The Editorial Team |

Nigeria’s Delayed Oil Bill to Get Lawmakers’ Backing, Kyari Says

LAGOS (Capital Markets in Africa) — The head of Nigeria’s state oil company expressed confidence that the nation’s long-delayed oil and gas industry reforms will be passed by Parliament. The Petroleum Industry Bill, legislation that has been two decades in the making, seeks to overhaul the laws that govern the West African nation’s oil industry, reforming how it’s operated and funded. The legal framework hasn’t kept up with the country’s needs, Mele Kyari, group managing director of…

South Africa Won’t Meet Debt Targets, President’s Council Says

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JOHANNESBURG (Bloomberg) — South Africa won’t be able to meet its finance ministry’s debt targets and it may be undesirable for it to attempt to do so when the economy is being battered by the fallout from the coronavirus, according to an advisory panel appointed by President Cyril Ramaphosa. In a more than 100-page document advising the government on an economic recovery program that Ramaphosa is due to unveil on Oct. 15, the President’s Economic…

Mozambique Outlines Fund Plan for $96 Billion Gas Windfall

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MAPUTO (Capital Markets in Africa) — Mozambique published its proposed model for a sovereign wealth fund as it prepares to reap as much as $96 billion — more than six times the size of its current gross domestic product — from liquefied natural gas projects that companies including Total SE are building. The developments, which are the biggest private investments yet in Africa, could make Mozambique the continent’s second-biggest producer of the fuel. The central…

Online Disinformation Campaigns Undermine African Elections

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LAGOS (Capital Markets in Africa) — In the runup to Guinea’s elections on Oct. 18, voters are grappling with a familiar-sounding problem: disinformation and a lack of transparency over who’s providing the news they’re getting. In the U.S., similar complaints led to a crackdown on campaigns such as those staged by Russia during the 2016 presidential vote, won by Donald Trump. This election cycle, Facebook has banned new political ads in the week before Election Day on…

The Africa Energy Forum October 2020

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The Africa Energy Forum 2020 joins forces with the African Utility Week and POWERGEN Africa and Oil & Gas Council’s Africa Assembly this October to host a ‘Digital Africa Energy Festival’ – the largest ever energy event for the African continent. A month-long digital platform featuring a vast array of content & networking offerings, delivering critical information at a time when the industry needs it most. Learn more: https://bit.ly/3gRSUKk #DEF2020 #aef20 https://youtu.be/c5f_vuwEBak

Two Women Advance to Final Round of WTO Leadership Race

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LAGOS (Capital Markets in Africa) — World Trade Organization members selected two final candidates — Nigeria’s Ngozi Okonjo-Iweala and South Korea’s Yoo Myung-hee– to advance to the final round in the race to lead the Geneva-based trade body, according to people familiar with the matter. By advancing two women to the final round of the selection process, the WTO will likely have the first female director-general in its 25-year history. Okonjo-Iweala served two stints as…

Nigeria Lawmakers Approve Plan to Borrow $11 Billion in 2021

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LAGOS (Capital Markets in Africa) — Nigerian lawmakers have approved a plan to borrow as much as 4.28 trillion naira ($11 billion) from both domestic and foreign debt markets to support its expenditure in 2021. The National Assembly gave the go-ahead on Wednesday after debating the government’s medium-term expenditure plan covering the next three years. President Muhammadu Buhari is scheduled to present the 2021 budget proposals before lawmakers on Thursday. The spending plan provides for an estimated…

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