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  • Annual Investment Meeting tackles global market challenges, future investment opportunities in partnership with the Abu Dhabi Department of Economic Development

    Annual Investment Meeting tackles global market challenges, future investment opportunities in partnership with the Abu Dhabi Department of Economic Development

    Abu Dhabi, United Arab Emirates, 2 April 2023: The 12th Annual Investment Meeting (AIM Global 2023), which is supported by the Ministry of Industry and Advanced Technology in partnership with the Abu Dhabi Department of Economic Development, will feature a number of local and international events, forums, and conferences from May 8 to 10 at the Abu Dhabi National Exhibition Centre and discuss the latest investment trends, challenges, and opportunities to further boost the sustainable growth of the global economy.

    Its lineup of activities comprises a series of dialogue sessions, keynote speeches, and interactive workshops that facilitate the exchange of ideas and best practices, foster dialogue and cooperation, and encourage collective efforts towards achieving a more sustainable and equitable financial future for all.

    It will focus on two main tracks, Investment and Innovation & Technology, which will highlight several topics that cover 10 key different sectors – Agriculture, Energy, Technology, Infrastructure, Manufacturing, Tourism & Hospitality, Transportation & Logistics, Finance, Healthcare, and Education.

    Least Developed Countries Forum

    Organized in cooperation with the World Association of Investment Promotion Agencies (WAIPA), the Least Developed Countries Forum aims to shed light on the key challenges confronting investment promotion agencies globally, such as market analysis mechanisms, investment trends, and sustainable approaches to addressing them, with a particular emphasis on investment promotion agencies in the least developed countries.

    İsmail Erşahin, WAIPA Executive Director and CEO, lauded the long-term partnership between the association and the Annual Investment Meeting, the world’s leading platform that offers an excellent opportunity for investment experts, private sector representatives and international organizations to network and exchange ideas.

    “This year we are pleased to be partnering on a conference for Least Developed Countries, where we will dedicate an entire day to discussing the crucial issues facing investment promotion agencies representing LDCs globally and to presenting them with the tools and knowledge needed to address their challenges in a productive and sustainable manner. We are also looking forward to hosting a workshop on attracting institutional capital, an increasingly urgent task for IPAs which WAIPA is supporting through our training programs,” Erşahin said.

    Future Finance Forum

    The Future Finance Forum, in partnership with the Union of Arab Banks under the theme “Leveraging Innovative Technologies for Financial Inclusion and Sustainability,” will bring together experts and practitioners to explore the role of cutting-edge technologies, such as blockchain, artificial intelligence, Web3, and digital currencies, in promoting financial access, stability, and sustainability. The Forum’s attendees will also gain a comprehensive understanding of the challenges and opportunities in implementing these technologies in the finance sector so they can collaborate on concrete solutions for a more inclusive and sustainable financial future in the Arab world.

    Commenting on the collaboration, Secretary General of Union of Arab Banks Dr. Wissam Fattouh said: “In light of the global economic and climate risks, the Arab region is witnessing deep economic and financial transformations, which will shape its landscape for the upcoming decades. The Union of Arab Banks, in partnership with AIM, aims to shed light on the emerging challenges facing our region, and how to transform them into opportunities, in order to achieve a green, sustainable, and digital Arab economy.”

    The local and global side events at the AIM Global 2023 also include “Make it in the Emirates”; “Invest in Abu Dhabi”; “Road to the World Investment Forum” in collaboration with the United Nations Conference on Trade and Development; “Entrepreneurs Investment Summit” with the United Nations Industrial Development Organization (UNIDO); “Bloomberg New Energy Finance Forum”; “Future Finance Forum” with the Union of Arab Banks; “World Local Production Forum” with the World Health Organization; “Tourism Investment Forum” with the United Nations World Tourism Organization (UNWTO); “Least Developed Countries Forum” in partnership with the World Association of Investment Promotion Agencies; “Finoverse Forum”; “Distressed and Alternative Investment Forum” with the DDC Financial Group; and “Advanced Manufacturing Investment Forum” to be hosted by UNIDO.

    AIM Global 2023 will revolve around the theme “The Investment Paradigm Shift: Future Investment Opportunities To Foster Sustainable Economic Growth, Diversity and Prosperity.” Throughout its previous editions, the conference has established itself as the world’s largest investment platform, attracting extensive international participation from decision-makers, senior officials, businesspeople, experts, and academics. It has excelled at providing a premier venue for knowledge dissemination and exchange, staying updated on the latest developments in foreign direct investment and related matters, sharing experiences, exploring business prospects, and forging cooperation and partnership agreements.

