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Strong new EU climate plan is strongest form of ‘Economic Security Guarantee’ – Stiell

Remarks delivered by UN Climate Change Executive Secretary, Simon Stiell, in Berlin, Germany, on Wednesday, March 26, 2025, at the “Europe 2025” Conference

Simon Stiell
UN Climate Change Executive Secretary, Simon Stiell. Photo credit: Phil Dera Photography

Colleagues, honoured guests, lots of words have been used to describe the subject of this session. Words like upheaval and crisis.

I will use a different word: disruption.

Disruption means change, yes. But it can also be a force for progress, opening up vast new opportunities.

I want to challenge you today to see the disruption of this moment – on the climate front – as a monumental opportunity, as much as a monumental, heightened risk.

The costs imposed by the climate crisis are of course already massive and growing fast.

From unprecedented storms hitting Europe’s west coast and heatwaves, to droughts in Sicily and floods across central Europe, climate-driven disasters are slashing food production and destroying infrastructure, businesses, homes and communities.

Driving up costs for households and businesses and driving down competitiveness.

Climate impacts could carve up to 1 percent from the EU’s combined GDP in coming years – something Europe can ill-afford with its modest and fragile annual GDP growth.

And the climate crisis could carve up to 2.3% off Europe’s GDP by mid-century – a recipe for permanent recession, meaning continuously shrinking economies, failing businesses, and significantly increased unemployment.

And these are very conservative estimates. They don’t include the cascade of societal and ecological destruction, the food, water, and energy shortages we’d face if climate change is not contained.

And the damage will not stop at Europe’s borders, but it will increasingly impact them.

As disasters make more and more regions unlivable, and food production declines, millions more people will be forced to migrate, internally and across borders.

Unquestionably, the climate crisis is an urgent national security crisis that should be at the top of every cabinet room agenda.

Surrender is not an option. And half measures are a recipe for failure.

It is already at the top of most household agendas: 94% of Europeans support measures to build resilience and adapt to climate change.

So, governments have a very clear mandate for climate action.

But let me turn now to the other side of the coin, and the monumental opportunities that climate action presents for Europe.

As one government steps back from climate leadership, it opens up space for others to step forward and seize the vast benefits on offer.

And let’s be clear: in a global clean energy boom that hit $2 trillion last year – the dividends on offer are truly monumental.

The clean energy transition can be Europe’s economic engine-room, now – when new sources of growth are vital to buttress living standards – and for decades to come.

Investing in renewable energy, sustainable infrastructure, and green technologies is already creating millions of high-quality jobs and boosting Europe’s competitiveness in the global market.

The key to ensuring these benefits reach even more people is a strong new climate plan for Europe. Known as a Nationally Determined Contributions or NDCs.

These plans are economic blueprints, signals to the market and consumers about where countries are going now, and in the next decade.

Done well, they are magnets, pulling in huge inflows of capital investment, creating growth, and buttressing living standards, especially as populations get older.

When it comes to security guarantees of the economic kind, they don’t come stronger for Europe than a bold new national climate plan this year.

Major economies like the UK and Brazil have already delivered their NDCs because they know that strong plans will deliver huge human and economic benefits.

There have been positive signals this month that some European decision-makers also know how much they have to gain.

Germany’s €500 billion Climate Transformation Fund – including €100 billion for climate action – is a clear example of how investments in climate, security, and economic stability go hand in hand.

This new Fund will open a new German express-lane in the $2 trillion global clean energy race and help drive a jobs boom.

Action cannot stop at Europe’s borders.

For example, reenergising European industry will depend on securing access to critical raw materials and critical minerals.

That relies on robust, rules-based international order, which in turn relies on Europe being seen as a strong, reliable, and strategic partner.

Uniting nations and strengthening international cooperation.

But, that also means putting your money where your mouth is. Continuing to fund climate action in other countries, especially those that need the help most.

Because every economy relies on a stable climate and resilient supply chains that can withstand the climate shocks that are fueling inflationary pressures.

You have the technology. You have the resources.

What is needed now is leadership more than ever. This is Europe’s moment. So, I urge you seize it.

EU unveils new strategy to strengthen crisis preparedness

The European Commission on Wednesday, March 26, 2025, unveiled a new strategy that was aimed at strengthening crisis preparedness across the European Union.

