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Category: Events
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World Press Freedom Day 2024
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Memorandum of Understanding Signed Between The Islamic Development Bank Group Business Forum (THIQAH) and World Association of Investment Promotion Agencies (WAIPA) to Boost Business and Investment Opportunities
RIYADH, Saudi Arabia, May 1, 2024/ — The Islamic Development Bank Group Business Forum (THIQAH) (www.IDBGBF.org) and the World Association of Investment Promotion Agencies (WAIPA) have recently signed a Memorandum of Understanding (MoU) aimed at fostering collaboration to promote business and investment opportunities on a global scale.
The signing ceremony, held in Jeddah, Saudi Arabia, signifies a strategic alliance between THIQAH and WAIPA, two prominent entities dedicated to facilitating economic growth and investment promotion.
Under the MoU, THIQAH and WAIPA commit to cooperating through various initiatives such as promoting investment opportunities, organizing international business-related events, and facilitating access to information and resources for potential investors. The agreement underscores the shared vision of both organizations to enhance economic development and create mutually beneficial partnerships.
Distributed by APO Group on behalf of Islamic Development Bank Group Business Forum (THIQAH).Contact Us:
Email: THIQAH@isdb.org
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Africa enters epic global AI innovation race, joining world’s tech capitals as an epicentre for digital advancement
Marrakech, Morocco: The AI mania that’s transforming business, government and society globally is also igniting waves of innovation across Africa, with the shape-shifting tech’s existential prospects powering a cross-continental investment surge at the AI Everything Expo by GITEX AFRICA in Morocco next month.
Africa’s epic AI opportunity is already disrupting digital advancements in diverse sectors from finance and agriculture, to healthcare and mobility, all fueling a booming AI market that, according to analysts Statista, will grow 30 percent annually over the next six years to value US$17 billion by 2030.
This massive AI rush combined with a rapidly growing population of 1.5 billion people – of which 70 percent are under the age of 30 – creates a potent recipe of AI acceleration, but highlights gaps in talent development, venture allocation, policy and infrastructure.
These crucial challenges and opportunities will be addressed when the world’s AI cognoscenti and pivotal power players of its widespread deployment unite to fast-track the continent’s next big tech shift at the AI Everything Expo by GITEX AFRICA, the year’s largest and most progressive platform for AI exploration and deep tech innovation.
Taking place from 29-31 May 2024 in Marrakech, Africa’s powerhouse tech showcase will feature the world’s tech titans spearheading the AI gold rush, including Microsoft, IBM, Huawei, Nvidia, and Google, along with hundreds of AI ambitious start-ups from across the globe with grand visions to change Africa via AI-infused products and services.
An AI continent ‘brimming with investment opportunity’
Microsoft, the world’s most valuable company, and GITEX AFRICA’s official AI Partner, is leading the way in the AI investment race, having forged partnerships with the world’s hottest makers of AI models, including the UAE’s G42, a global leader in visionary AI.
Microsoft’s recent US$1.5 billion strategic investment in G42 to accelerate AI development in growing economies such as Africa will be welcomed by big tech executives, government leaders, investors and tech entrepreneurs alike at GITEX AFRICA 2024, which will also feature Presight, G42’s big data analytics company powered by generative AI.
Lillian Barnard, President of Microsoft Africa, said AI can unlock a continent “brimming with investment opportunity.” “Africa has long been recognised for its formidable growth prospects and AI is the long-awaited key to help unlock that potential,” said Barnard, who will also be a headline speaker at GITEX AFRICA’s power-packed conference programme.
“The AI-powered innovation we’re seeing today is poised to reinvent every aspect of society from healthcare to financial services, manufacturing and beyond. If Africa is to benefit from the paradigm shift currently sweeping the globe, we must make the promise of AI real for people and organisations across the continent – and do so responsibly. GITEX provides us with a platform to come together and work towards fulfilling that commitment.”