     

     

  • ”How Nigeria Could Turn Climate Change into Economic Opportunity”-Prof Okereke

    ”How Nigeria Could Turn Climate Change into Economic Opportunity”-Prof Okereke

    The ongoing effort to stem the negative impact of climate change presents Nigeria with unique opportunities to boost its economy and improve electricity supply through renewable sources, expert on climate change issues, Professor Chukwumerije Okereke has said.

    Okereke who is the Director, Centre for Climate Change and Development, CCCD, Alex Ekwueme Federal University, Ndufu-Alike, stated this in Abuja at the award ceremony for the winners of the second National Essay Competition titled ‘Climate Change and Nigeria’s Economic Development: A letter to Mr. Incoming President’.

    Prof. Okereke said the essays written by the three finalists would be sent to whoever emerges Nigeria’s President in the general elections.

    He noted that climate change was not just an environmental issue but a national emergency that should be paid serious attention to by all Nigerians.

    According to him, “Many people misunderstand climate change as a small environmental problem somewhere. We are saying that climate change is a national economic development issue. It has to do with agriculture. It has to do with migration. It has to do with security. It has to do with water resources. It has to do with energy. It has to do with urban planning. It has to do with transportation.

    “Nigeria is losing according to the statistics and research done by the UK Government up to $100 billion a year to climate change as at 2020. And that number may go up to $250 billion per year by 2050 if Nigeria fails to take drastic action to tackle the problem. And the youth is the future.

    “They’re our leaders. You can see how massive their engagement in the current election campaign is. So we thought that it’s important to bring the youth together, to animate them, to equip them to empower them, to sensitise them so that they can champion the cause of climate change and the action to solve the problem in Nigeria.

    “As to whether the right is going to get to the President, absolutely. We will make sure that we email these three winning essays to whoever becomes the next president”.

    Prof. Okereke explained that the government needs to create more awareness among Nigerians on the impact of climate change and also set out a national plan to tackle the issues.

    He said that the national plan has to be implemented to the letter and also ensure that institutions charged with implementing the policies are staffed with competent people to drive the process.

    “The good news is that if we can act on climate change in a sensible and wise and intelligent manner, we can actually turn it from being a threat to being an opportunity. For example, in the area of renewable energy, we have just about 4,000 megawatts of energy that we are generating for a country of about 200 million people. South Africa generates about 40 gigawatts. And yet, Nigeria is a land of sun, we can harvest all the energy we need to meet our power and electricity from the sun.

    “Second, we can begin to utilise what we call green agriculture to be able to deal with the issue of desertification, desert encroachment, the degradation of the Lake Chad lecture and begin to create opportunity for women and men to go into green agriculture, which will build resilience to climate change and also lead to a lot of job opportunities.

    “We should stop the flaring of our gas in the Niger Delta, because its contribution is about 55 million metric tonnes of CO2 per annum to Nigeria. And yet if we harness those gases we can use it to power modular cooking and energy in the rural areas of the country”, he added.

    Source:(CCCD Post)

  • Niger Country Unique Selling Points re-echoed

    Niger Country Unique Selling Points re-echoed

    ……As UK Trade and Investment Mission Visits

    Story: Mohammed Abu

    The Nigerien Minister of Trade, H.E.Mr. Allache Alhada has re-echoed Niger’s numerous investment opportunities in terms of huge agriculture potential, rich mineral deposits, energy, tourism and handicrafts among others adding that, his Ministry was playing the facilitator role.

    Mr. Alhada also touched on concrete measures being taken by government to create a most enabling environment for businesses and investments to thrive well in Niger.

    Mr. Alhada was speaking recently in Niamey during an audience he granted to members of the UK Trade and Investment Mission to Niger in the company of Her Excellency, Ms Catherine Inglehearn MBE, the UK Ambassador to Niger alongside representatives of a number of Ghana based Nigerien diaspora owned companies and other Ghanaian companies with business interest in Niger.

    The meeting was part of the programme line up of the UK Trade and Investment Mission to Niger held concurrently with the visit of  the West Africa region Country Manager of  the UK Export Finance, Steven Gray .

    The two-day event organized under the auspices of the British Embassy in Niamey and the UK Exports Finance in collaboration with the government of Niger, drew about twelve companies from the UK as well as some  local Nigerien economic operators and their Ghanaian counterparts.