Ursula von der Leyen
Ursula von der Leyen, President of the European Commission

It included plans to introduce lessons in schools on how to respond to emergencies.

Under the proposal, pupils across the EU would learn how to respond to crises such as natural disasters and cyberattacks.

The commission also proposed adding “preparedness’’ lessons to school curricula, equipping pupils with skills to counter disinformation and information manipulation.

The initiative was part of a broader strategy presented in Brussels, which still required approval from EU member states and the European Parliament.

According to the commission, Europe faces increasingly complex threats.

“From growing geopolitical tensions and conflicts, hybrid and cybersecurity threats, foreign information manipulation and interference, to climate change and increasing natural disasters.

“The EU needs to be ready to protect its citizens,’’ the commission said in a statement.

To address these challenges, the EU has outlined 30 “key actions’’ and a detailed Action Plan aimed at improving crisis response.

As part of these efforts, the commission proposed the introduction of an annual EU “Preparedness Day’’ and encourages citizens to maintain emergency supplies to sustain them for at least 72 hours in the event of a crisis.

Additionally, the commission aimed to establish an EU crisis hub to improve integration among existing EU crisis structures and enhance cooperation with external partners such as NATO.

“New realities require a new level of preparedness in Europe,’’ said Commission President, Ursula von der Leyen.

“Our citizens, our Member States, and our businesses need the right tools to act both to prevent crises and to react swiftly when a disaster hits,’’ von der Leyen added.

EU Crisis Commissioner, Hadja Lahbib, said: “450 million citizens. 450 million reasons to be better prepared.’’

Aquaterra secures multi-million-dollar well intervention contract with Intrepid in Nigeria

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Aquaterra Energy, a leader in offshore engineering solutions, has secured a multi-million-dollar, multi-year contract with Intrepid Energy Limited (IEL) to deliver a bespoke subsea well intervention equipment package for a project in Nigeria.

George Morrison
George Morrison, CEO at Aquaterra Energy

Aquaterra Energy’s turnkey well access package will enable IEL to conduct intervention operations across multiple mature oil wells in the region, supporting enhanced reservoir production.

The contract includes the supply of a complete seabed-to-surface intervention system and package, spanning from the subsea tree to surface intervention equipment. Key components include Aquaterra Energy’s TRT tieback tooling, which provides production bore and annular access, a lightweight well pressure control system, and an ISO 13628-7 qualified open water intervention riser with an integrated tensioning system. In addition to equipment provision, Aquaterra Energy will also deliver ongoing offshore engineering support throughout the project.

The 7- 3/8” lightweight well access solution, has been specifically engineered for deployment from jack-ups and lift boats. This innovative approach offers a cost-effective and operationally efficient alternative to floating vessels, reducing intervention costs while maintaining high safety and performance standards.

Andrew McDowell, Delivery Director at Aquaterra Energy, comments: “Our expertise in offshore engineering allows us to develop tailored intervention solutions that address the operational challenges of subsea well access. This system has been engineered for efficiency, ease of deployment, and safety, helping IEL optimise intervention activities across Nigeria while reducing costs. By delivering a complete, integrated package, we are simplifying complex operations and enabling operators to maximise production potential.”

Seun Alonge, CEO at Intrepid Energy Limited, adds: “Working with Aquaterra Energy marks a significant step forward for our intervention operations in Nigeria. Their specialised technology enhances our ability to execute intervention programmes efficiently, maximising performance across our assets. By combining Aquaterra’s technical expertise with our deep understanding of the local operating environment, we’re confident this collaboration will enhance production outcomes and create lasting value for our operations in the region.”

The project is set to support intervention operations over multiple years, with Aquaterra Energy providing ongoing technical expertise, with a dedicated team of engineers providing ongoing service support throughout the project.

George Morrison, CEO at Aquaterra Energy, says: “Delivering reliable and efficient well access solutions for shallow water subsea operations is central to how we support offshore operators. This collaboration with IEL reinforces our commitment to providing cutting-edge engineering solutions that enhance efficiency and reduce operational costs. With West Africa playing an important role in the global energy sector, we’re proud to continue supporting its offshore industry with our expertise and innovative technologies.”

