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Global Oil Demand to Hit 120.1M Barrels Per Day (BPD) by 2050, Says Organization of Petroleum Exporting Countries (OPEC) at African Energy Week (AEW) 2024

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OPEC

Sharing insight into the recently-launched World Oil Outlook, OPEC underscored the role African producers will play in meeting the world’s rising demand for crude

CAPE TOWN, South Africa, November 8, 2024/APO Group/ — 

Global oil demand is projected to reach 120.1 million barrels per day (BPD) by 2050, while energy demand will rise 24% during the same period, says the Organization of Petroleum Exporting Countries (OPEC) Secretary General Haitham Al Ghais.

Delivering a keynote address at the African Energy Week: Invest in African Energies 2024 conference, Al Ghais said that African producers will play a central role in meeting rising demand.

To ensure security of supply to fuel this demand, our industries need to invest and boost investment levels significantly in the years to come

“Demand will be fueled by a world economy that is expected to more than double in size to more than $360 trillion by 2050. Driving this economic growth is the rapidly expanding world population, expected to reach 9.7 billion from the current 8 billion. Urbanization globally will continue to intensify. Over 600 million people are expected to move to new cities around the world, including Africa,” he said.

Al Ghais drew insight into OPEC’s recently-launched World Oil Outlook (WOO). Launched in September 2024, the 18th edition of the WOO featured a review and assessment of the medium- and long-term prospects for the global oil and energy sectors. The publication offers a comprehensive analysis of global supply and demand dynamics while taking into account the interplay between energy security, energy affordability and the need to reduce emissions. 

For Africa, which faces an energy crisis with over 600 million people lacking access to electricity and over 900 million people lacking access to clean cooking solutions, increasing oil and gas production is a fundamental requirement. As such, Al Ghais emphasizes the need to increase investment in oil and gas.

“Oil and gas will remain the predominant fuels in the energy mix. To ensure security of supply to fuel this demand, our industries need to invest and boost investment levels significantly in the years to come,” he explained.

However, Al Ghais pointed out that “For Africa, the future looks bright. It has an estimated 125 billion barrels of proven reserves of oil. It is vital that African countries develop these resources with access to the necessary funding and technology. This is vital for the economic and social development of the continent and its people.”

Distributed by APO Group on behalf of African Energy Chamber.

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Lekki Port, Lekki Freeport Terminal, Lagos Free Zone Launch COSCO Shipping, Ocean Network Express (ONE) & ZIM Lines Services

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COSCO Shipping

The launch of the services was signaled by the arrival of the E A Centaurus at Lekki Deep Sea Port on Friday, November 8, 2024

LAGOS, Nigeria, November 11, 2024/APO Group/ — 

In what could be described as a major boost to the Nigerian maritime sector and international trade, the management of Lekki Port LFTZ Enterprise Limited (LPLEL), Lekki Freeport Terminal, and the Lagos Free Zone (https://LagosFreeZone.com) have launched the COSCO, ONE (Ocean Network Express), and ZIM alliance services at Lekki Deep Sea Port.

The launch of the services was signaled by the arrival of the E A Centaurus at Lekki Deep Sea Port on Friday, November 8, 2024. The E A Centaurus, with an overall length of 277m and a container handling capacity of 7,000 TEU, is also the largest COSCO vessel to call Nigeria. It docked at the port at about 10:30 a.m.

The Chief Executive Officer of Lekki Freeport Terminal, Christophe Cassang, explained that the launch of the service marks a crucial milestone in the terminal’s development and capacity expansion. He added that the launch of the service demonstrates the company’s commitment to becoming a leading maritime hub in West Africa.

We are realizing our vision of driving significant cargo volumes and further positioning Lekki Port to enhance the Nigerian maritime sector and improve business efficiency

“Through the strategic partnership with global shipping leaders such as COSCO, ONE, and ZIM, we are strengthening our position on the international stage and opening new opportunities for trade and industry in Nigeria and the region. Lekki Freeport Terminal is run by a well-trained workforce, passionate about meeting challenges of the future, and is equipped with the most advanced technology and state-of-the-art infrastructure designed to meet the growing needs of the shipping lines and of our customers,” said Cassang.

In his remarks during the ceremony, the Managing Director of Lekki Port, Du Ruogang, described the launch of the new shipping line services as a true testament to the company’s commitment to Nigeria’s maritime future. Ruogang noted that the berthing of the E A Centaurus marked the first of bi-weekly calls to Lekki Deep Sea Port by COSCO, ONE, and ZIM shipping lines. He described the launch of the COSCO, ONE, and ZIM shipping lines as a symbol of the company’s unwavering dedication to positioning Lekki Port as a transformative force in the Nigerian maritime Industry.

“After 18 months of commencement of commercial operations and continued efforts, we are proud to welcome COSCO, ONE, and ZIM shipping lines to Lekki Port. With the bi-weekly calls of the consortium, we are realizing our vision of driving significant cargo volumes and further positioning Lekki Port to enhance the Nigerian maritime sector and improve business efficiency across the country. The achievement is not the end but rather the beginning,” he said.

In her statement, the Chief Executive Officer of Lagos Free Zone, Adesuwa Ladoja, described the launch of COSCO, ONE, and ZIM shipping lines services at Lekki Port as a momentous occasion and significant achievement not only for Lekki Port and Lekki Freeport Terminal but also for Lagos Free Zone as it is bound to attract more foreign direct investment (FDI) to the zone.

