Connect with us
Anglostratits

Business

Nigeria’s Latest Policy Reforms, Fiscal Incentives to Take Center Stage at African Energy Week (AEW) 2024

Published

2 years ago

on

African Energy Chamber

A high-level Nigerian delegation will discuss the country’s latest policy directives and investment opportunities across exploration, gas monetization and refining at the African Energy Week: Invest in African Energy conference

CAPE TOWN, South Africa, August 30, 2024/APO Group/ — 

Targeting $10 billion in oil and gas investments in the next 12-18 months, Nigeria has implemented a slate of reforms aimed at creating a more favorable investment climate and improved governance within the sector. At the upcoming African Energy Week: Invest in African Energy 2024 conference and exhibition (www.AECWeek.com), an Invest in Nigeria Energies roundtable will outline the ample opportunities for investors and project developers to grow the energy value chain of Africa’s largest crude oil producer, highlighting the latest policy directives, consolidated fiscal incentives and gas utilization investment allowances.

The session places Nigerian policymakers in conversation with industry regulators and associations, exploring the latest policies, regulations and investment opportunities currently shaping the market. The discussion will be led by Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources (Oil); Abdulrazaq Isa, Chairman of the Independent Petroleum Producers Group of Nigeria; and Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority. The discussion will feature representatives from IOCS including ExxonMobil and Chevron.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

Nigeria’s Federal Government introduced several policies earlier this year – in addition to the ongoing implementation of the Petroleum Industry Act – to reinvigorate the country’s energy sector and retain its position as a regional powerhouse. New measures aim to deliver a competitive Internal Rate of Return for oil and gas projects and attract over $10 billion in new investments within the next 12-18 months. For new exploration, this includes streamlining contracting procedures by raising approval thresholds for PSCs and JOAs to not less than $10 million, simplifying processes and extending the duration of third-party contracts from three to five years. This serves to reduce project contracting cycles, leading to faster oil and gas production and supporting Nigeria’s long-term oil production target of 4 million barrels per day.

Nigeria is also targeting new investments in gas monetization, refining and infrastructure expansion, with a view to boosting gas supplies, raising power access and supporting industrialization. Gas-focused reforms include tax credits for non-associated gas projects and a 25% tax dedication for qualifying plant and equipment used in gas utilization projects, which have directly triggered new investments. In June 2024, TotalEnergies and the Nigerian National Petroleum Corporation reached a $550 million FID for the development of the Ubeta gas field. Gas from the field will be supplied to the Nigeria LNG liquefaction plant, with first production anticipated for 2027, and supports the country’s transition toward low-cost and low-emission projects.

In the downstream industry, Nigeria has been in the process of deregulating the sector, improving fuel availability and affordability, eliminating government subsidies and improving efficiencies. The long-awaited Dangote Refinery began operations in late-2023, transforming Nigeria into a net exporter of refined petroleum products to Europe, Asia and Africa. With a capacity of 650,000 barrels per day, the refinery is Africa’s largest and its operational success is crucial for stabilizing domestic fuel prices, reducing import dependency and increasing foreign exchange earnings. Looking ahead, Nigeria’s policy reforms are translating to new investment opportunities in developing domestic refining capacity, petrochemical complexes and distribution infrastructure, as well as natural gas processing and storage facilities as part of the country’s gas monetization drive.

Distributed by APO Group on behalf of African Energy Chamber.

Related Topics:
Continue Reading
Advertisement

Business

China’s 15th Five-Year Plan: Charting Solutions in an Uncertain World

Published

1 hour ago

on

March 27, 2026

By

China

CGTN’s special feature explores potential impacts of China’s 15th Five-Year Plan beyond its borders.
BEIJING, CHINA – Media OutReach Newswire – 27 March 2026 – As policymakers and business leaders convene at the Boao Forum for Asia Annual Conference, one of the most closely watched gatherings on the global calendar, attention is turning to China’s national development blueprint: the 15th Five-Year Plan. Beijing’s latest development roadmap arrives at a critical moment, as the world is grappling with geopolitical tensions, economic fragmentation and climate change. With these challenges mounting, many international observers are exploring how this blueprint will shape future development trajectories within China and beyond.
Achim Steiner, former administrator of the United Nations Development Programme, regards green transition, which takes center stage in China’s 15th Five-Year Plan, as one of the defining economic shifts of the coming decades. He emphasizes that China’s leadership on renewable energy, ranging from solar panels to electric vehicles, have not only driven down global costs, but also turned technologies like EVs that were once considered “luxury and privilege” into accessible tools for people’s daily lives. He noted such a giant leap in green technology represents a frontline opportunity for transformation on the African continent, where over 600 million people still lack electricity. Steiner believes the green mindset adopted by Beijing will help many developing nations to avoid catastrophic fallout from climate change. And as certain western nations waver on climate commitments, China’s approach to addressing global warming, in contrast, provides a compelling model of a responsible nation, which suggests that green growth can be a policy priority and allow for win-win progress.