Tinubu approves four new members for NCDMB’s governing council

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President Bola Tinubu has approved the nomination of four new members to the Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB), filling existing vacancies and strengthening the board’s capacity.

President Bola Tinubu
President Bola Tinubu

The approved nominees include Mr. Olusegun Omosehin of the National Insurance Commission (NAICOM) and Engr Wole Ogunsanya of the Petroleum Technology Association of Nigeria (PETAN).

Tinubu also endorsed the nomination of Mazi Sam Onyechi, who represents the Nigerian Content Consultative Forum (NCCF), and Barr Owei Oyanbo from the Ministry of Petroleum Resources, Mr. Bayo Onanuga, his spokesman, said in a statement on Thursday, March 27, 2025.

The statement said the nominations arose from the exit of previous institutional representatives from the Governing Council.

The NCDMB Governing Council, established under Section 69 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010, comprises representatives from key institutions.

The institutions include the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian National Petroleum Company Limited (NNPCL) and the Petroleum Technology Association of Nigeria (PETAN).

Others are the Council for the Regulation of Engineering in Nigeria (COREN), the Nigerian Content Consultative Forum (NCCF) and the National Insurance Commission (NAICOM).

The President encouraged the new members to leverage their expertise and dedication to enhance local content development within Nigeria’s oil and gas industry.

By Salif Atojoko

Group launches ‘10 Million African Girls’ campaign to empower a generation

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President & CEO of Junior Achievement (JA) Africa, Simi Nwogugu, has announced the launch of a campaign to equip 10 million girls across Africa with entrepreneurship, leadership and advocacy skills to build thriving and sustainable communities, eliminate extreme poverty and reduce gender-based violence in sub-Saharan Africa by 2050.

Simi Nwogugu
President & CEO of Junior Achievement (JA) Africa, Simi Nwogugu

The campaign, tagged 10 Million African Girls (10MAG), is a call to action for governments, corporations, foundations, civil society organisations serving girls, and individuals across Africa and the globe to partner with JA Africa to improve access to better quality education and economic participation opportunities for girls and young women in marginalised communities across Africa.

The 10MAG Campaign will address critical challenges faced by girls and young women in Africa, which include high rates of child marriage and adolescent births, especially in West and Central Africa, where only 33% of girls complete high school, and one in seven girls, and in some cases three in ten girls, are married before the age of 14.

Even the young women lucky enough to finish their education and launch businesses have a tougher time getting access to financing required to grow their businesses – only 2% of venture capital funding in Africa went to women-led start-ups in 2024.

The campaign launch coincided with the graduation ceremony of 52 girls from seven African countries – Eswatini, Ghana, Nigeria, South Africa, Tanzania, Zambia, and Zimbabwe – participating in the LEAD Camp in Accra during the first week of March. LEAD stands for Leadership, Empowerment, Achievement and Development, and is a week-long programme that empowers high-achieving girls to become leaders in their communities and countries.

The camp, which is sponsored by Delta Air Lines, featured female volunteers from the airline and accomplished women from various industries, who served as role models to the girls and reinforced JA Africa’s commitment to building a mindset and skill set for future success in each girl.

“We are proud to support the LEAD Camp and the 10MAG Campaign, as they represent a huge step toward empowering young girls across Africa,” said Tad Hutcheson, Managing Director, Community Engagement, Delta Air Lines.

Empowering Young Women through Education and Opportunity

10MAG, conceived by Simi Nwogugu as part of her Aspen Global Leadership Network (AGLN) fellowship, is designed to raise funding and support for multiple programmes aimed at empowering young African girls and women. In addition to JA programmes, the campaign will also support programming from other non-profit organizations serving marginalised girls across Africa.

The official launch of the 10MAG campaign took place on March 8, 2025, in Accra, Ghana, alongside a special certification ceremony inducting the LEAD Camp girls as the inaugural cohort of the 10MAG network – a community that will provide them with continuous mentorship, resources, and opportunities to advance their education, leadership and entrepreneurship journeys.

“Africa cannot achieve its full potential if half of its youth population is denied access to quality education and economic participation opportunities,” said Nwogugu.

She added: “The goal of the 10MAG campaign is to galvanise action to equip our young women with the tools they need to drive economic growth and raise themselves and their communities out of poverty. They will also be in leadership positions that enable them to build social safety nets for the girls coming behind them.

