Pan-African finance institution the African Export-Import Bank (Afreximbank) (apo-opa.co/4767rgi) recently announced that it will provide $650 million in funding for multinational energy company Oando Plc’s acquisition of exploration and production company the Nigerian Agip Oil Company. The loan includes a senior and junior reserved-based lending facility to the tune of $500 million and $150 million, respectively, and will see Oando Plc acquire 100% of the shareholding interest in the Nigerian company from energy supermajor Eni. 

Representing one of Africa’s biggest financiers and trade facilitators, Afreximbank is committed to advancing energy security and sustainable investment across the African continent. The financial services provider plays an important part in getting large-scale projects off the ground while contributing to the continent’s development objectives. As such, a delegation from Afreximbank will join this year’s African Energy Week (AEW): Invest in African Energy 2024 conference (https://apo-opa.co/4ejrRF9)– taking place in Cape Town from November 4-8 – which will be led by the institution’s President and Chairman Dr. Benedict Oramah. In addition to participating in a suite of panel discussions, investor summits and networking forums, Dr. Oramah will deliver a keynote address during this year’s event. 

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event. 

Since his appointment to Afreximbank President in 2015, Dr. Oramah has played an instrumental role in ensuring the bank’s investments align with Africa’s sustainability objectives. Amidst the ongoing global energy transition, Dr. Omarah has been an outstanding advocate for Africa’s oil and gas industry, leveraging his expertise to help eradicate energy poverty and create a pathway to a stronger economic future for the continent. Prior to beginning his career with Afreximbank in 1994, he was an assistant research manager at export credit agency the Nigerian Export-Import Bank. He is a published author and frequent speaker at trade finance conference around the world. 

With the bank looking at doubling its investments in African energy to well over $60 billion within the next five years, countries across the continent are well positioned to secure the capital they need to grow their respective economies on the back of sustainable energy. Poised to address the funding challenges faced by Africa’s oil and gas industry, Afreximbank has worked with pan-African organization the African Petroleum Producers Organization (APPO) to establish an African Energy Bank (AEB) to provide funds for the continent’s energy projects. 

Last month, APPO selected Abuja, Nigeria to host the headquarters of the AEB (https://apo-opa.co/3ySD2Wb). With an initial share capital of $5 billion, the bank will focus on financing energy projects across the continent, encompassing both fossil fuels and renewable energy sources. Following the bank’s announcement in November 2023, Afreximbank expressed that the financial institution will partner with over 700 banks in Africa to chart a profitable pathway for the African energy sector. As such, the selection of Abuja as the bank’s host city will not only strengthen Nigeria’s role in the African energy landscape, but will streamline funding for African projects, placing the continent on track for widespread industrialization and economic growth. 

Meanwhile, poised to support project development and commerce in Nigeria, Afreximbank signed a $200 million loan facility agreement with financial services company First Bank of Nigeria in June this year. The facility aims to support the needs of clients across various industries, including oil and gas, energy, manufacturing, telecommunications and more. Furthermore, the bank announced that it will finance the development and operation of a new $234.7 million port terminal in Douala, Cameroon, following the signing of a term sheet with port infrastructure developer APD-Cameroon in June 2024. 

In addition to providing financing for oil and gas projects, the bank prioritizes and advances local content, capacity building and low-carbon portfolios. At Afreximbank, Dr. Oramah leads several programs aimed at upskilling the local workforce and promoting technology transfer while accelerating intra-African trade and commerce. Recent initiatives include a $1.4 billion commitment to establish a fertilizer plant in Angola; two agreements worth $80 million with financial institution CBZ Bank to support small- and medium-sized enterprises in Zimbabwe; and a $2.25 billion loan to support global energy company the Nigerian National Petroleum Corporation in bolstering services across the petroleum value chain in Nigeria. These efforts by Afreximbank are set to advance industrialization, energy access and economic growth across the continent at a time when demand for African energy is expected to grow immensely in the coming years. 

“Africa’s energy and economic future will be shaped by institutions like Afreximbank and leaders like Dr. Oramah. Under his guidance, Afreximbank has emerged as a key ally for African nations, driving significant projects and creating opportunities for industrialization, energy access and socioeconomic development. As Africa’s energy sector continues to develop, grow, evolve and gain momentum, Afreximbank will continue to remain crucial to the continent’s success,” states African Energy Chamber Executive Chairman NJ Ayuk. 