    Mr. Alhada noted that the essence of involving the Ghanaian economic operators during the UK Trade and Investment Mission was borne out of the fact that, Ghanaian companies had decades long experience in trade, business and financing matters as it relates to the UK. Thus, their participation he intimated, was good for the possibility of fruitful collaboration and partnership between them thereby adding value to the UK mission to Niger.

    Also part of the programme line-up was audience with the Ministry of Planning, Industry, Agro-industrial pole creation among others.

    There were also presentations sessions on Investment opportunities in Niger by the Niger Chamber of Commerce, Ministry of Agriculture, Mines, Hydrocarbons, energy among others as well as presentation by Her Excellency, Ms Ingleheam the British Ambassador to Niger, the West Africa regional Executive Director of UK Export Finance, Steven Grey, FCDO, DMA Invest, members of the visiting UK Trade and Investment Mission to Niger, UK Export Financing mechanisms for infrastructure among others.

    The two-day programme packed event was rounded off by a visit of the UK Trade and Investment Mission led by Her Excellency, the UK Ambassador to Niger, MA Invest and members of the UK Mission to LAIT SA, Riz Du Niger,

    The event was in reciprocation to an earlier Nigerien Mission to the UK.

     

  • UE-Niger Business Forum(Niamey,2023) in Pictures

    UE-Niger Business Forum(Niamey,2023) in Pictures

  • Equatorial Guinea’s New Minister of Mines & Hydrocarbons Is a Competent Leader Taking the Reins in a Challenging Era — Here’s What Needs to Happen Next

    Equatorial Guinea’s New Minister of Mines & Hydrocarbons Is a Competent Leader Taking the Reins in a Challenging Era — Here’s What Needs to Happen Next

    Antonio Oburu Ondo, former Managing Director of national oil company, GEPetrol, has been named Minister of Mines and Hydrocarbons. He is succeeding well-respected leader Gabriel Mbaga Obiang Lima, who assumed the role of Ministry of Economy and Planning.

    By NJ Ayuk, Executive Chairman, African Energy Chamber

    Equatorial Guinea’s cabinet has seen a changing of the guard.

    Antonio Oburu Ondo, former Managing Director of national oil company, GEPetrol, has been named Minister of Mines and Hydrocarbons. He is succeeding well-respected leader Gabriel Mbaga Obiang Lima, who assumed the role of Ministry of Economy and Planning.

    We at the African Energy Chamber are confident that Minister Ondo will do an excellent job. He brings years of industry experience to the table and has worked extremely hard to strengthen Equatorial Guinea’s national oil company. We do not doubt that Minister Ondo will be successful in fostering growth in the energy sector and the national economy as a whole provided that energy industry stakeholders — from international oil companies (IOCs) to the government to other African energy ministers —  join us in supporting him.

    We Need a Strategic Response to Natural Decline of Maturing Oil Fields

    It’s no secret that Equatorial Guinea’s energy industry faces some challenges. For one, production in existing oil and gas fields has been in decline. It is not because of the action, or the inaction of anybody: This is a natural decline and to be expected in any production site.

    What is needed right now is reinvestment in energy growth. And to achieve that, Equatorial Guinea will need to create an enabling environment for new oil and natural gas exploration projects. Equatorial Guinea must remember that it is competing for capital and investment with Gabon, Guyana, and other countries that offer attractive fiscal terms to entice IOCs. If Equatorial Guinea can’t match that alluring environment, it will be difficult to sustain oil and gas production.

    Consider this: There have been no major discoveries in Equatorial Guinea since the introduction of the 2006 hydrocarbon law. In late 2021, Obiang Lima said Equatorial Guinea was revising that law. He recognized that fact that the country needed to give greater consideration to the needs of, and current challenges, facing energy companies if it was going to convince them to make significant investments there.

    “Our hope is that it will enable us to attract more regional and international energy participants and incentivize investment across the entire value chain,” Obiang Lima said at the time. “That will allow us to realize the potential of our offshore natural gas industry and become increasingly competitive in the gas sector.”

    The decision to revise the law was the right choice. I encourage Equatorial Guinea to complete those efforts promptly. Meanwhile, the Ministry of Hydrocarbons and Mines should be taking practical steps to demonstrate that Equatorial Guinea is investor friendly. Oil majors will notice, for example, how the ministry handles the upcoming departure of ExxonMobil, which has announced plans to leave the country, and West Africa, after its license expires in 2026.

