.

Nicholas Ella, the Permanent Secretary of the Federal Ministry of Petroleum Resources and Executive Board Member representing Nigeria at the 19th Executive Board meeting of the African Petroleum Producers Organisation in Yaounde, Cameroon, revealed this.

Representatives from 13 member nations attended the summit.

The permanent secretary reaffirmed Nigeria’s dedication to the principles of APPO and the prompt establishment of the energy bank in Abuja in a statement released by the Ministry of Petroleum Resources on Friday.

Recall that Nigeria defeated Ghana, Algeria, South Africa, and the Benin Republic to win the right to host the Africa Energy Bank Headquarters in July 2024?

The AEB seeks to close funding shortfalls in the oil and gas sector on the continent.

Ella said, “I am pleased to address the Executive Board meeting on this very important subject matter – the take-off of the Africa Energy Bank Headquarters in Abuja, Nigeria.

“As you are no doubt aware, the headquarters building (of the Africa Energy Bank) was inspected by the Technical Team on May 24, 2024, and renovation works for its completion are ongoing.

“Nigeria is fully committed to delivering the building with furnishing to the bank in good time. We have the full support and cooperation of Mr President and our National Assembly to actualise this project in Nigeria.”

Related Topics:Africa Energy Bank Featured

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Nigeria’s Dangote Refinery exports first fuel to Cameroon

Published

15 hours ago

December 12, 2024

Ifeoluwa Dada

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.

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

Published

2 days ago

December 11, 2024

Ifeoluwa Dada

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.