“From one shipping line, we now have four shipping lines calling at the Lekki Deep Sea Port; it is significant because we now have more options that allow more customers access to the state-of-the-art facilities at the Lekki Port. It also allows the growth of enterprises in the Lagos Free Zone and, in fact, the entire Lekki economic axis. The companies can bring their raw materials through any of the four shipping lines and move them straight into the factories for production. They can also export finished goods to other parts of Africa and, indeed, the world. This is the economic rejuvenation we are all looking for, and Lekki Port and Lagos Free Zone are happy to be doing our part”, she said.

In their reaction, the COSCO, ONE, and ZIM shipping line representatives expressed their excitement about partnering with Lekki Port and Lekki Freeport Terminal. They expressed satisfaction with the world-class infrastructure and facilities available at the port. The companies were represented by the Deputy Managing Director of COSCO Shipping Lines Nigeria Limited, Rex Wang, Director, Ocean Network Express (Nigeria) Limited, Stefan Pedersen, and Managing Director, Lansal, Todd Rives.

Distributed by APO Group on behalf of Lagos Free Zone (LFZ).

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Afreximbank approves US$200 million Facility to support BUA Industries Limited (BIL) expansion plans

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The first tranche of $150 million was disbursed on October 16, 2024

CAIRO, Egypt, November 11, 2024/APO Group/ — 

African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has approved a US$200 million Corporate Finance Facility in favour of BUA Industries Limited (BIL) to support its expansion plans.

With Afreximbank’s support, BUA can increase investments to strengthen industrial capacity and meet regional demand

BIL is a Nigerian conglomerate with diversified business interest spanning across, sugar and cement manufacturing, flour milling, oil milling, port logistics, real estate development, oil and gas, and shipping. The first tranche of $150 million was disbursed on October 16, 2024.

Commenting on the transaction, Mrs. Kanayo Awani, Executive Vice President, Intra Africa Trade and Export Development, Afreximbank, said that the facility will provide critical financial support to a leading Nigerian conglomerate as it pursues its expansion plans, thereby boosting its industrial base and Nigeria’s export manufacturing capacity.

“We are delighted at this partnership which promises to deliver significant impact through job creation, import substitution and export diversification – thereby boosting Nigeria’s Gross Domestic Product (GDP).”

On his part, Alhaji Abdul Samad Rabiu, CFR, CON, Chairman of BUA Industries Limited, said that the $200 million corporate finance facility marks a crucial step in BUA’s commitment to industrializing Nigeria’s manufacturing, infrastructure and energy sector for local use and export. “With Afreximbank’s support, BUA can increase investments to strengthen industrial capacity and meet regional demand. Our goal is sustainable growth that boosts Nigeria’s self-sufficiency and Africa’s global trade presence, creating jobs and building economic resilience,” he said.

Distributed by APO Group on behalf of Afreximbank.

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Ecobank Partners with Nium to Unlock Real-Time Cross-Border Payments Across 35 African Markets

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Ecobank

Nium announces its partnership with Ecobank, a pan-African financial solutions leader, bringing real-time cross-border payments to 35 markets on the continent

SINGAPORE, Singapore, November 11, 2024/APO Group/ — 

Nium (https://apo-opa.co/3Cl0CMy), the leading global infrastructure for real-time cross-border payments, announced a partnership with Ecobank Transnational Incorporated. (www.Ecobank.com), the leading independent pan-African financial services group, to enable seamless cross-border payments across 35 African markets for more than 32 million customers. This partnership is set to revolutionise the region’s payments landscape by enabling faster, more efficient international payments for businesses and consumers alike.

Nium’s real-time payments infrastructure will be integrated into Ecobank’s existing banking operations, empowering Ecobank to enhance its services for small and medium-sized enterprises (SMEs). Ecobank will connect its existing Swift workflows to Nium, gaining access to real-time transfers, updates, clearing, settlement, and payment tracking, without the need for complex API integrations. This will significantly reduce waiting times for cross-border payments, enabling businesses to make faster payments to over 220 markets, including over 100 countries with real-time capabilities.

Partnering with Nium allows us to enhance our service offerings and provide our customers with faster, more efficient cross-border payment solutions

Ecobank is a critical financial partner in sub-Saharan Africa. Through this partnership, Ecobank’s customers across the region will benefit from an enhanced payments experience that allows faster and more efficient cross-border transactions, unlocking new opportunities for SMEs to connect with global markets.

Anupam Pahuja, General Manager and Executive Vice President for APAC, Middle East and Africa at Nium, said, “We are thrilled to partner with Ecobank and introduce Nium’s cutting-edge real-time payment capabilities to Africa. This collaboration represents an important step forward in expanding our global payments network, and we are proud to support Ecobank in delivering faster, more efficient payments for its customers across the region.”

Partnering with Nium allows us to enhance our service offerings and provide our customers with faster, more efficient cross-border payment solutions. By leveraging our unique API-based payment platform, this collaboration is a significant step towards advancing financial inclusion and connectivity across Africa and enabling businesses to thrive in a global marketplace,” said Jeremy Awori, CEO of Ecobank Group.

Ecobank can exchange its existing SwiftMT & ISO20022 messages with Nium to initiate payments on the real-time platform, accelerating business growth and improving the speed and accuracy of cross-border payments for African businesses.

The partnership also aligns with Nium’s broader strategy to enhance global financial inclusion, enabling access to real-time payments in regions where traditional banking systems may be slow or unreliable. Through this collaboration, Ecobank is now better equipped to provide an unmatched cross-border payment experience for its customers, while Nium continues its mission to democratize access to the world’s largest real-time payments network.

Distributed by APO Group on behalf of Ecobank Transnational Incorporated.

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