Connect with us

Business

Benin: The African Development Bank Supports a Study Aimed at Strengthening the Textile Industry Through the Private Sector

Published

on

Benin

The meeting helped to identify opportunities and make core proposals to strengthen efforts to dynamize the cotton industry

I am especially pleased to see that it is now possible for young designers to get financial and other forms of support for their initiatives in the textile sector

COTONOU, Benin, August 2, 2024/APO Group/ —

The Country Office of the African Development Bank Group (www.AfDB.org) in Benin – one of Africa’s leading cotton producers – organised a workshop in Cotonou on 31 July 2024 to provide feedback about a study on private sector players bringing fresh momentum to the country’s textile industry.

The meeting marked the end of a process that began on 9 March 2023 with a workshop dedicated to the sector. This has led to collecting important data for a better understanding of the issues in the industry faced by the West African country.

Attendees at the workshop included several experts and national authorities, including the Vice-President of Benin, Ms Mariam Chabi Talata Zimé Yérima, private-sector players operating at all stages of the local cotton value chain, support functions (finance, training, transport, logistics, etc.) and representatives from the country’s technical and financial partners.

The meeting helped to identify opportunities and make core proposals to strengthen efforts to dynamize the cotton industry.

The study revealed multiple opportunities for developing the textile value chain, ranging from production units for accessories to making, logistics, distribution and solutions for taking care of textile items. Other opportunities relate to producing textile items for medical use or for furnishing, cosmetics or the automotive or food industries. The sanitary towels sector alone could generate annual revenue of over USD 13 million (8 billion CFA francs) for the country.

The study emphasised the numerous opportunities for creating tens of thousands of skilled jobs for young people and women.

The report also highlighted the opportunities for the Bank to contribute to the socioeconomic development of the textile industry in Benin and called on senior leaders to take decisions that would support the development of new local industries.

As well as cotton-based textiles, the study pointed to the colossal economic potential and the opportunity to create over 45,000 jobs in a new industry based on pineapple-leaf fibre.

Ms Nathalie Daouda, an expert consultant in the private-sector textile industry at the African Development Bank’s Country Office in Benin, who carried out the study, commented: “The potential additional revenue for the Beninese economy is over USD 5 billion (FCFA 3,000 billion) a year. And it would not take much to make the forecasts a reality, since Benin already has the natural and human resources needed to do the work. The next step is to produce and implement a national plan. The Beninese government has provided ample evidence of its ability to tackle ambitious challenges.”

The Vice-President of the Republic, Ms Mariam Chabi Talata Zimé Yérima, congratulated the Bank on its commitment to supporting an inclusive economy in Benin but above all, for the “realism, completeness and feasibility” of the study. “This report (…) is a sort of strategic plan for strengthening our economy through the textile industry and is relevant to us because developing our economy by building on this sector will help create a large number of jobs,” she emphasized.

“This strategic plan is the first of the steps we need to take to move from ideas to action and from theory to practice,” added Ms Yérima. She highlighted the job-creation opportunities for women and young people but also the economic and social potential of the strategic use of pineapple-leaf fibre for the Beninese textile industry.

Ms Faridatou Yekini, the founder of Mod’Ukpè, which specializes in woven pagne cloth and producing clothes for women, recognized that several actions are underway to boost local small and medium-sized enterprises (SMEs), with a particular focus on women-led businesses. “I am especially pleased to see that it is now possible for young designers to get financial and other forms of support for their initiatives in the textile sector. This development marks a significant step towards the growth and sustainability of our industry,” she said delightedly.

“The African Development Bank has done well to create a favourable environment to encourage collaboration, particularly with visits to the Glo Djigbé industrial area and capacity-building sessions for small and medium-sized businesses. These initiatives helped to formalize and organize my business, Safari Textiles Afrique, and develop positive partnerships. The logical next step would be continuing to fund businesses that are working to bring themselves into line, backed by serious monitoring to ensure good management of the funds,” advocated Caleb Menou, co-founder of the Safari Textiles Afrique brand.

The head of the Bank’s Country Office in Benin, Robert Masumbuko, highlighted the economic and inclusive social development potential of the industry, which is a real windfall for Benin in his view. “The Beninese ecosystem is full of talented women and men who produce really beautiful textile items on a daily basis. But all of them have commented frequently on the need for a clear plan to help them increase not only volumes but also the quality of their training. They need help to acquire or access modern, quality equipment for processing and production and above all, to get access to local and international markets with high-quality, competitive textile solutions,” he commented.

