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Nigeria to increase spending with new “Budget of Economic Growth and Sustainability”

Can the country's oil sector deliver?

At a Joint-Session of the National Assembly in Abuja this week, President Buhari delivered his 2022 Budget Speech, presenting what will be his administration’s last full year budget before the 2023 presidential election.

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M&A Hawilti+

Kosmos Energy consolidates interests in Ghana’s producing Jubilee and TEN fields

Kosmos Energy is familiar with both assets and has been present in the licences since the exploratory phase several years ago. Subject to pre-empty rights, the transaction could increase the company’s interests in Jubilee to 42.1% and in TEN to 28.1%.

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PPP

Meridiam signs $250m Concession Agreement for Burkina Faso’s Donsin-Ouagadougou Airport

Once completed, the new Donsin international airport will replace the current Ouagadougou-Taamsê International Airport.

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Eurobonds

Nigeria closes Africa’s biggest Eurobond’s issuance this year - and might raise more

Nigeria successfully issued Eurobonds in September, its first such operation since 2018. While the country had planned to raise between $3bn, the order book peaked at a whopping $12.2bn.

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Nigeria Hawilti+

After Oza and Asaramatoru, Decklar Resources considers entry into Emohua Marginal Field

Decklar Resources has announced it has entered into a non-binding letter of intent to purchase all of the issued and outstanding shares of Wesfield Exploration and Production.

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WEST AFRICA TOP STORIES
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Mauritania

Chariot to work on setting up a 10 GW green hydrogen development

Project Nour has been given exclusivity over 14,400km2 of onshore and offshore area where pre-feasibility and feasibility studies will be conducted for a large-scale hydrogen development.

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Exploration

After Angola and Ghana, Eni strikes oil offshore Côte d'Ivoire

Good things come in threes for Eni in Africa this year. The opening of a new play concept in Côte d'Ivoire’s sedimentary basin is very good news for a country where oil production has failed to meet expectations and has been dropping significantly in recent years.

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Infrastructure

Nigerian institutional investors back bonds issuance from country’s leading free zone

Lagos Free Zone's bond was oversubscribed by institutional investors including eleven domestic pensions funds, two insurance firms, banks and HNIs.

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Success Story Hawilti+

OML 17 output up by 40% only 7 months after acquisition by Heirs Holdings in Nigeria

Upon its acquisition, OML 17 had a production capacity of 27,000 barrels of oil equivalent per day (boepd) and 2P reserves of 1.2bn barrels of oil equivalent according to Heirs Holdings' estimates.

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Eurobonds

In 6 Months, Benin Has Raised Over 10% of its GDP in Eurobonds

In January, Benin had kicked off Africa’s financial year with a historic €1bn Eurobond issuance split in two tranches. In July, it continued to tap global capital markets and became Africa’s first nation to issue an SDG-link Eurobond that raised another €500m.

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Reform

President Buhari has signed Nigeria's Petroleum Industry Bill into law

It took almost two decades, two historic crashes in commodity prices and two recessions for Nigeria to finally adopt its new Petroleum Industry Bill.

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US-Africa

The U.S. commits $550m to boost Senegal's electricity sector

On September 9, the U.S. Government’s Millennium Challenge Corporation (MCC) officially launched the $550 million MCC–Senegal Power Compact in Dakar.


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New project Hawilti+

Dhirubhai-1 FPSO likely contender for redeployment on Pecan field offshore Ghana

The possible acquisition of the FPSO by Aker Energy happens as Ghana's Government moves to acquire an additional interest of 37% in the Deep Water Tano/Cape Three Points (DWT/CTP) Block to push the project forward.

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Nigeria

Lagos State prepares for historic green bond issuance

Lagos State is about to become the first issuer of a subnational green bond in Nigeria as it seeks to diversify its financing sources and support sustainable development across the state. On September 10th, its national long-term rating was upgraded to AAA by Fitch Ratings.

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PPP

This Nigerian state gets serious about boosting private sector growth

In August, Nasarawa's state executive council approved the set-up of five new public-private partnerships to boost development across the state and revitalize its economy.

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Energy Access

Advens Geocoton and Bboxx join hands to provide electricity to 2m Burkinabé

After entering the aerospace industry in early 2021, Advens Geocoton is pursuing its diversification strategy and entering the energy sector. Bboxx, the British off grid solutions provider, has joined forces with the French agro-industry player in a joint venture that will provide energy to 2 million Burkinabes. It is a first step in a regional strategic partnership.

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Mining

Thor Explorations has poured first gold at Nigeria’s flagship gold mine

The Segilola Gold Mine has been under development for a few years and will mark a critical milestone in Nigeria’s journey to further diversify away from oil.

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Employment

Senegal wants to create 10,000 green jobs

7,000 new recruits will be assigned to the National Agency for the Great Green Wall and 3,000 in the various departments of the Ministry of the Environment and Sustainable Development.