- Oando PLC has acquired Eni's onshore assets in Nigeria for $783 million, doubling its crude production to 50,000 barrels of oil equivalent per day. The deal includes interests in four onshore oil blocks and key infrastructure like the Brass terminal. This acquisition strengthens Oando's position in the Nigerian energy sector, as international oil companies continue to reassess their operations in the region due to challenges like oil theft and sabotage.
- Nigeria and Equatorial Guinea have signed an agreement to build a 30 billion cubic meters per year gas pipeline, enhancing regional energy integration and security. This project, backed by ECOWAS, aims to address Africa's energy needs and open export opportunities to Europe. It will be built in phases, with success dependent on managing technical and financial challenges.
- The Federal Government, in a meeting with World Bank delegates, reiterated its commitment to boosting power sector investment. Key discussions included rolling out 3.5 million meters, $50 million for solar plant pilots, and infrastructure upgrades. The collaboration aims to strengthen Nigeria’s power sector, support economic growth, and create jobs. The World Bank pledged its support.
- China’s Ministry of Foreign Affairs spokesperson, Mai Ning, reported that China leads in energy-intensity reduction and is a major supplier of global PV and wind power equipment. She highlighted China's green energy projects in Africa, such as the Garissa PV plant and the Kaleta hydropower plant, which support global sustainability. Mai emphasized China's commitment to green development and international cooperation, noting its significant contribution to global economic growth and support for developing nations.
- British High Commissioner Richard Montgomery visited Abia State Governor Alex Otti to discuss partnerships in trade, energy, transportation, technology, and manufacturing for job creation. Montgomery praised the state's improvements in resource management, digital services, and infrastructure. Governor Otti highlighted efforts to boost private sector involvement through enhanced power, infrastructure, and security, and thanked the British Embassy for training civil servants in digital skills.
- The Rural Electrification Agency (REA) revealed a N2.1 billion funding shortfall for its 2023 projects, having received only N900 million of the N3 billion needed. Despite this, REA plans to increase its 2024 budget fourfold and expand its impact significantly. The agency is implementing various technologies across Nigeria and has secured a $750 million World Bank loan for a major off-grid electrification project, aiming to electrify 17.5 million people. This funding is expected to attract $1.1 billion in private investment.
- Danish Shipping backs Denmark’s Africa Strategy and the EU’s Global Gateway initiative, calling for more investment and concrete financing to boost green energy and economic growth in Africa. CEO Anne H. Steffensen highlights the potential for renewable energy in shipping and stresses the need for reciprocal trade relations and stronger maritime security to enhance collaboration between Europe and Africa.
- Bolaji Ogundare, Group Executive Director at Pan Ocean Oil Corporation/Newcross Group, is key to advancing Nigeria's energy sector. He focuses on strict corporate governance and sees opportunities for local operators as international oil companies exit onshore assets due to theft and environmental concerns. Despite challenges like the delayed Petroleum Industry Act, Ogundare believes Nigerian companies should seize current opportunities. His career spans over three decades, bridging healthcare and energy.
- Zambia is extending power cuts to 17 hours a day due to severe drought, which has drastically reduced hydroelectric dam water levels, particularly at the critically low Kariba dam. This measure, starting in September, is causing significant disruptions across industrial sectors, lowering productivity and revising economic growth prospects downward. The strained energy infrastructure and rising costs of alternative power sources, like diesel generators, are exacerbating economic instability, threatening small and medium-sized businesses, and affecting employment and household incomes.
- The House Committee on Renewable Energy, chaired by Mr. Afam Ogene, will hold a workshop called "Renew Nigeria: Unlocking Nigeria’s Energy Future" to refine policies for advancing renewable energy in the country. Mr. Promise Amahah has been appointed as Principal Consultant to assist in driving these sustainable energy efforts.
