Nigeria’s domestic gas supply has crossed 2 billion cubic feet per day, marking a significant milestone in the country’s effort to make natural gas a more reliable foundation for power generation, industrial production and economic diversification. The milestone comes as the Federal Government targets gas production of 10 billion cubic feet per day by 2027 and 12 Bcf/d by 2030, while seeking approximately $30 billion in new investment across the gas sector by 2030. Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said total gas production has risen to 7.5 Bcf/d, from approximately 6.8 Bcf/d in 2023. Proven gas…
Author: Tiwalade Ojo
Kenya’s planned Lamu refinery expands Dangote’s industrial footprint beyond Nigeria, combining refining, power generation and regional infrastructure in a project designed to reshape East Africa’s fuel market Aliko Dangote is taking his refining strategy beyond Nigeria, with a planned 700,000-barrel-per-day refinery in Lamu, Kenya, marking a significant expansion of the Nigerian conglomerate’s energy ambitions across Africa. The project is scheduled to break ground on September 30, 2026, with Kenyan President William Ruto confirming that land has been secured and that his administration is working to clear remaining administrative requirements. Dangote disclosed that the Lamu facility would incorporate heavier processing equipment…
Commercial launch creates a dedicated financing platform for distributed renewable energy and positions Nigeria as a potential model for scaling DRE investment across Africa Nigeria has reached a significant milestone in its effort to expand distributed renewable energy, with the $300 million Nigeria Distributed Renewable Energy (DRE) Fund moving from structuring into commercial operation and active capital deployment. The fund was commercially launched on the sidelines of the United Nations General Assembly in New York by the Nigeria Sovereign Investment Authority (NSIA), Africa50 and Sustainable Energy for All (SEforALL). The World Bank is a founding partner, while the broader initiative…
Africa’s largest IPO puts Nigeria’s biggest private industrial project before retail investors, while raising capital for a planned expansion to 1.4 million barrels per day Nigeria’s Dangote Petroleum Refinery has opened its Initial Public Offering, marking one of the most consequential capital-market transactions in the country’s history and the largest IPO ever undertaken in Africa. The offering, launched on September 14, places 4.1 billion shares in the refinery at ₦525 each, targeting approximately ₦2.15 trillion ($1.6 billion) in fresh capital. The transaction could raise as much as $2.1 billion if the offering is oversubscribed and the additional-share option is exercised.…
Gas producer Energean is in exclusive talks to acquire a portfolio of BP’s upstream oil and gas assets in Egypt in a transaction that could be worth about $1 billion, according to people familiar with the process. The proposed deal would give Energean producing interests in the offshore West Nile Delta and a 50% contractor interest in the Temsah concession in the eastern Mediterranean. The negotiations represent another step in BP’s effort to simplify its portfolio, reduce costs and concentrate capital on selected assets, while giving Energean an opportunity to expand beyond its core operations in the eastern Mediterranean and…
Nigeria’s petroleum trade is undergoing a significant structural shift, with the country’s seaborne petroleum-product exports rising more than sevenfold since 2023 as the Dangote Petroleum Refinery expands domestic supply and opens new export channels, according to data from the U.S. Energy Information Administration (EIA). The change is significant for an economy that has historically exported crude oil while importing large volumes of refined petroleum products. By the second quarter of 2026, Nigeria was exporting an average of about 350,000 barrels per day (bpd) of petroleum products, compared with an annual average of 46,000 bpd in 2023. From Fuel Importer to…
The recent decision by the Democratic Republic of Congo to immediately ban exports of copper and cobalt concentrates signed off by H.E Louis Kabamba Watum, Minister of Mines of the DRC and Vice Chairperson of the Africa Minerals Strategy Group Ministerial Steering Committee, sends an unmistakable shock-wave through global commodity markets. With London Metal Exchange benchmark copper prices surging in response, Kinshasa’s aggressive push to force domestic processing highlights a continent-wide awakening: African nations are no longer willing to serve merely as raw quarry for the global energy transition. Yet, sovereign export bans and fragmented national policies, standing alone, risk creating…
Shell has agreed to sell its European onshore renewables business to TotalEnergies, marking another significant step in the British energy major’s strategic reallocation of capital towards businesses where it believes it holds stronger competitive advantages. The transaction transfers a portfolio spanning operational renewable assets and a substantial development pipeline across four European markets, while reinforcing TotalEnergies’ ambitions to become one of Europe’s leading integrated electricity companies. The financial terms of the deal were not disclosed, and completion remains subject to regulatory approvals. Portfolio Realignment Reflects Diverging Energy Transition Strategies The agreement covers Shell’s European onshore renewables portfolio across Italy, the…
The African Export-Import Bank (Afreximbank) participated in the Africa Infrastructure & Energy Conference (AIEC), hosted by Financial Markets Indaba, where the Bank showcased its innovative blended finance approach to mobilising private capital and accelerating the delivery of strategic infrastructure projects across Africa. Representing Afreximbank, Victor Mashoko, Head of Trade Finance and Correspondent Banking, presented the Bank’s blended finance framework, demonstrating how the strategic combination of concessional, development and commercial capital can transform infrastructure concepts into bankable, investment-ready projects. His presentation emphasised that Africa’s infrastructure challenge is not a lack of investment opportunities or available capital, but rather the need to mobilise…
Africa could face economic losses of between $10 billion and $20 billion if an anticipated “super” El Niño develops as forecast, according to the African Development Bank (AfDB), raising fresh concerns over food security, infrastructure resilience and macroeconomic stability across the continent. The warning comes as climate scientists project one of the strongest El Niño events on record, with the potential to trigger widespread droughts, flooding and severe storms across multiple African regions. AfDB Flags Growing Economic and Humanitarian Risks Anthony Nyong, the AfDB’s Director for Climate Change and Green Growth, said the climate phenomenon could reduce GDP by 1%…