Gabon has been exploring innovative ways to exchange debt and raise loans through carbon credits. During the 2022 Commonwealth Heads of Government Meeting (CHOGM) in Rwanda, Gabon’s Minister of Water, Forests, Sea, and Environment Lee White, noted that the country intended to exploit its forests in a sustainable manner to generate income.

The economy of Gabon has in the recent past been heavily dented, by both the Covid-19 pandemic and the Russian-Ukraine crisis. The latter resulted in the widening of the budget deficit from 2.1 per cent in 2020 to 3.4 per cent, whilst the former has caused inflationary pressures leading to a fiscal deficit marked by sharp drops in domestic revenue mobilization, exports and Foreign Direct Investment (FDI).

Despite ranking as the seventh-largest oil producer in the continent and a member of the Organization of the Petroleum Exporting Countries and allies (OPEC+), the West Coast country ranks as one …

Africa has been hailed as the next frontier in the provision of global oil and natural gas resources, especially now in the wake of the ongoing Russia-Ukraine war.

This crisis has not only altered the global energy landscape, but also instigated an inflation in gas prices, given the former’s position in the hierarchy of major global producers. As sanctions continue to soar, Europe has embarked on a quest to find contingency energy supplies, as it seeks to minimize its dependency on Russia; which has already cut off gas supplies to countries like Finland, Poland and Bulgaria, over energy payment disputes.

Consequently, Africa’s gas resources have gained a newly found prominence, pertinently by the European Union (EU); owing to the continent’s rich endowment of oil and deep gas reserves. The mounting global demand for gas, has been pushing international energy companies to reconsider African projects. The numerous ongoing and upcoming oil …

As Africa’s role in the global economy continues to garner prominence, it’s imperative for the continent to seal the gaping hole in its power supply.

Lack of universal power access remains a major roadblock that has retrogressed industrialization and socio-economic development. Statistics from the World Bank indicate that Africa remains the least electrified region in the world, with 568 million people lacking access to electricity.

The Bretton Woods institution, further notes that the Sub-Saharan Africa’s share of the global population without electricity, jumped to 77 per cent in 2020 from 71 per cent in 2018, whilst most regions saw declines in their share of access deficits. It has become a Hobson’s choice for African governments to prioritize the power sector, which is the epicenter of industrialization, working towards Goal 7 of the UN SDGs; which advocates for universal access to affordable, reliable and modern electricity services.

Currently, Africa’s power is …

• Rwanda will receive two loans amounting to $180 million from the African Development Bank 
• The funds will support a major energy project that will extend electricity access to rural areas and reduce greenhouse gas emissions
• It entails the construction of over 1,000 km of medium voltage and 3,300 km of low voltage lines to boost last-mile access
• The project is expected to connect 77,470 households to the electricity network for the first time and connect 75 schools, eight health centres and 65 administration centres

Rwanda will receive two loans amounting to $180 million from the African Development Bank (AfDB) to co-finance a major energy project that will extend electricity access to rural areas and reduce greenhouse gas emissions.

In a statement seen by The Exchange Africa, the AfDB said the new funding follows the approval for $84.2 million made in May 2021 for the same project.

According to the lender, …

In March 2022, while trying to clarify the power situation in Nigeria, TCN reiterated that out of 23 gas-powered stations with a combined capacity of more than 10,000 MW, at least 14 were either shut down or operated at reduced capacity. Two in three power stations have either halted operations or operating below par. It is projected that Nigerians privately generate up to 40,000 MW to address the grid deficit.

According to TCN spokeswoman Ndidi Mbah, the power companies attribute this trend to various factors, including scheduled and unscheduled maintenance, faults in generating units of generating companies, and poor gas supply. However, all these factors cause power generating companies to limit their generating capacities or halt generation altogether. However, the challenges appear to run deeper.             

All Progressives Congress Party, after assuming office in 2015, alleged that many of the power companies had been sold by the former People’s Democratic Party …

• African Development Fund has approved $5.5 million technical assistance grant to support projects Eastern Sahel region countries of Djibouti, Eritrea, Ethiopia and Sudan
• The East Africa Regional Energy Project will be financed through the ADF-15 Regional Public Good window of the African Development Fund, the concessional arm of the African Development Bank Group
• It will develop technical studies for regional solar parks and associated battery storage near regional energy inter-connectors, high-voltage cables that connect the electricity systems of neighbouring countries

The African Development Fund has approved a $5.5 million technical assistance grant to begin the roll-out of the flagship Desert to Power initiative in the Eastern Sahel region countries of Djibouti, Eritrea, Ethiopia and Sudan.

Dubbed the East Africa Regional Energy Project, it will be financed through the ADF-15 Regional Public Good window of the African Development Fund, the concessional arm of the African Development Bank Group.

The project will …