Browsing: Nigeria

• This [gasoline production] will eliminate all fuel queues in Nigeria. This will improve the health of everybody. This will also make sure that there is consistent supply to the market, says Aliko Dangote.
• Refinery hailed as a big step in weaning Nigeria from its heavy reliance on imported oil products.
• Its capacity to export surplus products, such as aviation jet fuel and diesel, offers additional revenue streams for the country.

Nigeria’s energy sector is poised to experience a monumental shift as the Dangote Oil Refinery, a $20 billion investment on the outskirts of Lagos, started gasoline production on Monday. According to media reports, this development marks a big step towards reducing the country’s heavy reliance on imported oil products.

The refinery, which began operations in January, is set to revolutionize Nigeria’s oil industry, promising to address long-standing challenges that have plagued the nation for decades.

“It’s a very historic, monumental …

• In August, Abuja and Malabo agreed to develop the Gulf of Guinea Gas Pipeline, an investment that’s poised to serve as a vital link between Nigeria’s gas reserves and Equatorial Guinea’s modern processing plants.
• Nigeria’s deal adds to another bilateral pact signed in March 2024 when Equatorial Guinea agreed with Cameroon to develop oil and gas projects along their shared maritime border.
• In both cases, however, political stability, regulatory clarity, and strong institutional frameworks will be vital in attracting investors.

In August, Nigeria and Equatorial Guinea signed a historic agreement to construct the Gulf of Guinea Gas Pipeline Project. This ambitious pact will see gas transported from the gas fields of Nigeria to Equatorial Guinea, where it will be processed at the latter’s state-of-the-art LNG facilities located at Punta Europa on Bioko Island.

The deal, which was signed by presidents Teodoro Obiang Nguema Mbasogo of Equatorial Guinea and Bola Ahmed …

• Africa received loans worth $4.6 billion from China last year, an increase from what economies across the continent received in 2022.
• This amount is, however, a far cry from Beijing’s massive infrastructure financing witnessed before the Covid-19 pandemic.
• Beijing will host African leaders for the Forum on China-Africa Cooperation between September 4th-6th.

A total of nine countries in Africa received Chinese loans worth $4.6 billion last year, an increase from what economies across the continent received in 2022. However, this amount is a far cry from Beijing’s massive infrastructure financing that was witnessed before the Covid-19 pandemic.

The new statistics from the Boston University Global Development Policy Centre come just days before Beijing hosts African leaders for the Forum on China-Africa Cooperation, scheduled for September 4th-6th.

In 2023, lenders from China processed approximately 13 loans targeting various projects across the continent with the biggest beneficiary being players in the financial …

• South African Johann Rupert has overtaken Dangote, becoming Africa’s richest person in a move that highlights the tectonic shifts sweeping across Nigeria and South Africa’s economies.
• While Rupert’s wealth soared, Dangote’s fortune took a gut punch, contracting by $1.7Bn this year to $13.4Bn.
• Richemont, with its portfolio of luxury brands, operates in a global market that is less vulnerable to the economic woes of any single country unlike the Dangote Group.

The crown for Africa’s richest man has left Nigerian industrialist Aliko Dangote to South African luxury goods icon Johann Rupert. For over ten years, Aliko Dangote seemed unassailable, with his name often being synonymous with wealth, increasingly representing a new breed of modern-era industrialists, and power in Africa.

In the latest disclosures according to the Bloomberg Billionaires Index, however, South African Johann Rupert has overtaken Dangote, becoming Africa’s richest person. This change underscores some of the tectonic shifts …

• Though encouraging that the number of female CEOs has risen from 230 (9.6%) in 2023 to 310 (11.1%) in 2024, these numbers show a tech segment that is still heavily dominated by men.
• Interestingly, smaller ecosystems such as Zambia, Rwanda, and Senegal are outperforming traditional hotspots like South Africa, Nigeria, Egypt, and Kenya in terms of female leadership.
• Between January 2022 and June 2024, startups with female co-founders raised $747M, representing just 11.9% of the total, while those led by female CEOs secured only $289M.