“We invite all corporations, governments, NGOs and individuals who share this vision to join us in developing the Africa of our dreams, where all young people, regardless of gender, can achieve their full potential.”

Petroleum Industry Act implementation firmly on track – MEMAN

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The Major Energies Marketers Association of Nigeria (MEMAN) has said that the implementation of the Petroleum Industry Act (PIA) remains firmly on track.

Huub Stokman
Chairman, Major Oil Marketers Association of Nigeria (MOMAN) and Managing Director of Nigerian National Petroleum Company Retail Limited, Huub Stokman

The organisation made the submission at its Q1 2025 Press Training & Engagement held in Lagos on Wednesday, March 26. The session brought together industry experts to provide critical insights into the evolving energy sector.

According to MEMAN, while ongoing debates and discussions are expected, they should be encouraged as part of the natural evolution of a market-driven energy sector. The transition from a state-controlled system to a competitive, deregulated market is essential for fostering efficiency, transparency, and long-term economic growth, added the group.

“However, this transition requires patience, adaptation, and trust. As the market stabilises, challenges will arise, and resistance from those accustomed to price control is inevitable. But with robust regulation, industry collaboration, and public transparency, Nigeria can fully realise the benefits of this transformation. A well-functioning, deregulated market will attract more investment, improve efficiency, and create a more competitive landscape that benefits both businesses and consumers.”

As key industry stakeholders, MEMAN says it supports the role of regulatory agencies such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Competition and Consumer Protection Commission (FCCPC) in ensuring a fair, competitive, and well-regulated marketplace.

“It is imperative that their efforts remain focused on market stability, consumer protection, and building public confidence in the reform process,” noted MEMAN.

The session featured two distinguished speakers:

  • Engr. Mark Williams, a petroleum refining expert, who delivered an in-depth presentation on the fundamentals of refining crude oil, the types of refineries, and the key processes involved.
  • James Gooder, VP, Crude Oil, Argus Media, who led a session on gasoline pricing and the benefits of adopting trade and product flows, highlighting how global pricing mechanisms influence Nigeria’s downstream market.

MEMAN states that engagements like this, which foster industry dialogue and thought leadership, are precisely what it expects, encourages, and believes are essential for market growth and development.

Govt working to establish sustainable land administration system – Shettima

Vice President Kashim Shettima says the Federal Government is working to establish a sustainable land administration system in the country.

Kashim Shettima
Alhaji Kashim Shettima, Vice President of Nigeria

Shettima, represented by Sen. Ibrahim Hadejia, Deputy Chief of Staff to the President, made this known at a three-day National Land Conference 2025 on Wednesday, March 26, in Abuja.

The conference, with the theme: “Reforming Land Governance for Sustainable Development in Nigeria”, was organised by the National Institute for Policy and Strategic Studies (NIPSS), in collaboration with Johnbull Amayaevbo Foundation.

The Vice President said the Land Use Act of 1978 had been the legal and policy framework for land ownership, management, and administration in Nigeria.

According to him, although the Act has significantly shaped land administration and management in Nigeria, it has also contributed to systemic challenges that must now be addressed.

“However, the Act, now 48 years old, is undeniably due for review and reform.

“The time has therefore come for a thorough reassessment to identify necessary amendments and ensure its relevance in the evolving socio-economic landscape.

“Analysts have criticised the Land Use Act as an impediment to Nigeria’s socio-economic development, underscoring the need for comprehensive review to realign its policies with the goals of sustainable growth, equities and efficiency,” he said.

Shettima said in line with that, the current administration inaugurated four reform task teams in Jan. 2024.

This, he said, was to develop a strategic blueprint for implementing reforms aimed at streamlining land administration and ensuring easy, cost-effective, and efficient access to land in Nigeria.

He added that the current administration was committed to the idea of the national land commission and had taken major steps towards its realisation by drafting an executive bill for its creation before the National Assembly.

The Director-General of NIPSS, Prof. Ayo Omotayo, said NIPSS gathered together stakeholders in the building ecosystem to periscope what the land and resource system has been.

He explained that this was aimed at coming up with new ideas and making recommendations to government.

“Today we are sitting here believing that in this three-day conference, we will be able to look back, reflect, and ask hard questions concerning land.