    While it may be hard to watch the departure of this excellent partner for the country, it is equally important that Minister Ondo recognize the value of a clean break and an orderly transition to their successor. A diplomatic response will enhance Equatorial Guinea’s reputation as a good country for energy companies.

    What’s more, while there’s no question of sunsetting wells, let’s not overlook the successful producers in the country who are working to ensure the longevity of aging fields and investigating new finds. Trident Energy and Kosmos Energy, for instance, continue to have successful output in the Ceiba conventional oil field: Although production peaked in 2002 at 51.7 thousand barrels per day (bpd) of crude oil and condensate, the field continues to account for some 4% of the country’s daily output. Meanwhile, U.S.-based VAALCO Energy and Atlas Petroleum are successfully proceeding with the development of the Venus discovery in Block P and there is no longer an exclusive operation. All signs point to a promising yield: The results of its initial discovery well and reservoir modeling anticipate 15,000 bpd from the two development wells and injector well.

    Minister Ondo must continue to establish and promote fiscal incentives for investors like these to drive up further production in Block P and other promising hydrocarbon-rich zones. Creating and maintaining ongoing positive relations with these and other companies can go a long way toward developing a reputation as a country serious about its hydrocarbon industry.

    Gas Is the Way Forward

    I believe Equatorial Guinea’s 1.5 trillion cubic feet of natural gas will become the driving force in the country’s energy industry. To enable natural gas production and monetization to lead to economic development and industrialization, Minister Ondo needs to embrace a pragmatic approach to welcoming credible investors, eliminating red tape, and making good deals.

    With this in mind, Minister Ondo will likely find that closing the deal with Chevron regarding a joint development of the YoYo and Yolonda natural gas fields in Equatorial Guinea and Cameroon is going to be critical. Developing this cross-border gas mega-hub could truly transform the economy of both the nation and the region. The LNG market continues to be important and Equatorial Guinea is well positioned to be an active player.

    Let’s also consider Golar LNG and the Fortuna floating liquefied natural gas (FLNG) vessel owned by New Fortress Energy. The partners are negotiating about EG-27 (formerly Block R) to develop an easier, fast-tracked system for moving LNG into the market. This a difficult project and requires really highly skilled companies and deep financial pockets to make this work.  The discussions center around bringing LNG from Nigeria or Cameroon to be processed in Equatorial Guinea. Such developments are critical now more than ever, and the ministry would be wise to do everything in its power to make them happen.

    Keep it Local… But Balanced

    Another challenge Minister Ondo faces is to prioritize keeping markets stable, taking a very market-driven approach both at home and abroad. It’s a delicate balancing act: creating an atmosphere where companies will want to invest in Equatorial Guinea while, at the same time, advocating for the needs of local people and businesses.

    This is not the time to leave local content behind. Minister Ondo will want to make certain that his country establishes a platform that develops its homegrown businesses and businesspeople. This is more than just enabling the local residents and businesses to take commissions from service companies – it is about ensuring that they become an integral part of the industry. Indeed, local content should be seen more as enterprise building and management.

    At the same time, Minister Ondo will be wise to follow in his predecessor’s footsteps in denouncing the currency control rules that the Bank of Central African States (BEAC) adopted in June 2019. While the BEAC’s intention was to promote financial transparency and ensure that oil revenues stay within local economies and local banks, these stringent restrictions create a very unwelcoming environment for foreign investors by causing transaction delays and preventing the repatriation of proceeds. These are job killing regulations and it is bad for jobs, bad for local companies and bad for investments.

    “The FX regulations adopted in June 2019 make it very difficult for our companies to compete and create employment, and render our business environment very unattractive for foreign investors,” Obiang Lima said shortly after their enactment, while calling on the industry to take immediate action to encourage a reversal of the regulations.

    Perhaps a collaboration of the Ministry of Mines and Hydrocarbons and the Ministry of Economy and Planning is in order – a collaboration of outgoing and incoming ministers who can use their expertise and political savvy to overcome these kinds of job-killing and industry-damaging regulations.

    I am confident that Minister Ondo has what it takes to make it work. Companies can rest assured: He may be new to the office, but he’s not new to the game. We have all grown accustomed to his predecessor, and now we all need to welcome new ideas from the new minister. Let’s offer him our full support as he works to help Equatorial Guinea’s energy industry get its groove back.