Dr. Adel Alsharji, the COO of Presight, added that Africa is the second-fastest growing region globally in AI adoption. “Africa’s AI journey is gaining momentum, and this progress highlights the continent’s readiness to explore and harness the potential of AI for driving economic growth and addressing local challenges,” said Alsharji, adding that demand for AI-related jobs will increase two-fold over the next three years. “AI could add US$13 trillion to the global economy by 2030, while the number of AI-related jobs in Africa alone is expected to grow by 200 percent by 2025.”
A formidable African force in a world-changing AI revolution
The AI Everything Expo will gather the brightest minds and most innovative thinkers in the field of AI at the AI Everything Conference, one of 10 powerful conference stages at GITEX AFRICA, the continent’s largest tech and start-up show.
Headline speakers leading the AI phenomenon include Dragoș Tudorache, Vice-President of the Renew Europe Group; Mactar Seck, Chief of Technology and Innovation at the United Nations Economic Commission for Africa (UNECA); and Jepson Taylor, Former Chief AI Strategist, Dataiku.
AI and it’s far-reaching multisectoral impact will be evident on the exhibition floor, with exhibitors showcasing how the AI boom is turbocharging waves of innovation across industries, from education and agriculture, to transport, retail, energy, or logistics.
Clinify, a Nigerian start-up epitomises this movement in the healthcare sector, and is one of hundreds of global change-makers at GITEX AFRICA’s North Star Africa start-up showcase. Clinify, an electronic medical record (EMR) platform seeks to digitise patients’ medical records in Africa, where 90 percent of such information is still paper based.
CEO and Founder Michael Omidele, said there’s an urgent need for centralised and digitised medical records. “Africa’s healthcare sector faces several challenges; there’s only one doctor available for every 10,000 patients whereas the average in developed countries is one doctor for every 250 people,” said Omidele.
“Clinify is a one of a kind African solution offering a digitally centralised and standardised interoperable aggregator of healthcare systems, a telemedicine platform, and an EMR solution giving patients access to their medical records. Our goal is to network with healthcare providers, to expand this innovation from Nigeria and export it across Africa.”
Under the High Patronage of His Majesty King Mohammed VI of the Kingdom of Morocco, GITEX AFRICA is held under the authority of the Moroccan Ministry of Digital Transition and Administration Reform, in partnership with Morocco’s Digital Development Agency. The 2nd blockbuster edition, organised by KAOUN International, follows its pioneering debut in 2023.
More information is available at www.gitexafrica.com.
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ECA urges African countries to adopt technological solutions to monitor their development strategies
To bolster national planning activities, policymakers have been urged to embrace digital tools to foster greater transparency, efficiency, and effectiveness. The call to action was made during the meeting on “Leveraging Digital Technologies for Integrated Planning to Advance the SDGs and Agenda 2063 in Times of Multiple Crises”, which took place as a side event at the Tenth Session of the Africa Regional Forum on Sustainable Development (ARFSD-10).
Mr Antonio Pedro, Deputy Executive Secretary of the UN Economic Commission for Africa (ECA), stressed the importance of technology in supporting development planning systems.
He said that while many countries do an excellent job of identifying their priorities through extensive stakeholders’ consultation, the number of identified priorities is often so numerous that implementation becomes a challenge.
To address this challenge, ECA developed the Integrated Planning and Reporting Tool (IPRT), a web-based tool designed to enhance the effectiveness of planning.
The IPRT aims to strengthen planning systems by leveraging technology, allowing for the digital tracking of national, provincial and sector plans in alignment with annual budgets and international commitments such as SDGs and Agenda 2063.
Mr Bartholomew Armah, Chief of Development Planning in the Macroeconomics and Governance Division at ECA highlighted the tool’s ability to facilitate integrated and coherent planning, addressing the issue of disconnected planning frameworks at various levels and ensuring alignment with global commitments.