One of the Bank’s missions in relation to the private sector is to intervene financially in a smart, agile manner to provide efficient support for actors in various value chains, concluded Mr Masumbuko. 

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Business

Genesis Energy Chief Executive Officer (CEO) to Discuss Energy Expansion at Congo Energy & Investment Forum

Published

on

Genesis Energy

Akinwole Omoboriowo II will discuss Genesis Energy’s plan to deliver 10.5 GW of power across Africa, highlighting how Nigeria’s power sector experience can inform the development of the Republic of Congo’s domestic energy grid and gas export potential

BRAZZAVILLE, Republic of the Congo, January 20, 2025/APO Group/ — 

Akinwole Omoboriowo II, CEO of Genesis Energy, will speak at the Congo Energy & Investment Forum (CEIF) in Brazzaville this March, where he will discuss the company’s plans to deliver 10.5 GW of power across Africa, with a focus on energy initiatives that align with the Republic of Congo’s energy development goals.

Genesis Energy is driving transformational power projects, including providing 334MW to the Port Harcourt Refinery in Nigeria and plans to produce 1 GW within the WAEMU region. In October 2024, Genesis and BPA Komani announced their strategic partnership to mobilize capital and facilitate critical infrastructure projects focused on renewable energy, particularly Battery Energy Storage Systems across Africa. Additionally, Genesis’ recent MOU with the U.S. Agency for International Development will mobilize $10 billion for green energy and renewable projects, supporting Africa’s transition to a sustainable energy future.

The inaugural Congo Economic and Investment Forum, set for March 25-26, 2025 in Brazzaville, will bring together international investors and local stakeholders to explore national and regional energy and infrastructure opportunities. The event will explore the latest gas-to-power projects and provide updates on ongoing expansions across the country.

During CEIF 2025, Omoboriowo will explore how Genesis’ successful energy infrastructure development projects in Africa, combined with private sector innovation, can guide the Republic of Congo in strengthening its energy security and achieving its decarbonization goals. By leveraging its expertise in clean energy and strategic partnerships, Genesis Energy is poised to play a key role in helping the Republic of Congo harness its energy potential and expand its regional energy influence.

The Republic of Congo’s renewable energy sector is in a phase of growth, with increasing interest in solar, hydro and wind energy projects. Battery energy storage capacities are also gaining traction as a vital component of the country’s energy infrastructure, helping to balance supply and demand. The government is focusing on diversifying its energy mix to reduce dependency on fossil fuels and enhance grid reliability. Looking ahead, the Congo aims to expand its renewable energy capacity and integrate storage solutions to meet growing domestic and regional energy needs while supporting environmental sustainability.

Distributed by APO Group on behalf of Energy Capital & Power.

Continue Reading

Business

Eni, TotalEnergies Announce New Exploration Projects in Libya

Published

on

National Oil Corporation

Eni is launching three exploration plays, TotalEnergies is expecting promising results from its recent onshore exploration project, and other developments were shared during an upstream IOC-led panel at the Libya Energy & Economic Summit

TRIPOLI, Libya, January 19, 2025/APO Group/ — 

Libya’s National Oil Corporation (NOC) and international energy companies TotalEnergies, Eni, OMV, Repsol and Nabors outlined key exploration milestones and strategies to advance oil and gas production in Libya at the Libya Energy & Economic Summit 2025 on January 18.

Among the key developments highlighted were TotalEnergies’ recent onshore exploration project and promising exploration opportunities in the Sirte and Murzuq basins.

“With 40% of Africa’s reserves, Libya remains largely untapped,” said Julien Pouget, Senior Vice President for the Middle East and North Africa at TotalEnergies. Pouget shared TotalEnergies’ plans for 2025, including the completion of an onshore exploration project and new exploration in the Waha and Sharara fields. “We expect results next week,” he added.

Luca Vignati, Upstream Director at Eni, echoed optimism for Libya’s potential and outlined the company’s ongoing investment initiatives in the country. “We are launching three exploration plays – shallow, deepwater and ultra-deep offshore. No other country offers such opportunities,” Vignati stated. He also highlighted the company’s investments in gas projects, including over $10 billion for the Greenstream gas pipeline and a CO2 capture and storage plant in Mellitah.

Repsol affirmed its commitment to advancing exploration in Libya, focusing on overcoming industry challenges and achieving significant production milestones.