“For us at the National Institute, what matters to us is developing Nigeria to be what the founding fathers wanted it to be.

“Our motto is towards a better society.

“We want to fulfill one of our mandates, which is to research and reflect on matters of national interest,” he said.

Omotayo said that for the current administration’s Renewed Hope Agenda to succeed fully, there was need to look at land and resource system and that was what the conference aimed to achieve.

Also speaking, the President and Founder of Johnbull Amayaevbo Foundation, Johnbull Amayaevbo, said the conference aimed to redefine land governance as a catalyst for Nigeria’s sustainable development.

Amayaevbo said that, in spite of Nigeria’s abundant land resources, land governance framework remained encumbered by outdated policies, inconsistent implementation, and administrative bottlenecks.

He said this had made Nigeria to rank 169th out of 190 countries in registering property, according to the World Bank’s Ease of Doing Business Index (2023).

Amayaevbo added that the International Finance Corporation (IFC) estimated that only three per cent of Nigeria’s urban land was formally registered.

The President said the Food and Agricultural Organisation (FAO) reported that Nigeria lost approximately 350,000 hectares of forest annually due to unsustainable land use, and called for urgent intervention in land management.

He said the conference would become an annual platform where experts, stakeholders, and policymakers would continue to engage, evaluate progress, and propose pragmatic solutions for land governance reform.

Amayaevbo said key proposals included the establishment of an Office of the Valuer-General, modernisation of land administration laws, enhancing land tenure security, and sustainable land management practices, among others.

“As we embark on the journey towards land governance reform in Nigeria, let us draw inspiration from global best practices while remaining grounded in our unique socio-cultural and economic context.

“The reforms we propose today must be bold, yet practical, visionary, yet actionable.

“They must prioritise inclusivity, ensuring that no segment of society is left behind in the pursuit of sustainable development,” he added.

By Angela Atabo

Assembly repeals Imo Waste Management Act, passes Eastern Waste Management Incorporated Bill

The Imo State House of Assembly has passed a bill repealing the Imo Waste Management Act No. 5 of 2020 and enacted a bill establishing the Eastern Waste Management Incorporated.

Imo State House of Assembly
Imo State House of Assembly

The bill, sponsored by the Majority Leader, Mr. Kanayo Onyemaechi (Owerri West), was presented and read for the second and third time during the plenary session on Wednesday, March 26, 2025.

At the second reading, Onyemaechi said the bill would address the waste management challenges in the state, when assented to, by instituting a reliable waste management system for the optimal benefit of the people of the state.

Onyemaechi said that waste management posed a problem in the state with the indiscriminate dumping of garbage on the streets without any action from the waste management agency.

He also said that the bill seeks to bring in a reputable company to partner with the waste management agency in a Public Private Partnership (PPP) arrangement to manage the situation.

Onyemaechi further said that the arrangement would not only manage the problem of improper waste disposal but also provide job opportunities, given that the partners would require hands for their equipment and waste recycling.

Onyemaechi said that the initiative would help to ensure cleanliness in the state, especially during the rainy season.

Supporting the bill, Mr. Innocent Ikpamezie (APC-Mbaitoli), commended Gov. Hope Uzodimma for his effort to make the state the cleanest in the country.

Ikpamezie said that the bill would ensure the creation of a more environmentally-friendly state, while creating more jobs for the people.

He underscored the need to take care of the environment to check the outbreak of diseases directly linked to dirt and unsanitary environments.

Also speaking in favour of the bill, Mr. Okechukwu Udeze (APC Ideato-North) described it as timely, adding that incorporating the private sector to provide a functional waste management system would help to ensure proper waste disposal.

He also said that recycling would help the state to generate revenue and boost the economy.

Another lawmaker, James Esile (APC-Onuimo), commended the governor for the plan to turn waste into wealth, adding that the initiative would bring about more development to the state.

Following the second reading, the bill was further scrutinised at the Committee of the Whole House, presided over by the Speaker, Mr. Chike Olemgbe.

It was then passed after a unanimous vote in its favour by members at the session.

The speaker, thereafter, directed the Clerk, Mrs. Chinelo Emeghara, to send a clean copy of the bill to the governor for his assent.

