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Somalia’s Minister of Petroleum and Mineral Resources to Discuss Exploration Opportunities at AEW

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The Minister of Petroleum and Mineral Resources of the Republic of Somalia will be back at African Energy Week 2022 to showcase developments and opportunities within the country’s hydrocarbons market

JOHANNESBURG, South Africa, March 31, 2022/ — H.E. Abdirashid Mohamed Ahmed, the Minister of Petroleum and Mineral Resources of Somalia, will return to Africa’s premier event for the energy sector, African Energy Week (AEW), which will take place from 18 – 21 October 2022 in Cape Town. Representing one of Africa’s most underexplored markets, H.E. Ahmed remains focused on frontier exploration as he seeks global investment to kickstart the country’s high potential sector. 

An engineer by profession, H.E. Ahmed is leading efforts by the Somalian government to increase oil and gas exploration through investment as well as the participation of international oil companies (IOC). Due to Somalia’s close proximity to hydrocarbon-rich Arab countries such as Yemen and Saudi Arabia, stakeholders are highly optimistic about the country’s potential reserves. What’s more, past seismic data processed by energy insight company, TGS, have indicated the presence of up to 30 billion barrels of oil reserves in blocks 152, 153, 164, 165, 177, 178, and 204, which the Ministry of Petroleum and Mineral Resources offered for exploration in 2020 under the country’s first offshore licensing round. The country is also estimated to house an estimated 0.20 trillion of natural gas reserves, however, exploration and production has been hindered by political instability and a lack of adequate investments.

African Energy Week 2022 Abdirashid Mohamed Ahmed

As a result, the Ministry of Petroleum and Mineral Resources, under the leadership of H.E. Ahmed aims to change this and has in recent years focused on reforming the country’s regulatory framework with the introduction of the Somali Petroleum Law in 2020 which is designed to maximize the exploration and exploitation of hydrocarbons and to promote increased cooperation between IOCs and consortiums. In addition, the ministry established the Somali National Oil Company and the Somali Petroleum Authority to operate and regulate the sector – in line with the government’s strategy to develop an investment-attractive regime. Furthermore, the Revenue-Sharing Agreement was developed to detail how revenues generated from oil and gas would be supervised and managed.

In the wake of these regulatory reforms, Somalia’s oil market has recorded impressive growth rates and increasing stability in recent years. In this regard, the government is optimistic that global oil majors such as Shell and ExxonMobil will resume their operations in key offshore basins– the two majors had declared force majeure, but in 2019 paid $1.7 million to lease offshore blocks for the next 30 years. The ministry is also expected to award exploration licenses for the remaining eight blocks that were part of the country’s first offshore licensing round in 2020 but were delayed due to the pandemic and calls by industry stakeholders to extend the bidding period.

With statutory bodies now in place to negotiate oil exploration and production deals, the ministry is now prioritizing bringing companies with the right expertise and capabilities on board. By exploiting its energy resources, Somalia could become a regional, continental and international energy hub. With only 36% of Somalia’s population having access to electricity in 2019, according to the Energy Progress Report, hydrocarbon resources present a huge opportunity for the country to address its domestic energy needs.

With H.E. Ahmed once again attending and participating at AEW in 2022, an opportunity has risen for the minister, investors and energy companies to discuss opportunities within Somalia’s energy sector and to negotiate and sign deals that can completely change the country’s energy and economic trajectory.

“The progress made by H.E. Abdirashid Mohamed Ahmed and his ministry in reforming Somalia’s energy policies in recent years is remarkable,” states NJ Ayuk, Executive Chairman of the AEC, adding that, “The next phase now needs to be the rapid signing of deals and exploitation of hydrocarbons. With the investment window for hydrocarbons quickly closing, AEW 2022 provides the perfect platform for the Somalian government and companies and investors interested in maximizing the significant opportunities present within the country to discuss, negotiate and close deals.”  


Distributed by APO Group on behalf of African Energy Chamber.

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Global advertising spend surges 11.9% to $1.34trn this year despite consumer caution

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8 hours ago

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October 8, 2026

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WARC

Social media is expected to record the strongest growth up 21.3% to $394.6bn
VOD (15.1%), retail media (14.3%), search (14.2%) and digital OOH (13.7%) are all set for double-digit increases
Technology and electronics (20.7%), travel and transport (19.3%) and automotive (17.8%) to be fastest growing product categories
Ad spend growth in 2027 expected to moderate (8.4%) to $1.46trn

WARC Media Global Ad Spend Forecast Q3 2026 update

8 October 2026 – Global ad spend is forecast to grow 11.9% to $1.34trn in 2026, according to the latest data from WARC Media. This comes on the back of strong 10.0% growth in 2024 and 2025.