“The IPRT represents a significant step forward in the integration of multiple development agendas into national development plans, offering a harmonized approach to progress reporting”, he said.
Ms. Annette Griessel, Deputy Director General of National Planning Coordination at the South African Department of Planning, Monitoring, and Evaluation (DPME), highlighted the transformative role of technology in redressing the development disparities created by South Africa’s apartheid past.
She noted the progress made in reforming the planning system, ensuring their alignment with the Sustainable Development Goals (SDGs) and Africa’s Agenda 2063, “which is seen as a cornerstone in building a capable developmental state”.
The IPRT has already been deployed in more than 30 countries with ongoing efforts to ensure its use by other countries on the continent. It makes the tracking of performance on the indicators of the National development plan more user-friendly.
The e-meeting was organized by ECA’s Macroeconomics and Governance Division and the Office for Eastern Africa.
Distributed by ICA Media on Behalf of UNECA
SOURCE
UNECA
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WCEF2024: Europe urgently needs a circular single market to safeguard economic security
Policy makers recently convened at the European Council,Brussels,Belgium, to find ways to strengthen the competitiveness and strategic autonomy of the EU.
European leaders received an urgent demand from the World Circular Economy Forum (WCEF) 2024.
The clear message from nearly 10,000 circular economy experts from around the world was that implementing circularity is crucial for securing economic prosperity and unlocking well-being by reducing the overuse of non-renewable natural resources.
The forum, which took place in Brussels 15-18 April 2024, highlighted the importance of the EU’s role in accelerating the transition to a circular economy globally.
“Developing the EU’s single market to support circularity would create new business opportunities, jobs and security for all Europeans. This would strengthen the EU’s strategic autonomy and competitiveness. It would also send a powerful signal of a predictable investment environment,” says Atte Jääskeläinen, President of the Finnish Innovation Fund Sitra, the initiator of the WCEF.
“The solutions pathway to maintain quality of life and economic competitiveness is getting narrower and steeper, and there are less and more urgent options on our policy menu than decades ago. But with decisive action and political courage, a sustainable future is still possible for all by decoupling growth of resource use from human well-being,” says Janez Potočnik, Co-Chair of the International Resource Panel (IRP).
“Continuing to benchmark circularity and measure progress, setting new ‘rules of the game’ through policy will be crucial next steps for Europe. Moreover, radical collaboration across the globe will be fundamental in driving the transition at the speed and scale necessary,” says Ivonne Bojoh, CEO of Circle Economy Foundation.
The circular economy offers major economic opportunities for Europe. Across the continent, companies from startups to large enterprises are developing innovative solutions that create new businesses and combat biodiversity loss. This trend is exemplified by a list of Europe’s 30 leading circular solutions for nature, published by Sitra on 15 April. However, appropriate regulation is essential for companies to scale their operations across Europe.
“You need funding to do right investments and innovation, you also need policies and frameworks that give us security about what is going to happen,” stated Veerle Slenders at the event. She is Executive Vice-President for Recycling at Umicore, a global materials technology and recycling enterprise.
The WCEF2024 brought more than 1,500 frontrunners of circularity to Brussels, Belgium. In addition, the event has been followed online by almost 8,000 people around the world. The number of countries represented at this year’s forum was 158.
Frontrunners of circularity at the World Circular Economy Forum 2024 in Brussels called for ambitious European policies and implementation of circularity to ensure economic prosperity, including in low-income countries. The EU announced the establishment of a new Circular Economy Resource Centre to speed up the worldwide transition to circularity. The next WCEF will be held in São Paulo, Brazil in May 2025.
In a circular economy, offers more value from what is at hand by making products that last and by keeping those products in active use as long as possible. This also reduces the need to extract new natural resources, leaving more room for nature to thrive.
The World Circular Economy FoRum(WCEF) creates a new economy, businesses and jobs, by leveraging circular solutions to solve the planetary crisis.
