investments

The African Development Bank (AfDB) has made a remarkable announcement: a record $11.1 billion in new investments is earmarked for 2024–2025. This pivotal information surfaced in the latest Annual Development Effectiveness Review, a detailed analysis of the Bank's footprint over the past year in fostering development throughout Africa. Such a financial commitment represents the highest in the Bank's history, further solidifying its role as a cornerstone supporter of Africa's developmental aspirations. It's a…

Nigerian fuel traders are navigating a challenging landscape filled with unmet expectations. Despite proclamations made six months ago that the state-owned Port Harcourt and Warri refineries were ready for operation, traders still find themselves struggling to secure gasoline from these facilities. It raises an important question: How long can a nation, rich in resources, rely on aging infrastructure? This situation has led traders to maintain their dependence on imports and the privately-owned $20 billion Dangote…

Forging New Paths: Ramaphosa's Visit to Washington In a significant diplomatic move, President Cyril Ramaphosa is set to visit Washington this week, largely with the aim of fostering investment opportunities for companies helmed by none other than Elon Musk. This initiative is seen as part of a broader effort to mend fences with U.S. President Donald Trump, as emphasized by Ramaphosa’s spokesperson. The upcoming meeting presents a unique platform for both nations to recalibrate their relationship, which has…

Significant Collaborations: Saudi Arabia and South Africa's Thriving Partnership Over the past year, a remarkable series of high-level discussions between Saudi Arabia and South Africa has unfolded, leading to some noteworthy agreements and deals that amount to billions of dollars. This burgeoning relationship is particularly evident in Africa's most industrialized nation, and there’s much more to come as corporate activities ramp up. The foundation of this growing partnership can be traced back to a pivotal…

"Africa is fatigued from existing in the shadows. We must illuminate the continent—no exceptions." These compelling words resonated from Akinwumi Adesina in September 2016, mere months after he took on the formidable role as President of the African Development Bank Group (AfDB Group). He underscored a crucial issue: electrification on the continent is not merely a luxury; it’s an imperative. Imagine, if you will, a vast expanse of land where cities pulsate with vibrant energy while remote villages grope in darkness.…

African Oil Discoveries Set to Transform the Global Energy Landscape Imagine a continent rich in energy reserves, like a dormant giant waking to its potential. That's precisely the scene unfolding in Africa's oil sector, according to S&P Global's recent publication, "High Impact Wells 2025". It's noteworthy that Africa has suddenly surged to represent 35% of new oil discoveries in this past year alone. Compare that with a modest 7% just a year before in…

Mogadishu (AX) – Gazing futureward with resolute optimism, Somali President Hassan Sheikh Mohamud underscored Somalia's unwavering dedication to amplifying its energy capabilities. This strategic tenet is pivotal for ushering in a new era of modernization and economic prosperity, he declared during his invigorating address at the Africa Energy Summit on Tuesday. As President Mohamud stood before a diverse gathering of African leaders and stakeholders, he painted an evocative picture of the Horn of Africa's abundant…

On Wednesday, the United Nations pledged a helping hand to Somalia in a bid to ramp up investments in agriculture as part of its World Food Day celebration.The Ministry of Agriculture and Irrigation, together with the UN Food and Agriculture Organization (FAO) and the World Food Programme (WFP), hosted a gathering in Somalia’s capital, Mogadishu. The event spotlighted “food heroes” for their role in transforming the nation’s agricultural landscape, in line with the 2024 World Food Day theme: "Right to Food for a Better Life…

In a grand setting, Turkey’s President Recep Tayyip Erdogan stepped up to address the 79th session of the United Nations General Assembly on a bustling Tuesday, September 24, 2024. (AP Photo by Richard Drew) - AP Photo/Richard DrewWith considerable spotlight, President Erdogan participated in the send-off ceremony for Turkey’s energy research vessel, Oruc Reis. This month, the ship departed towards the Somali waters, bolstered by two Turkish naval ships.Somali Energy AccordThe Oruc Reis deployment emerges from an energy…

General Michael Langley, the head of US Africa Command (AFRICOM), touched down in the States on Monday after finishing up his East Africa swing through Kenya and Somalia. A prominent US Marine Corps leader has committed to ongoing investments in Africa's security frameworks. General Langley, helming AFRICOM, emphasized that, in an increasingly intricate security landscape, the United States stands as a reliable ally dedicated to assisting African nations in forging their own path toward lasting peace and security. Gen…