Violence in the northern Cabo Delgado region has recently claimed dozens of lives. Earlier this month insurgents captured a heavily-defended port in the far northern town of Mocimboa da Praia.
Reuters reported last month that UKEF was planning to commit around $800 million of funding - a contribution that drew criticism from environmental campaigners who say Britain should not be funding fossil fuel projects.
Global central banks unveil bigger spending measures to counter the effects of the coronavirus outbreak – this comes as OPEC and the International Energy Agency warn that developing countries could lose up to 85 per cent of oil and gas income this year. Gbite Oduneye, Co-Founder of Eagle Global Markets joins CNBC Africa to breakdown the impact of the global pandemic on markets.
IEA Executive Director Fatih Birol and OPEC Secretary General Mohammed Barkindo expressed “deep concerns” about the coronavirus pandemic on Monday, warning it could have “potentially far-reaching economic and social consequences.”
Nigeria’s Minister for Mines and Steel Development, Olamilekan Adegbite, says the country’s mining potential can surpass oil and gas. Meanwhile, data from the National Bureau of Statistics shows that Nigeria’s Mining and Quarrying sector contributed 8.85 to the 2019 GDP lower than the 10.68 per cent recorded in 2018. Joining CNBC Africa to make the investment case for Nigeria’s Mining sector is Cyril Azobu, Partner and Head of Consulting and Mining Leader at PwC.
The Global CEO of GE Gas Power, Scott Strazik says gas is a big part of the solution to Africa’s energy challenges and the scale, access and dependability of gas is a great catalyst to support renewable sources if Africa is going to create industries and advance manufacturing. He joins CNBC Africa to discuss ways to harness Africa’s gas potential.
The Lagos Chamber of Commerce and Industry (LCCI), says for Nigeria to achieve strong growth between 6 to 8 per cent, policy makers should embrace reforms such as the deregulation of oil and gas, harmonisation of multiple exchange windows and privatisation of redundant state assets among others. Muda Yusuf, Director General of LCCI joins CNBC Africa for more.
All unnecessary loopholes and layers creating opportunities for abuse must be removed for Nigeria’s local contention adoption to thrive within the oil and gas sector. That’s according to Senator Teslim Folarin, Chairman of the Senate Committee on Local Content while speaking to CNBC Africa’s Christy Cole on the sidelines of the just-concluded Practical Nigerian Content held in Yenagoa, Bayelsa.