 




 
 

Advertising investment continues to grow despite consumer pressure and geopolitical uncertainty, fueled by significant corporate AI investment and major events including the Olympics, FIFA World Cup, and US mid-term elections. While the economy has remained resilient to date, further escalations of global tensions pose potential downside risks.

Suzy Young, Head of WARC Media Data, says: “These are unusual times for advertising. Investment is accelerating even as many consumers face cost-of-living pressures and become more cautious with spending. This apparent contradiction reflects an increasingly uneven economy, where growth – particularly from the AI boom – is benefiting some companies, sectors and consumers more than others.”

Performance priority

Social media, search and retail media are three of the biggest channels for ad investment. Altogether they are expected to account for 66.4% of total global ad spend in 2026, rising to 70.0% in 2028.

Social media is set to register the strongest growth in ad spend this year, up 21.3% to $394.6bn, and is on course to exceed $500bn in 2028. Video on-demand (15.1% to $48.4bn), retail media (14.3% to $202.1bn), search (14.2% to $295.7bn) and digital OOH (13.7% to $21.7bn) will also see double-digit increases this year. Performance channels, which can adapt quickly to changing conditions, continue to benefit as uncertainty becomes the new norm.

Technology and electronics is forecast to be the fastest growing product category this year, rising 20.7% compared with 2025, followed by travel and transport (19.3%) and automotive (17.8%). Social media is expected to account for 40.2% of all tech and electronics spend in 2026.

2027 and 2028 ad spend outlook

Ad spend growth is expected to moderate in 2027, rising 8.4% to $1.46trn, reflecting tougher comparables and a normalisation from the exceptionally strong growth seen in recent years.

In 2028, ad spend will increase by a further 7.9% to $1.57trn – putting the market on course to be 2.3 times larger than it was a decade ago in 2019.

New AI destinations emerge

AI is driving advertising growth from multiple angles. New tech businesses are investing to acquire customers and build brands, while established companies spend heavily to compete in an increasingly crowded market. Simultaneously, AI tools are enhancing targeting, asset creation, and campaign optimisation – boosting ROI and fueling further investment.

AI is also opening new destinations for advertising. As generative search and AI assistants become gateways to product discovery and purchasing, ad dollars will follow – fundamentally reshaping where consumers encounter brands and where advertisers invest.

AI fuels ad triopoly

Alphabet, Amazon and Meta are set to take a combined market share of 59.7% of global ad spend (excluding China) this year – equivalent to $659.6bn. This is predicted to rise to 61.5%, or $804.1bn, in 2028.

Ad spend signals opportunity

Ad spend per capita vries dramatically across global markets. Developed economies like the US ($1395 per capita forecast for 2026), UK ($935), Austria ($850), and Switzerland ($825) show significantly higher advertising intensity, while China ($170), Brazil ($110), and India ($13) combine lower per-capita spending with massive consumer populations – highlighting substantial growth potential as these emerging markets mature.

WARC Media subscribers can read WARC’s global ad spend Q3 2026 update report in full.
 




 

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Investors Back Platinum Credit Uganda: First Tranche Subscribed Nearly 2.5 Times

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9 hours ago

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October 8, 2026

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The tranche is the first issuance under a UGX 70 billion Medium Term Note programme approved by the Capital Markets Authority (CMA)

KAMPALA, Uganda, October 7, 2026/APO Group/ –Platinum Credit Uganda this week listed its Medium Term Notes on the Uganda Securities Exchange (USE), after investors bid for almost two and a half times the amount on offer in the first tranche.

 




  

Download document: https://apo-opa.co/4rUcD15

Ugandan investors have given Platinum Uganda a strong vote of confidence

The first tranche of the private placement, with a base quantum of UGX 20 billion with a greenshoe option of UGX 10 billion, closed at a subscription rate of 246%, with investors applying for more than UGX 49 billion. Given the strong demand, Platinum Credit exercised the greenshoe option, and UGX 30 billion of notes was accepted. The tranche is the first issuance under a UGX 70 billion Medium Term Note programme approved by the Capital Markets Authority (CMA). The programme also includes a greenshoe option of UGX 30 billion, which takes the full programme to UGX 100 billion.