We have 48 billion barrels of discovered but unexploited oil, with total potential estimated at 90 billion barrels, especially offshore

“Over the past decade, Libya has made remarkable efforts to fight natural field decline and encourage exploration,” said Francisco Gea, Executive Managing Director, Exploration & Production at Repsol. “We have reached 340,000 barrels per day. The two million target is within reach, and as international companies, we have the responsibility to bring capacity and technology.”

“Innovation is key to maximizing production and accelerating exploration. By deploying cutting-edge solutions, Nabors can enhance efficiency, reduce costs and ensure safer operations,” added Travis Purvis, Senior Vice President of Global Drilling Operations at Nabors.

Bashir Garea, Technical Advisor to the Chairman of the NOC, highlighted the country’s immense oil and gas potential. “We have 48 billion barrels of discovered but unexploited oil, with total potential estimated at 90 billion barrels, especially offshore,” he said. He also pointed to Libya’s sizable gas reserves, noting, “Libya has 122 trillion cubic feet of gas yet to be developed. To unlock this potential, we need more investors and new technology, particularly for brownfield revitalization.”

“Our strategy spans the entire value chain. Strengthening infrastructure is essential to maximizing production and efficiency,” said Hisham Najah, General Manager of the NOC’s Investment & Owners Committees Department.

NJ Ayuk, Executive Chairman of the African Energy Chamber and session moderator, underlined Libya as a prime destination for foreign investment: “Libya is at the cusp of a new energy era. The time for bold investments and strategic partnerships is now.”

Distributed by APO Group on behalf of Energy Capital & Power.

Continue Reading

Business

Libya’s Oil Minister: Brownfields, Local Investment Key to 2M Barrels Per Day (BPD) Production

Published

on

Libya’s Oil & Gas Minister outlined plans to boost production to 1.6 million bpd in 2025 and 2 million bpd long-term, with brownfield development and local investment at the core, during the Libya Energy & Economic Summit

TRIPOLI, Libya, January 19, 2025/APO Group/ — 

Libya is setting its sights on boosting oil production to 2 million barrels per day (bpd) within the next two to three years, with brownfield development and local investment identified as critical drivers of this growth. Speaking at the Libya Energy & Economic Summit (LEES) in Tripoli on Saturday, Minister of Oil and Gas Dr. Khalifa Abdulsadek outlined the country’s strategy to reach 1.6 million bpd by year-end and laid the groundwork for longer-term growth.

“There are massive opportunities here, massive fields that have been discovered, but a lot of fields have fallen between the cracks,” stated Minister Abdulsadek during the Ministerial Panel, Global Energy Alliance – Uniting for a Secure and Sustainable Energy Future. “We want to make sure local oil companies take part. We also want to leverage the upcoming licensing round to support our planned growth in the oil sector.”

The minister’s remarks were complemented by a strong call for international participation in Libya’s upcoming licensing round, signaling the government’s commitment to fostering collaboration and maximizing the potential of its energy sector.

Highlighting Libya’s vast natural gas potential – with reserves of 1.5 trillion cubic meters – Mohamed Hamel, Secretary General of the Gas Exporting Countries Forum, stressed the need for enhanced investment in gas projects. He pointed to ongoing initiatives like the $600 million El Sharara refinery as opportunities to stimulate economic diversification.

There are massive opportunities here, massive fields that have been discovered, but a lot of fields have fallen between the cracks

“Natural gas is available,” Hamel stated, adding, “It is the greenest of hydrocarbons and we see natural gas continuing to grow until 2050.”

The panel also tackled the global energy transition, emphasizing Africa’s unique challenges and the need for the continent to harness its resources to achieve energy security. Dr. Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers Organization (APPO), underscored the critical need for finance, technology and reliable markets to drive progress.

“At APPO, we have noted three specific challenges for the African continent. Finance, technology and reliable markets,” he stated, questioning whether Africa can continue to depend on external forces to develop its resources.

As one of Africa’s top oil producers, Libya holds an estimated 48 billion barrels of proven oil reserves. The country’s efforts to expand production, attract investment and drive innovation are central to the discussions at LEES 2025. Endorsed by the Ministry of Oil and Gas and National Oil Corporation, the summit has established itself as the leading platform for driving Libya’s energy transformation and exploring its impact on global markets.

Distributed by APO Group on behalf of Energy Capital & Power.

Continue Reading

Trending