Mohd Faiz Abdullah, executive chairman of the Institute of Strategic and International Studies in Malaysia, situates China’s development strategy within a regional context. He says that the cooperation between China and ASEAN has been contributing to regional and global growth. He described the global economic status quo as “increasingly fragmented,” adding that the key challenge is “not to help one individual economy grow,” but to achieve shared and sustained prosperity “at regional and global levels.” Such a joint task requires shared responsibility in a variety of crucial areas covered in China’s 15th Five-Year Plan, including advanced manufacturing, green transition and technological upgrading. In his view, the development vision demonstrated in China’s 15th Five-Year Plan is not solely inward-looking, but also a domestic model that can convert to outward impact to the wider world. Abdullah also highlighted that China and ASEAN have already formed one of the world’s most dynamic economic partnerships, characterized by expanding investment flows and deepening integration. He believes that the continued implementation of the Regional Comprehensive Economic Partnership will ensure ASEAN and China can work together to achieve shared economic progress for the next decade.

Justin Yifu Lin, former chief economist for the World Bank, argues that while the global economy is mired in uncertainty and turbulence, China remains a rare source of stability, certainty and development momentum. Since about 2008, he noted, China has contributed roughly 30 percent of global growth, underscoring its role as a key engine of the world economy. Acknowledging that challenges are universal rather than unique to China, Lin stressed that what matters is the ability to recognize both constraints and opportunities, and to turn the latter into tangible growth. He pointed to China’s continued potential in technological innovation and industrial upgrading, supported by its large talent pool, vast domestic market, comprehensive manufacturing base and effective coordination between market forces and government policy. While external risks such as supply chain disruptions and trade tensions persist, alongside domestic pressures, including aging and regional development imbalance, Lin suggests China still holds significant growth potential, possibly around 8 percent per year through 2035, if these challenges are well managed.

In a world increasingly defined by uncertainty, China’s 15th Five-Year Plan is deemed as an important source of direction and momentum. As the country aims for a good start to its next five-year development period, seeking to advance modernization through high-quality development, major tasks still lie ahead.

Continue Reading

Business

Coca-Cola system aims to strengthen water security in Tanzania with USD 1.94 million investment

Published

2 hours ago

on

March 27, 2026

By

Coca-Cola

The initiative focuses on improving water replenishment through nature-based solutions, restoring catchment areas, and supporting more sustainable water management in the Ngerengere catchment of the Ruvu sub-basin

MOROGORO, Tanzania, March 25, 2026/APO Group/ –The Coca-Cola system (https://CCBAGroup.com/)  in Tanzania is investing USD 1.94 million to help restore the Ruvu Basin, a vital water source serving Dar es Salaam, the country’s commercial capital of approximately 9 million (https://apo-opa.co/40TfNFO) people, and a lifeline for communities, farms, and businesses across eastern Tanzania.

 

The initiative focuses on improving water replenishment through nature-based solutions, restoring catchment areas, and supporting more sustainable water management in the Ngerengere catchment of the Ruvu sub-basin. It also aims to strengthen capacity for watershed management, help restore degraded catchment areas and promote water stewardship.

Led by the Global Water Challenge (GWC) and implemented by the International Union for Conservation of Nature (IUCN), in partnership with the Wami-Ruvu Basin Water Board (WRBWB), the project aims to deliver on-the-ground impact, including tree planting and the uptake of more climate resilient livelihood practices, benefiting at least 2,000 farmers.

The Coca-Cola system intends to continue focusing on promoting water stewardship, increasing water use efficiency, and treating and returning safe water to communities

This work forms part of the Coca-Cola system’s Africa Water Stewardship Initiative, launched in 2024. The initiative represents a nearly USD 25 million investment to help address critical water-related challenges in local communities in 20 African countries by 2030.

“The world is experiencing increased water insecurity, which is evident through water scarcity, with demands for safe, usable water exceeding supply in certain areas and scarcity challenges forecast to increase in the future. The Coca-Cola system intends to continue focusing on promoting water stewardship, increasing water use efficiency, and treating and returning safe water to communities,” said Alfred Olajide, Vice President, Franchise Operations, East and Central Africa at Coca-Cola.

David Chait, Managing Director of Coca-Cola Kwanza added: “As part of the Coca-Cola Beverages Africa group, we have a responsibility to assist those who face water scarcity and to help protect local water resources where we operate, especially in places with the biggest challenges. The Coca-Cola system’s Africa Water Stewardship Initiative aims to help protect and enhance the health of important watersheds and to improve access to water and sanitation services in local communities.”