Investors could choose between three-, five- and eight-year notes, with interest paid quarterly. The notes were issued on 30 September 2026.

The company plans to use the new funding to grow its lending to the individuals and micro, small and medium enterprises (MSMEs) it already serves. At the end of 2025, Platinum Credit Uganda had over 30,000 active clients across Uganda. In the same year, small and medium businesses received more than UGX 71 billion in loans, helping them keep their cash flow steady and their operations running. In 2026, the company aims to put a further UGX 10 billion into Ugandan small businesses, prioritising those led by women and young people, and to expand its lending to smallholder dairy farmers.

Albert Abaasa, Managing Director of Platinum Credit Uganda, said: “We invited bids for UGX 20 billion and investors offered us nearly UGX 50 billion, which allowed us to exercise our greenshoe option and raise UGX 30 billion. That is a clear sign of trust in how we run this business and in where we are taking it. These funds will help us reach more customers across Uganda, and listing on the USE gives investors an opportunity to back a business that is expanding access to finance.”

Brett Sievwright, Chief Executive Officer of Platcorp Group, said: “Ugandan investors have given Platinum Uganda a strong vote of confidence. Raising long-term funding locally, in shillings, means the business can lend in the same currency its customers trade in. The strength of demand shows clear investor confidence in Platinum Uganda’s growth story. We thank the Capital Markets Authority, the Uganda Securities Exchange and our partners for their work in bringing these notes to market.”

Distributed by APO Group on behalf of Platcorp Group.

 

 




 

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All Roads Lead to Namibia: The 7th Canada-Africa Business Conference Returns to Windhoek, 2–4 February 2027

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12 hours ago

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October 8, 2026

By

Ateau Zola

The Conference is anticipated to be the largest event the Chamber has convened on the African continent in its 33-year history

TORONTO, Canada, October 7, 2026/APO Group/ –The Canada-Africa Chamber of Business (www.CanadaAfrica.ca) is pleased to announce that the 7th Canada-Africa Business Conference will take place in Windhoek, Namibia, from 2–4 February 2027, under the headline sponsorship of B2Gold. The program opens with a site visit to B2Gold’s Otjikoto operations on 2–3 February, followed by a full conference day on Thursday, 4 February — in the days immediately preceding the Investing in African Mining Indaba in Cape Town. The Conference is anticipated to be the largest event the Chamber has convened on the African continent in its 33-year history.

 




  

During Africa Accelerating 2026, held in Toronto, a point was made that echoed throughout the program: all roads lead to Namibia for the next Canada-Africa Business Conference. “We are so delighted to be returning to Windhoek, and to be doing so with partners who continue to demonstrate what Canada-Africa collaboration can achieve,” said Garreth Bloor, President of The Canada-Africa Chamber of Business.

“Last year we welcomed over 50 Canadian company representatives among the hundreds of delegates – we’ve now doubled capacity for the next event, based on demand,” explained Bloor during the Africa Accelerating conference underway in Toronto this year.

Otjikoto has shown what is possible when a Canadian company and a Namibian community build together over the long term, in a country that is a gateway to the African continent

In remarks to the previous Canada-Africa Business Conference in Windhoek, the Prime Minister of Canada, the Right Honourable Mark Carney, recognized the Chamber “for convening leaders from across Canada and Africa” — commending its role in advancing investment, trade and partnership, and in connecting businesses and institutions to drive practical collaboration and shared growth.

“B2Gold is proud to support the Chamber’s largest event on African soil in its 33-year history, and proud that it is taking place in Namibia,” said John Roos, Managing Director of B2Gold Namibia. “Otjikoto has shown what is possible when a Canadian company and a Namibian community build together over the long term, in a country that is a gateway to the African continent. Welcoming business leaders to the mining operations, and to the investments in other sectors that have grown up around them, alongside the launch of the B2Gold Foundation in Windhoek, is our way of inviting others to see that partnership for themselves — and to consider what they might build here.”

Africa Accelerating, the Chamber’s flagship conference taking place in Canada this week, also featured a keynote address by Neil Reeder, Vice President, Government Relations at B2Gold, underscoring how vital B2Gold’s work is as a model for Canada-Africa trade and investment — and for deeper engagement between Canada and African markets.

Individuals who wish to find out more may visit the conference page here (https://apo-opa.co/4zjUsEH).

Registrants who wish to indicate their interest in joining the event may do so here (https://apo-opa.co/4hwRBlL).

Distributed by APO Group on behalf of The Canada-Africa Chamber of Business.

 




 

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