By Ugonne Uzoma

Lagos mangroves under threat: A crisis of urbanisation and ecological loss

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Lagos’ mangrove forests, once lush and teeming with biodiversity, are rapidly disappearing under the pressure of urban development and unregulated land reclamation. Environmental advocates warn that the continued degradation of these vital ecosystems could have catastrophic consequences for the city’s air quality, flood control systems, and public health.

Mangroves
Mangroves

Desmond Majekodunmi, Chairman of the Lekki Urban Forest and Animal Shelter Initiative (LUFASI), has sounded the alarm on the human activities degrading Lagos’ mangrove ecosystems. Speaking during this year’s International Forest Day, he decried the large-scale sand filling and dredging taking place across the city.

“A lot of damage has been caused by sand filling,” Majekodunmi explained. “Sand is dredged from lagoons and poured into mangrove areas to create land for buildings. This causes tremendous harm to biodiversity, including aquatic fauna, bird species, and vital plant life.”

There’s also the climate and health impact of mangrove loss, which Majekodunmi talked about. He highlighted the crucial role mangroves play in climate mitigation and public health.

“Mangroves are incredibly effective at sequestering carbon dioxide and filtering air pollutants,” he noted. “In a city like Lagos, where millions of people use generators and vehicles, the forest’s role in purifying the atmosphere is essential. As we lose mangroves, we lose that protection.”

He further stressed that mangroves absorb excess rainfall, making them critical to flood management in the face of intensifying climate change. “The forests are being depleted rapidly, and with more rain falling due to global warming, the risk of flooding increases.”

Beyond air quality, mangroves act as natural water purifiers. Their roots filter contaminants, protect marine ecosystems, and provide breeding grounds for various fish species. “When we remove mangrove forests, we worsen water pollution and destroy habitats for countless aquatic species,” Majekodunmi warned.

Reflecting on his own experience growing up in Lagos, Majekodunmi recalled how natural green spaces have been overtaken by urban sprawl.

“The biggest driver of forest loss is the mass movement of people into Lagos over the decades. The city’s forested areas, especially mangroves, have been replaced by real estate developments.”

He noted that the unique characteristics of mangroves often lead to their undervaluation. “They don’t look like traditional forests, but they are among the most efficient carbon sinks and serve as breeding grounds for aquatic life.”

Urbanisation and Alarming Statistics

Dr. Adewunmi Ade Adeyemi, Deputy Director of Forestry at the Lagos State Ministry of Agriculture, shared an alarming data: Lagos loses vast forest areas daily to accommodate a growing population.

“A study revealed that 6,000 people move into Lagos each day. As of 2020, only 0.02% of Lagos’ landmass remained forested, and just 1,171 hectares of that is upland,” Adeyemi said.

He explained that forested lands are being consumed not by natural disasters but by deliberate land reclamation projects.

“We’re removing trees that act as carbon and methane sinks. This increases the city’s carbon footprint.”

Dr. Adeyemi linked forest loss to alarming pollution statistics. “Lagos’ air pollution index stands at 64 micrograms per cubic meter, six times higher than the WHO’s recommended limit. Removing tree cover contributes directly to this deadly trend.”

He criticised the growing demand for personal homeownership. “If every Lagos resident demanded just one plot of land, we would need over 1.6 million hectares. This is unsustainable in a state with so little available upland.”

Weak Enforcement of Existing Laws

Despite the existence of forest protection laws in Lagos, enforcement is weak. Dr. Adeyemi cited the Forest Law Cap F6 and Soil Conservation Law Cap F7, which restrict entry and development in sensitive areas.

“Yet these laws are often ignored in favour of housing developments.”

He also mentioned that wildlife, such as monkeys, increasingly invade human settlements because their natural habitats are being destroyed. “People complain, but they are the ones encroaching on animal habitats.”

To counter these trends, Dr. Adeyemi called for stronger advocacy and legal reform. “There’s an ongoing review of forestry laws to reflect current realities, and inter-agency collaboration is crucial to enforce these regulations.”

This year’s International Forest Day theme, “Forests and Food,” emphasises the critical role forests play in food security and livelihoods. Lagos’ mangrove forests support fisheries, provide storm protection, and purify natural resources essential to daily life.