Since 2017, the forum has gathered forward-looking thinkers and doers to showcase and enact the world’s leading circular economy solutions.
WCEF is a global initiative of Finland and the Finnish Innovation Fund(SITRA).It is organised by Sitra and produced with Circle Economy Foundation (programme partner) and the International Resource Panel (science partner), in close collaboration with international partner organisations.
SOURCE
SITRA
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18th Islamic Development Bank (IsDB) Global Forum to Explore Innovation, Entrepreneurship, and Leadership in Islamic Finance
JEDDAH, Saudi Arabia, April 21, 2024/ — The Islamic Development Bank (IsDB) Institute (https://IsDBInstitute.org/) is pleased to announce the 18th edition of the IsDB Global Forum on Islamic Finance to be held in Riyadh, Kingdom of Saudi Arabia, on 28 April 2024, in conjunction with the IsDB Group Annual Meetings and Golden Jubilee Celebration.
Organized annually as a flagship side event of the Annual Meetings, this year’s Forum will bring together thought leaders, policymakers, financial experts, and other stakeholders in the Islamic finance industry to deliberate on innovative tools to foster sustainable development.
Under the theme “Innovation, Entrepreneurship, and Leadership in Islamic Finance”, the forum will have keynote speeches by H.E. Dr. Muhammad Al Jasser, Chairman of the IsDB Group; H.E. Dr. Stephen Groff, Governor of the Saudi National Development Fund; and Engineer Mutlaq H. Al-Morished, CEO, Tasnee Corporation.
The forum will witness the award presentation to the winner of the 2024 IsDB Prize for Impactful Achievement in Islamic Economics. Professor Mehmet Asutay, a professor of Middle Eastern and Islamic Political Economy & Finance at Durham University, won the prize in recognition of his significant and influential contributions to the field of Islamic economics and finance.
Subsequently, the Forum will have two sessions. The first is a panel that aims to explore the pivotal role of entrepreneurship in advancing sustainable development, particularly within the Islamic finance paradigm.
Panelists for the session are Mr. Mohammad Abdulhameed Al-Mubarak, CEO of Madinah Knowledge Economic City; Dr. Zeger Degraeve, Executive Dean of Prince Mohammed Bin Salman College (MBSC); Mr. Morrad Irsane, CEO and Founder of TAKADAO; and Dr. Sami Al-Suwailem, Acting Director General of the IsDB Institute.
The second session will showcase the Smart Stabilization System, a patent-pending algorithm to enhance stability in financial markets, being developed by the IsDB Institute and implemented by the blockchain company SettleMint. The discussants will be Mr. Matthew Van Niekerk, Founder & CEO of SettleMint, and Dr. Hilal Houssain, Associate Manager of Knowledge Solutions Team, IsDBI.
The Forum will also feature the launching of a new IsDBI report titled “Catalyzing Social Entrepreneurship through Islamic Finance”, which explores the potential of Islamic finance to support social entrepreneurship and impact investing.
The IsDB Global Forum on Islamic Finance is an annual high-level forum initiated in 2006 as a platform for strategic policy dialogue on knowledge and innovation in Islamic finance and development.
Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).Media contact:
Habeeb Idris Pindiga
Associate Manager, Knowledge Horizons
hpindiga@isdb.orgFor more information, visit the 2024 IsDB Group Annual Meetings website (https://IsDM-AM.org/) or IsDBI media platforms:
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More than 900+ Visionary and Influential Speakers to Grace 2024 AIM Congress in Abu Dhabi
Abu Dhabi, UAE, 22 April, 2024: The Annual Investment Meeting (AIM) Congress 2024 is gearing up to host some of the most influential voices and visionaries from around the globe.
Scheduled to take place from May 7 to 9 at the Abu Dhabi National Exhibition Centre (ADNEC), AIM Congress promises an unparalleled gathering of high-level speakers who will share their insights and expertise on navigating the evolving investment landscape.
