Connect with us

Business

Invest in Africa, African Development Bank Chief Urges Investors at U.S.- Africa Business Summit

Published

3 years ago

on

African Development Bank

U.S. Administration pledges strong support

MARRAKESH, Morocco, July 21, 2022/APO Group/ —

The President of the African Development Bank Group (https://www.AfDB.org/) Dr. Akinwumi Adesina has given strong assurance to U.S. investors that Africa is a secure, competitive and profitable market for investment.

Adesina was speaking on Wednesday at the U.S.-Africa Business Summit in Marrakech where he told American investors to see Africa as a logical investment destination and to engage with the continent in win-win partnerships.

He said U.S. investments were critical for accelerating infrastructure development on the continent. “This is an opportune time for American investments in Africa, at scale,” Adesina said. “Tomorrow cannot wait. Africa’s time is now. Africa’s future is bright. We are open for business, and we welcome you with wide open arms.”

The U.S. Corporate Council on Africa partnered with Morocco to organize the summit under the theme, ‘Building Forward Together.’ The event brought together global investors and corporate executives. Dignitaries and global leaders included President Mokgweetsi Masisi of Botswana and U.S. Vice President Kamala Harris who addressed delegates via a video message. Other dignitaries included Morocco’s Minister of Foreign Affairs, African Cooperation and Moroccan Expatriates, Nasser Bourita; the United States Millennium Challenge Corporation CEO Alice Albright; President of the General Confederation of Moroccan Enterprises, Chakib Ali; and Ms. Nardos Bekele-Thomas, the CEO of the African Union Development Agency NEPAD.

More than 400 business and government representatives discussed building stronger U.S. and Africa trade, investment and commercial ties.

This is an opportune time for American investments in Africa, at scale

In a video message, Vice President Kamala Harris said: “We are focused on the urgent need to increase food production and exports with and within Africa.” She said public-private partnerships could play a key role in this regard.

Harris also recognized the critical importance of strengthening the U.S. relationship with countries across Africa. “President Biden and I are looking forward to welcoming leaders from across the African continent to Washington, DC from December 13th through the 15th, for the United States-Africa Leaders Summit,” she said. Adesina listed some of Africa’s multi-billion investments as proof of the continent’s investment potential. He cited the Dangote Group’s $20 billion petroleum refinery and fertilizer production complex in Nigeria, and South Africa’s MTN Group, which currently operates in 19 markets.

The African Development Bank head said that despite the disruptions of the Covid-19 pandemic and its impact on economies, the number of private equity deals in Africa increased from 230 in 2019 to 255 by 2020, stressing that even in turbulent times, opportunities still abound in Africa.

Adesina spoke about the African Development Bank Group’s investments to help improve livelihoods and economies. He said the Group had committed more than $44 billion to infrastructure across the continent in the last six years alone, most notably in transport, energy, and water and sanitation. But he pointed out that Africa still faced an annual infrastructure financing gap of $68 to $108 billion.

The U.S. Millennium Challenge Corporation’s Alice Albright said: “We are all here and invested in creating more pathways to prosperity across the African continent. Through Prosper Africa – the U.S. Government’s initiative to increase trade and investment and promote sustainable development across the continent – and our collective efforts, we are strengthening partnerships to ensure people on both sides of the Atlantic have the opportunity to create a better life for their children, their families, and their communities, and to realize their full potential. Since launching Prosper Africa two years ago, the U.S. Government has supported 800 two-way trade and investment deals in 45 countries in Africa, worth an estimated $50 billion.“ Adesina invited American businesses to invest in the opportunities created by the African Development Bank Group’s $1.5 billion African Emergency Food Production Facility, designed to ease the impact of the current global food crisis, worsened by Russia’s invasion of Ukraine. The facility, the first of its kind, will help countries purchase and distribute agricultural fertilizer and seeds, provide emergency support over four planting seasons, increase food production by 30%, and create $12 billion worth of food.

In his opening speech, Moroccan Foreign Affairs Minister Bourita said that never had the time been more opportune for strengthened cooperation between Africa and the United States than now. He said: “It is time for Africa to reap the fruits of its potentials, play a central and natural role on the international scene; and in major developments taking place at the global level.”

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

Related Topics:
Continue Reading
Advertisement

Business

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

Published

3 hours ago

on

January 20, 2025

By

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

10 hours ago

on

January 20, 2025

By

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

10 hours ago

on

January 20, 2025

By

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