The continued destruction of Lagos’ mangrove forests is not only an ecological disaster but an economic and public health crisis. Without immediate intervention through legal reforms, enforcement, and public awareness, the city risks losing one of its most valuable natural assets.

As Desmond Majekodunmi aptly puts it, “Destroying mangroves is like cutting off our own lifeline. We must act now to preserve them for future generations.”

By Ajibola Adedoye

African NOCs boost project development with innovative financing strategies

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African national oil companies (NOCs) are leveraging innovative financing strategies to advance oil and gas projects, ensuring continued investment despite shifting global energy markets.

Africa Energy Week
Africa Energy Week

Through various innovative strategies such as privatisation and divestment, bond issuances, development finance and resource-backed loans, NOCs are not only strengthening their financial capacity but positioning themselves at the forefront of African oil and gas development.

The African Energy Week: Invest in African Energies 2025 conference – taking place from September 29 to October 3 in Cape Town – will explore the impact these strategies will have on the continent’s hydrocarbon landscape. Uniting global financiers, development institutions, foreign operators and NOCs, the event will unlock a new wave of finance in African energy.

Privatisation and Divestment 

Privatisation and asset divestment have become crucial tools for African NOCs to streamline their operations and attract private capital. By selling stakes in non-core assets and partially-privatizing, NOCs are raising the much-needed capital to support oil and gas projects. Angola’s Sonangol, for example, has reaffirmed its plan to launch an Initial Public Offering (IPO), with 30% of the company’s shares expected to become available.

The IPO falls under the broader Propiv initiative by the government – aimed at reforming the economy toward a free market. The initiative will make 11 of Sonangol’s processes public through public tenders, limited tenders and IPOs.

Bond Issuances and Capital Market Financing

With the need for long-term project financing, governments and NOCs have turned to international capital markets, issuing bonds to raise funds for large-scale projects. Bond issues originating from Africa exceeded $14.8 billion in Q1, 2024, as African business and governments tap into the international bond market.

The Africa Finance Corporation acted as Global Coordinator for the issuance of a domestic dollar bond from the Nigerian government in 2024, raising $900 million. The first-of-a-kind issuance closed with 180% oversubscription, highlighting strong domestic investor confidence. Nigeria also issued a $1.7 billion Eurobond in December 2024, which was oversubscribed five-fold.

Joint Ventures

Joint ventures (JV) have proven effective strategies for NOCs to raise capital, leverage foreign technical expertise while sharing financial risk across oil and gas projects. The Ghana National Petroleum Corporation (GNPC) has committed to pursuing innovative JVs with Eni in 2025 and beyond to fast-track oil and gas projects.

The country’s biggest oilfields – Jubilee and TEN – were developed through a JV between GNPC, Kosmos Energy, Petro SA and Jubilee Oil Holdings. JVs have served as a vehicle for Libyan oil and gas development. Mellitah Oil & Gas – a JV between the NOC and Eni – produced 403,000 barrels per day (bpd) in 2024 while Akakus Oil Operations – a JV between the NOC and Repsol – achieved record production in 2025 with 306,000 bpd.

Development Finance and Resource-Backed Loans

Development finance and resource-backed loans have become vital financing mechanisms for NOCs, particularly as access to private capital for oil and gas projects becomes increasingly challenging. The Nigerian National Petroleum Corporation has leveraged oil-backed loans to increase its balance sheet over the years and is currently seeking a new $2-billion structure to support production growth.

The first $1 billion tranche has already been concluded with a second tranche in the works. Mozambique’s ENH leveraged development finance to fund its gas projects. Notably, the $20 billion Mozambique LNG project is expecting a $4.7 billion loan from the U.S.-Export-Import Bank to be re-approved. The project has already secured $3 billion in financing from the Japan Bank for International Cooperation.

Meanwhile, Uganda and Tanzania’s NOCs are seeking an additional $3 billion in debt financing from Chinese lenders, specifically the Export-Import Bank of China and China Export & Credit Insurance Corporation, to fund the East African Crude Oil Pipeline.

“African NOCs are deploying a diverse range of financing strategies to ensure continued investment in oil and gas projects. From privatization and asset sales to bond issuances, joint ventures and development finance, NOCs are adapting to evolving market conditions while securing the necessary capital to sustain exploration and production,” states Ore Onagbesan, Programming Director, African Energy Chamber.

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