Among those poised to share their insights and knowledge are esteemed figures H.E. Ahmed Aboul Gheit, the Secretary General of the League of Arab States, whose diplomatic prowess and strategic vision have contributed to regional cooperation and stability.
Dr. Khaled Hanafy, the Secretary General of the Union of Arab Chambers, will bring valuable perspectives on economic integration and collaboration across Arab nations, while Her Majesty Tirelo Molotlegi, the Princess of the Royal Bafokeng Nation, will offer insights into sustainable development and community empowerment.
The event will also feature distinguished government leaders such as H.E. Oh Se-Hoon, Mayor of Seoul City, H.E. Sergey Cheremin, the Minister of the Moscow City Government, who oversees external economic relations, and H.E. Khalid Ibrahim Humaidan, the Governor of the Central Bank of Bahrain, a key figure in shaping monetary policy and financial stability in the region.
Moreover, AIM Congress attendees will have the opportunity to engage with prominent figures from the private sector, including H.E. Jorge Arbache, Vice President for the Private Sector at the Development Bank for Latin America and the Caribbean (CAF), Kiho Park, CEO/President of LB Investment, Jeffrey Li, Managing Partner of Tencent Investment, and Islam Shawky, CEO and Co-founder of Paymob, recognized among Forbes’ Top 30 Fintech Companies.
Their expertise in technology and investment will provide valuable insights into the future of finance and innovation.
Additionally, the event will feature thought leaders such as Prof. Rae Kwon Chung, Chairman of the Global Energy Prize International Award Committee and Nobel Prize Winner, who will offer perspectives on sustainable energy solutions, and H.E. Zurab Pololikashvili, the Secretary General of the UN World Tourism Organization, who will share insights into the future of global tourism and its economic impact.
Joining them will be Her Excellency Armida Salsiah Alisiahbana, Under Secretary General of the United Nations and Executive Secretary of United Nations ESCAP, H.E. Wamkele Mene, Secretary General of the AfCFTA Secretariat, and H.E. Francesco La Camera, Director General of International Renewable Energy Agency.
These esteemed speakers represent a diverse array of industries and regions, reflecting the global reach and impact of AIM Congress as a premier investment platform. From technology and finance to energy and tourism, their expertise will provide invaluable insights into the opportunities and challenges facing the global economy.
AIM Congress 2024, an initiative of the AIM Global Foundation, is expected to draw over 12,000 delegates representing 175 countries worldwide.
To register for the 2024 AIM Congress, please visit:https://aimcongress.com/packages/PR22APR
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Africa Climate Roundtable to unify African voices on climate resilience and adaptation.
The African Risk Capacity (ARC) will be convening leading partners in Africa’s climate and food security space.in Johannesburg, South Africa, from 7-8 May 2024,according to a recent official statement issued in Johannesburg on the 9th April.
Ahead of COP29, which will take place this year in Baku, Azerbaijan, the statement said, the Africa Climate Roundtable will bring together leaders from across the continent, “It is an opportunity to forge a common and decisive African voice on matters of climate resilience and adaptation”, it noted.
Africa, the statement noted, has a clear role to play in terms of providing solutions to mitigate the impact of climate change, promote adaptation, and increase resilience, especially of vulnerable communities. In the last twelve months, it further noted, there’ve been important developments from the Conference of Parties (COP) discussions as well as the Africa Climate Summit.
“The ground-breaking decision to establish the Loss and Damage Fund during COP 27 was a breakthrough for developing nations that are disproportionately impacted by climate change” it recounted.
The roundtable will build on this momentum by elaborating on the Fund’s proposed framework over two days to facilitate the agreement of coordinated and cohesive climate action, promote essential conversation, and discuss innovative solutions.”
Specifically, the roundtable will be an opportunity for stakeholders to, articulate the demand on the ground versus supply, elaborate on available opportunities, identify the challenges that stand in the way of implementation, use lessons learnt from our collective experiences, develop innovative solutions, identify potential areas of collaboration; and, mobilize additional resources.