At AEW: Invest in African Energy 2024, Dr. Oramah is expected to spearhead dialogue around investing in African energy, promoting local content development and driving the transfer of technology. Afreximbank’s corporate agenda aligns closely with the theme of this year’s event, Energy Growth through an Enabling Environment, and Dr. Oramah’s insights will be a valuable addition to the conference this November. 

Distributed by APO Group on behalf of African Energy Chamber.

Ambassador Tremont launched the 2024 Academy for Women Entrepreneurs (AWE) on August 26. Speaking at the event, Ambassador Tremont congratulated the succeeding applicants, ‘I am thrilled to see so many courageous and inspiring women from across the country…. I say you are courageous because starting a business is scary and full of uncertainty and challenges. You are also inspiring because you looked around and wanted to make a better life for yourself, your family, and your community with your talents and ideas.’

AWE is a global entrepreneurial empowerment program that supports women with the knowledge, networks, and access required to launch or scale successful businesses.  They use the online program, DreamBuilder, developed by Arizona State University’s Thunderbird School of Global Management in combination with local expertise.  This years’ program includes 100 women from across Zimbabwe with groups meeting in Harare, Mutare, and Bulawayo. The program includes in person and online sessions, site visits, mentorship, and engagement with AWE alumnae.  CABS bank, a subsidiary of Old Mutual has also partnered with the U.S. Embassy in implementing the program.

Learn more about AWE and other exchange opportunities. Visit AWE Zimbabwe on Facebook.

Distributed by APO Group on behalf of U.S. Embassy in Zimbabwe.

On August 27, the U.S. government, through the U.S. Agency for International Development (USAID), donated 10,000 doses of the mpox (formerly referred to as “Monkeypox”) vaccine to the Government of Nigeria to support its efforts in responding to the current mpox outbreak.

Mpox is an infectious viral disease that occurs in humans and animals. It can be transmitted through close contact including sexual interactions. The prevention of mpox is through vaccination. Individuals of 18 years of age and older are determined to be at high risk for mpox infection and highly recommended to take the vaccine.

The vaccine is a two-dose primary series for use in persons who have never received smallpox vaccine and a single booster for individuals previously vaccinated with a smallpox vaccine.

Ambassador Richard Mills, speaking at the event to hand over the vaccines to the National Primary Healthcare Development Agency, said “We are pleased to know that this is a timely donation that will reach the affected areas across the country and those who are most vulnerable to mpox infection.” He continued, “We encourage the Government of Nigeria to continue to mobilize domestic resources to secure more vaccines to combat mpox.”

The Government of Nigeria has prioritized five states (Bayelsa, Edo, Cross-River, Lagos, and Rivers) with the highest burden of mpox cases. The vaccines will be given to those most at risk of mpox including close contacts of mpox cases and frontline healthcare workers with a provision for reactive vaccination in other states as the need arises.

When questioned on the safety of the vaccine, Ambassador Mills remarked, “Yes, the vaccine is safe. Safety tests have been conducted during clinical trials, and the National Agency for Food and Drug Administration and Control reviewed the results of these trials before granting approval for the use of the vaccines in Nigeria.”

USAID will continue to provide technical support and collaborate with the Government of Nigeria to improve prevention, preparedness, detection, response, and resilience to infectious disease outbreaks. USAID is also supporting the Government of Nigeria with strengthening primary health care and routine immunization systems as well as supporting overall systems strengthening including health, education, nutrition, governance systems, and the rule of law.

Distributed by APO Group on behalf of U.S. Embassy and Consulate in Nigeria.

HE Deputy Prime Minister for Human Development and Minister of Health and Population of the Arab Republic of Egypt Dr. Khaled Abdel Ghaffar met on Tuesday with HE Ambassador of the State of Qatar to Egypt Tariq Ali Faraj Al Ansari.

During the meeting, they discussed cooperation relations between the two countries.

Distributed by APO Group on behalf of Ministry of Foreign Affairs of The State of Qatar.