Charles Oluchina, Country Representative, IUCN Tanzania, said: “We are proud to be the implementing partner, alongside WRBWB, for this project. This initiative is aimed at helping to protect and restore the Ruvu sub-basin focusing on Ngerengere catchment through nature-based solutions and improving water security and livelihoods for communities.”

“Recognising that partnerships are critical to support this work, Coca-Cola and its authorised bottlers are collaborating with governments, businesses, and civil society organisations to design and implement strategic interventions for a better shared future,” concluded Olajide.

Distributed by APO Group on behalf of Coca-Cola Beverages Africa.

 

Continue Reading

Business

Marriott Bonvoy Partners with Ethiopian Airlines, Taking Member Travel Benefits to New Heights

Published

2 hours ago

on

March 27, 2026

By

Marriott

This collaboration marks a key partnership for Marriott Bonvoy with a leading African airline, connecting Ethiopian Airlines’ network of over 145 destinations with Marriott Bonvoy’s global portfolio

ADDIS ABABA, Ethiopia, March 24, 2026/APO Group/ –Marriott Bonvoy® (https://apo-opa.co/4bMGKjw), Marriott International’s (www.Marriott.com) award-winning travel programme and Ethiopian Airlines, Africa’s largest airline and a Star Alliance member, today announced a partnership that gives travellers more opportunities to earn and redeem points and miles across both hotel stays and flights.

 

Starting today, eligible members of Marriott Bonvoy and ShebaMiles, Ethiopian Airlines’ loyalty programme, can convert ShebaMiles into Marriott Bonvoy points for hotel stays, upgrades and more, as well as Marriott Bonvoy points to ShebaMiles to book flights. Members can also choose whether to earn Marriott Bonvoy points or ShebaMiles when staying at properties participating in Marriott Bonvoy.

This collaboration marks a key partnership for Marriott Bonvoy with a leading African airline, connecting Ethiopian Airlines’ network of over 145 destinations with Marriott Bonvoy’s global portfolio of more than 30 hotel brands and 10,000 destinations worldwide.

Through our partnership with Ethiopian Airlines, Marriott Bonvoy members will have the freedom to enjoy the benefits of loyalty in ways that are most meaningful to them

“Africa is one of the world’s fastest‑growing regions for travel, and this partnership reflects our continued commitment to deliver the most rewarding travel experiences for our members,” said Andrew Watson, Chief Commercial Officer – Europe, Middle East and Africa, Marriott International. “Through our partnership with Ethiopian Airlines, Marriott Bonvoy members will have the freedom to enjoy the benefits of loyalty in ways that are most meaningful to them – whether earning miles during their stays or using points to get the miles they need for flights.”

Rahel Assefa, Ethiopian Airlines Group Vice President of Marketing, also remarked: “The partnership we have established with Marriott Bonvoy is part of our ongoing efforts to advance our vision of enhancing the ShebaMiles member travel experience while diversifying our service offerings. Through this new partnership, our ShebaMiles members will have greater opportunities to earn and redeem their miles through access to Marriott Bonvoy’s global network of hotels across multiple touchpoints and destinations in Africa and around the world. Ethiopian Airlines remains committed to building strategic partnerships with various stakeholders that enhance our service offerings and enable us to continually exceed our customers’ expectations.”

Ethiopian Airlines offers extensive coverage across Africa and frequent connections to major global cities such as Mumbai, Paris, London, Washington D.C. and Beijing. As a member of Star Alliance, the world’s largest airline network, Ethiopian Airlines gives ShebaMiles members – and Marriott Bonvoy members who convert points to ShebaMiles – access to flight redemptions and cabin upgrades across 25 Star Alliance partner airlines serving more than 1,150 destinations.

ShebaMiles members can convert miles to Marriott Bonvoy points at a 2:1 ratio. Marriott Bonvoy members can convert points to ShebaMiles at a 3:1 ratio and will receive 5,000 bonus ShebaMiles for every 60,000 Marriott Bonvoy points transferred in a single transaction. On eligible stays at participating Marriott Bonvoy properties, members can earn up to two miles per US dollar spent or can earn Marriott Bonvoy points as normal.

To access these benefits, members simply need to be enrolled in both Marriott Bonvoy and ShebaMiles programmes. No account linking is required. For more information, visit the Marriott Bonvoy (https://apo-opa.co/4rQdMFq) and ShebaMiles (https://apo-opa.co/3Ptwa9A) websites.

Distributed by APO Group on behalf of Marriott International, Inc..

Continue Reading

Trending