Expected Roundtable Participants:
African leadership: AU organs, regional bodies (SADC, EAC, ECOWAS) and representatives from member statesman organizations, UNDRR, UNHCR, WFP, UN-Habitat, Donor partners in the climate space, Technical partners, the private sector, Youth and Civil Society Organizations.
The African Climate Roundtable’s convening partners include: Afreximbank, African Adaptation Initiative, African Capacity Building Foundation, African Risk Capacity, African Union Development Agency (AUDA-NEPAD),Arab Bank for Economic Development in Africa; Global Green Growth Institute,UN Habitat and the United Nations World Food Programme(WFP).
Distributed by IC Publications on behalf of African Risk Capacity
Source:
African Risk Capacity
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Affirmative Finance Action for Women in Africa (AFAWA) Finance Series Togo: African Development Bank and African Guarantee Fund unite to strengthen female entrepreneurs’ access to finance
LOMÉ, Togo, April 8, 2024/ — The African Development Bank (www.AfDB.org) and the African Guarantee Fund (AGF) (https://apo-opa.co/4apZNya) have brought the curtain down on the AFAWA Finance Series Togo conference, a key note event aimed at promoting a better understanding of the financing needs of Togolese women entrepreneurs and debunking the myth that women-run companies are risky ventures.
The three-day event, which ended on Thursday 28 March 2024, brought together some 180 leading figures responsible for policy and regulation in favour of women’s financial inclusion, and representatives of financial institutions, small and medium-sized enterprises and business incubators run or owned by women.
Specific training was provided to about 30 Togolese financial institutions. The courses helped to enhance understanding of the Affirmative Finance Action for Women in Africa (AFAWA) (https://apo-opa.co/4cPI8Sg) initiative and its ‘guarantee’ mechanism, and demonstrated the commercial benefits of doing a better job of targeting women entrepreneurs by developing gender-sensitive ranges of products and services.
The objective was to better understand the needs of women entrepreneurs and collectively address the challenges they face in terms of access to funding, while exploring the opportunities offered by the Guarantee for Growth programme, designed by the African Development Bank Group through the AFAWA, and implemented by the AGF.
This innovative programme aims to make up to $3 billion available for women-led small and medium-sized enterprises, via guarantees to financial institutions to mitigate lending risks.
Wilfried Abiola, the Bank’s Country Manager for Togo, explained the initiative challenged economic and social stereotypes.
“The AFAWA initiative is not just a financial instrument; it aims to change the narrative and general perceptions, to transform the notion that small and medium-sized enterprises run by women are risky businesses. AFAWA is working to turn these businesses into substantial investment opportunities for institutions, in particular through the Guarantee for Growth programme, which was designed by the Bank,” he declared.
According to Jules Ngankam, CEO of the AGF, “AFAWA also aims to bring together financial and public sector actors to boost human and financial capital so that women can attain their full potential and participate completely in the growth of our continent. We are extremely optimistic that the impact will be significant in the long term and will stimulate economic growth in Togo.”
The financing gap for women-led small and medium-sized enterprises in Togo is close to $45 million. Closing this gap represents a priority for the Togolese authorities, who intend to strengthen women’s economic empowerment, boost the private sector and thereby support inclusive economic growth.
“Through the government’s action, 25 percent of public contracts are now awarded to women and young people, and on the economic front, the government aims to resolve the problem of access to credit for women and girls with the establishment of the National Fund for Inclusive Finance, which has helped more than 1.2 million women,” said Koffi Gani, Principal Private Secretary for the Togolese Minister for Social Action, the Advancement of Women and Literacy.
The AFAWA Finance Series Togo conference is part of a series of events organised right across Africa to promote access to finance for businesses run or owned by women. It represents a considerable step towards accomplishing the ambitious goal of funding women-led businesses to the tune of $5 billion by 2026.
