OPEC Fund Approves US$605 Million in New Development Financing The OPEC Fund for International Development (OPEC Fund) continues to expand its portfolio with the approval of US$605 million in new financing. During its 188th Governing Board meeting held in Vienna, the board concluded a series of high-level engagements, greenlighting key development projects focused on global…
Ilift Foundation Inaugurates Dlei to Equip 2,000 Students With Digital, Leadership Skills. iLift Foundation, a non-governmental organisation (NGO) dedicated to empowering youth in underserved African communities, has launched its ‘Digital, Leadership, and 21st Century Empowerment Initiative (DLEI)’. In collaboration with Terra Academy for the Arts (TAFTA) and the Lagos State Ministry of Basic and Secondary…
Seafarers are the Lifeblood of the Maritime Industry – Oyetola The Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, has affirmed that seafarers are the lifeblood of the maritime industry, essential to the success of the Blue Economy. Speaking during the commemoration of the 2024 Day of the Seafarer in Lagos, Oyetola emphasized the…
Botswana Leads as Africa’s Premier Mining Destination. Botswana has once again secured its position as Africa’s leading mining destination and ranks among the top 10 mining jurisdictions globally, according to the 2023 Fraser Institute Annual Survey of Mining Companies. This prestigious survey evaluates the perceptions of mining company executives on the policies that influence the…
Oil Prices Dip Amid Economic Concerns and Geopolitical Tensions. Crude oil prices fell by 1% on Tuesday, impacted by weak U.S. consumer confidence data, which heightened worries about the economic outlook and fuel demand. This decline comes despite a sluggish start to the U.S. summer driving season. Market Performance: Brent futures for August decreased by…
Dangote Accuses International Oil Companies of Crude Oil Price Manipulation, Claims Sabotage of Refinery. Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited (DIL), has alleged that International Oil Companies (IOCs) in Nigeria are actively attempting to undermine the Dangote Oil Refinery and Petrochemicals. Edwin made these assertions during a session with…
Electricity Consumers Increase to 12.33m in Q1 2024 – NBS. The number of electricity consumers rose by 210,000, from 12.12 million in the fourth quarter of 2023 to 12.33 million in the first quarter of 2024. The National Bureau of Statistics (NBS) stated in its Electricity Report for the first quarter (Q1) of 2024, released…
Namibia Emerges as Oil Exploration Hotspot Amid Major Discoveries. Namibia has swiftly risen to prominence in the global oil exploration arena following several significant discoveries along its coast in recent years. While the country has yet to commence oil or gas production, major oil companies such as TotalEnergies and Shell have reported discoveries estimated at…
Africa Global Logistics Launches in Nigeria, Unveils Strategic Growth Plans. Africa Global Logistics (AGL), a leading logistics solutions provider in Africa, has officially launched in Lagos, presenting its strategic plans aimed at transforming and growing Nigeria’s logistics landscape. The rebranded entity, formerly known as Bolloré Africa Logistics, marked the occasion with an event in Victoria…
Oil Prices Ease Amid Strong Dollar and Mixed Global Economic News. Crude prices dropped by about 1% on Friday, driven by concerns that global oil demand growth could be hampered by a strong U.S. dollar and negative economic developments in some regions. Despite indications of improving U.S. oil demand and decreasing fuel inventories, which had…
