Monthly Archives: November 2019

Peace at Last…Horn of Africa Countries Launch Regional Initiative, $15bn Investment on the Cards

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Five Horn of Africa countries – Ethiopia, Djibouti, Kenya, Eritrea, and Somalia – have launched an initiative to forge closer economic ties, building on the improving political climate in the sub-region.

The proposals require financing of around $15 billion.

The initiative was formalised on October 18 on the sidelines of the World Bank Group/International Monetary Fund (IMF) Annual Meetings in Washington DC.

The countries agreed on priority projects and programmes that would constitute the initiative, which was being developed by the countries with support from the African Development Bank, the European Union and the World Bank.

The effort would culminate in a financing forum next year to seek investors to realise a package of priorities identified by the quintet, which has over the past decade registered some of the highest growth rates in Africa.

African Development Bank’s Vice President for Regional Development, Integration and Business Delivery, Khaled Sherif, who attended…

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Buhari Pledges Support Towards Completion of Dangote Petroleum Refinery

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Minister of State for Petroleum Resources, Timipre Sylva, has pledged support of the President Muhammadu Buhari-led Federal Government towards ensuring the completion of the historic 650,000 bpd Dangote Petroleum Refinery.

The minister stated this during an official visit to the Petrochemical complex located at the Lekki Free Trade Zone in Lagos.

Sylva, who was led on a tour of the tefinery by the Group President/Chief Executive, Dangote Industries Limited, Aliko Dangote, and the company’s Executive Director, Strategy, Capital Projects and Portfolio Development, Devakumar Edwin, was accompanied by the Chairman, Senate Committee on Petroleum Downstream, Senator Sabo Nakudu; Chairman, Senate Committee on Services/member, Senate Committee, Upstream, Senator Muhammad Musa; Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mele Kyari; Director, Department of Petroleum Resources (DPR), Ahmed Shakur; Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote; and the Executive Secretary, Petroleum Equalisation Fund (PEF), Ahmed Boboi; among others.

According…

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