Yemisi Izuora The World Bank Group’s guarantee platform, operated by the Multilateral Investment Guarantee Agency (MIGA), is broadening its intervention with hope to double its annual guarantee volume in Africa, targeting $6.4 billion by 2030. According to a press release published in May, the investments backed by these commitments are expected to directly improve living conditions for around 190 million people across the continent, including 43 million through improved access to electricity. The institution estimates that guarantees issued over the next four years could mobilize an additional $23 billion in private capital across the continent. The funding is expected to support…
Author: Orientalnews Staff
Yemisi Izuora Organizers of the Africa Clean Cooking Summit has announced a shift in the date of the event, which was originally scheduled to take place in Nairobi on July 9-10, 2026. The organizers include the International Energy Agency (IEA), the Kenyan government, Norway and other international partners. They cited “persistent uncertainties” and “evolving circumstances” that could limit participation by key stakeholders. However, the organizers confirmed that they will present financial commitments announced ahead of the summit during a high-level virtual meeting scheduled for July 9. “This meeting will provide an opportunity to review progress achieved and highlight key outcomes, including the significant…
Uche Cecil Izuora Bank financing for the fossil fuel sector reportedly grew in 2025, according to the latest edition of the Banking on Climate Chaos 2026 report. The information was published in early June by a coalition of non-governmental organizations specializing in climate and environmental issues. The report, now in its 17th edition, found that the world’s 65 largest banks increased their financing for fossil fuel producers by 8 per cent to $906 billion in 2025. Banks based in the United States, Canada, Japan, China, the United Kingdom and the European Union accounted for nearly 90 per cent of global fossil fuel…
Yemisi Izuora Nigeria’s coffee export is gaining momentum as a Nigerian agribusiness company JR Farms is strengthening its footprint in the West African coffee industry. After unveiling a major coffee development project in Nigeria in 2025, the company is now expanding into Liberia with a large-scale investment initiative. On June 8, JR Farms signed a 20-year concession agreement with Liberia’s Ministry of Agriculture to support the development of the country’s coffee sector. Structured as a public-private partnership valued at $60 million, the agreement includes a broad coffee development program that aims to bring more than 250,000 hectares of land into…
Yemisi Izuora Ghana is trailing Nigeria in economic growth performance, posting a robust 6.4 per cent year-on-year growth in the first quarter of 2026, according to official data released by the Ghana Statistical Service (GSS). The figure, announced by Government Statistician Alhassan Iddrisu in Accra, marks a solid performance that outpaces many regional peers and demonstrates the country’s resilience amid global headwinds, including disruptions from the ongoing conflict in Iran. On the other hand, Nigeria’s economy recorded a real Gross Domestic Product (GDP) growth of 3.89 per cent year-on-year in the first quarter of 2026, according to the National…
Uche Cecil Izuora Despite Nigeria’s sweet light crude grades attractiveness in the international markets which is attracting investor interest in the country’s oil and gas industry, institutional, legal and commercial bottlenecks in the upstream sector remain largely unresolved, despite a series of executive directives aimed at improving the operating environment. The managing partner at energy advisory firm Dairy Hills, Kelvin Emmanuel, made the observation in a television interview anchored by CNBC. The comment follows June 12 deadline for the submission of technical and commercial bids by prequalified applicants in the country’s 2025 oil licensing round, as announced by the…
Yemisi Izuora Dangote Petroleum Refinery is hoping to raise about $1 billion through a private placement, valuing the company at approximately $39.1 billion, according to sources and a placement document. The refinery is offering 3 billion ordinary shares at $0.35 per share, with investor demand already exceeding $2 billion, sources said, according to Reuters. Investors must subscribe to a minimum of 1 million shares ($350,000), with additional purchases in multiples of 500,000 shares. Shares will be subject to a 365-day lock-up period. Proceeds will be used for expansion and general corporate purposes as the refinery ramps up operations and…
Uche Cecil Izuora The Organization of Petroleum Exporting Countries (OPEC) on Thursday trimmed its forecast for world oil demand growth in 2026 to 970,000 barrels per day. The review was contained in its monthly report, marking the second straight downward revision. The group continues to see a smaller impact on consumption since the Iran war started than other forecasters such as the U.S. Energy Information Administration and the International Energy Agency. The OPEC said consumption would rebound later and raised its demand growth forecast for 2027. The war has effectively closed the Strait of Hormuz, one of the world’s…
Uche Cecil Izuora Global gas turbine market is witnessing a boom as the Iran war has become an additional driver of demand, Siemens Energy executives said. Due to the Middle East tensions manufacturers are already flooded with orders due to the massive data centre expansion in the United States. Along with rivals GE Vernova and Mitsubishi Heavy Industries, Siemens Energy has seen demand for gas turbines soar as so-called hyperscalers invest more than $700 billion in energy-hungry artificial intelligence, in turn driving demand for new energy capacity. This trend, which has boosted the firms’ share prices in recent years,…
Yemisi Izuora Nigeria is set to witness a major leap in its gas industry production capacity because authorities have set a predictable price target that will support investors to make decisions with clearer return forecast. According to Shell Nigeria Gas (SNG) the growth in domestic gas production and investment is as a result of such reforms that introduced clearer pricing frameworks and reduced policy uncertainty in the sector. The company stated this at the second business forum of the Association of Local Distributors of Gas held in Abuja, where industry stakeholders discussed ways to improve access to gas and…