The African Development Bank, through the AFAWA initiative, has approved approximately $1.7 billion in cumulative investments and $54.5 million in technical assistance, and has partnered with 96 financial institutions in 32 regional member countries. Over 7,000 women-led small and medium-sized enterprises have now reaped the benefits of its support in Africa.
AFAWA is supported by the Women Enterpreneurs Finance Initiative (We-Fi), the G7 countries of France, Italy, Canada and Germany, as well as the Netherlands and Sweden.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).Media contact:
Désirée Bataba
Communication and External Relations Department
media@afdb.org -
Former Nigerian Local Content Head to Share Best Practices at Namibia International Energy Conference (NIEC) 2024
WINDHOEK, Namibia, April 2, 2024/ — Engr. Simbi Kesiye Wabote, former Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), will speak at the upcoming Namibia International Energy Conference (NIEC) 2024, unlocking newfound collaboration between the two countries on local content policy development and implementation.
Since his appointment in 2016, Wabote has been a fierce advocate of local beneficiation for both Nigerians and Africans across the sector, steering strategic national programs to build local capacity, calling for enhanced transparency in contracting processes and boosting local manufacturing capabilities.
The NCDMB serves to review Nigerian content plans developed by operators, set guidelines and minimum content levels for project-related activities across the oil and gas value chain and engage in targeted capacity building interventions, among other key responsibilities, with a view to achieving 70% local content by 2027.Energy Capital & Power is a strategic partner of the Namibia International Energy Conference (NIEC) – taking place in Windhoek on April 23-25, 2024. The 6th annual conference unites industry leaders, business executives and policymakers to engage in dialogue, exchange ideas, create new partnerships and identify strategies to foster a prosperous energy industry in Namibia and beyond. For more information, please visit https://www.
nieconference.com/ Having spent 26 years at Shell Petroleum Development Company Nigeria, Wabote offers a unique private sector perspective on local content development and compliance, with roles spanning business management to government relations to local content strategy. During his tenure at the NCDMB,
Wabote established a series of impactful initiatives including the $350-million Nigerian Content Intervention Fund, which provides affordable credit for Nigerian oil and gas service companies and local contractors, as well as the $40-million Women in Oil and Gas Intervention Fund, created in partnership with the Nigerian Export-Import Bank.These policy interventions, pioneered by the NCDMB under Wabote’s leadership, could serve as a blueprint for other African countries seeking to directly translate oil and gas revenues into local content development. Namibia, for its part, is in the process of drafting its own National Upstream Petroleum Local Content Policy, following a series of high-profile offshore discoveries since 2022.
The southern African country is seeking to establish an effective policy that enables training and skill development, job creation and the participation of national companies and service providers across the sector, with a view to generating and retaining local value.As Namibia’s Ministry of Mines and Energy continues to consult with stakeholders on its draft policy, NIEC 2024 represents a valuable platform to exchange local content best practices, as well as catalyze new investment in infrastructure, capacity building and technology.
The NCDMB is one of the key features that sets Nigeria’s local content policy apart in that it oversees and implements the Nigerian Oil and Gas Industry Content Development Act, while forming strategic partnerships with leading industry players and educational institutions.“As an emerging producer, Namibia can learn from mature markets like Nigeria when it comes to establishing a comprehensive local content framework with specific guidelines.
Engr. Simbi Kesiye Wabote has been a long-time champion of accelerating indigenous participation in oil and gas contracts and ensuring that policy interventions support national local content targets.A well-formulated local content policy is critical to creating both backward and forward linkages across Namibia’s value chain that ensure oil and gas resources are leveraged for inclusive growth,” says Selma Shimutwikeni, CEO of Rich Africa Consultancy, organizers of NIEC 2024.Distributed by APO Group on behalf of Energy Capital & Power.SOURCE
Energy Capital & Power