The African tech ecosystem, renowned for its dynamic growth and innovative potential, is transforming. Yet, a pressing issue remains, gender diversity within leadership roles. This year’s “Diversity Dividend: Exploring Gender Equality in the African Tech Ecosystem” survey by Disrupt Africa highlights the gender disparities that continue to plague this burgeoning industry.

Despite recent improvements, the representation of women in leadership positions within African …

• The construction took over 20 years and bears a processing capacity of 650,000 barrels per day 250,000 per day of gasoline and 100,000 of diesel.
• The Dangote oil refinery might halt the decades-long gasoline trade from Europe to Africa worth $17 billion each year.

Dangote Oil Refinery

Aliko Dangote, Nigeria’s and Africa’s wealthiest man ambition to foster energy reliance in his motherland and the region at large might be at risk. The giant oil refinery which is said to possess the potential to end decades-long gasoline trade from Europe to Africa worth $17 billion a year.

Concerns and tensions are high as a myriad of issues emerged before and since the $ 20 billion refinery came to life. According to various news reports, including the BBC and Reuters, the construction began in 2016 and started producing diesel and aviation fuel in January this year as petrol is expected to …

• Ashden says these trailblasers, armed with groundbreaking technologies and innovative solutions, stand at the forefront of the battle against global warming.
• Climate charity Ashden has called for financiers, investors, and policymakers worldwide to step up support for proven climate solutions that hold the keys to our sustainable future.
• The Ashden Awards recognise inclusive solutions that deliver a wide range of benefits, from new jobs to community resilience and lowering emissions.

In an era marked by increasing environmental crises and the relentless march of climate change, the call for innovation has never been more urgent. Climate charity Ashden has called for financiers, investors, and policymakers around the world to step up support for proven climate solutions that hold the keys to our sustainable future.

These trailblasers, armed with groundbreaking technologies and innovative solutions, stand at the forefront of the battle against global warming.

Speaking at the 2024 Ashden Awards ceremony, Ashden …

• 121 African startups secured $466M, marking a 27 per cent drop from the previous quarter; women-led startups got 6.5 per cent of the capital.
• About 87 per cent of startup funding in the three months to March went to entities in Nigeria, Kenya, Egypt, and South Africa.
• Gender imbalance persists as only 6.5 per cent of the financing went to female-led startups in Africa.

The big four economies of Nigeria, South Africa, Kenya, and Egypt continue to attract the highest share of funding going to startups in Africa, even as the ecosystem suffered a 27 per cent drop in financing to $466 million in the three months to March 2024.

The latest analysis from Africa: The Big Deal shows that 87 per cent of startup funding in the three months to March went to upcoming entities in Nigeria, Kenya, Egypt and South Africa.

Attracting $160 million, Nigeria’s economy accounted for …

• Kenya’s equity market has received an upgrade on its classification by the FTSE Russel Index from “Restricted’ to “Pass” on the repatriation of capital and income.
• This development partly indicates that Kenya is now a maturing market, characterised by increased transparency, liquidity, and a growing investor confidence.
• Across Africa, data shows that an estimated $700 million was reported held in 11 African countries, with Nigeria accounting for the lion’s share.

FTSE Russell, a global provider of analytics, benchmarks and data services, has endorsed the Nairobi Securities Exchange Plc (NSE), ushering a new era in Kenya’s financial services industry. The NSE has announced that as of March 2024, the Nairobi bourse has been reclassified by the FTSE Russell Governance Board, moving from a “restricted” to a “pass” status.

This pivotal change is not just a mark of progress, but a move to underscore the resilience and strategic navigation of the Kenyan …

• The situation involving Binance in Nigeria has turned sour due to several events.
• For a few years, the Binance marketplace seemed to work well enough, but in 2023, the Nigerian government ended the naira’s peg to the US dollar as part of sweeping economic reforms.
• In what is now a testament to the sprained relationship between Binance and Nigeria, the authorities filed tax evasion charges against the cryptocurrency exchange.

Binance Under Regulatory Spotlight

Binance’s journey from a small start-up to one of the largest cryptocurrency exchanges globally has been impressive but not a smooth run. The platform’s rapid growth and global expansion brought it under the regulatory spotlight globally.