Latest news with #African-owned
Business Insider
21-06-2025
- Business
- Business Insider
Aliko Dangote eyes Namibia for the next big investment move amid pan-African expansion
Aliko Dangote, billionaire and one of the most prominent African investors, is considering Namibia as a potential destination for his group's extensive investment portfolio. Billionaire Aliko Dangote considers Namibia for expanding his investment portfolio. His investment approach emphasizes Africa-wide economic self-reliance and development. Namibia is implementing strategies in green hydrogen and private sector collaborations. Fresh off the completion of what is now the world's largest oil refinery, Dangote hinted at his plans to expand into Namibia during a high-level meeting with President Netumbo Nandi-Ndaitwah in Windhoek this week. The visit marks another step in the Dangote Group 's ongoing expansion into energy and industrial markets across over a dozen African countries, including South Africa, Ethiopia, Zambia, and Tanzania. ' Africa is Africa. It's not about Nigeria alone. If we sit back, there is no entrepreneur; whether from Japan, the U.S., or elsewhere, who can come and build our continent for us. ' The billionaire said. Why Namibia? Dangote's interest in the southern African nation aligns with its emerging green hydrogen strategy and energy ambitions, as well as its renewed focus on pan-African private sector partnerships. Most notably, he announced the completion of a 650,000-barrel-per-day oil refinery, now the largest in the world, alongside significant production capacities for polypropylene, fertilizer, LPG, and other industrial products. He stated, " We now have oil and gas. We've just finished building the largest refinery ever built, not just in Africa, but globally." 'We produce one million tonnes of polypropylene, carbon black feedstock, LPG, sulphate chips, and a fertilizer capacity of over three million tonnes; the second largest in the world." He added. The billionaire investor highlighted his $620 million investment in South Africa as part of a broader strategy to promote economic self-reliance and intra-African trade, stating,"It's not about Nigeria; it's about Africa. We must show that it can be done, and done by us." In response to his comments, President Nandi-Ndaitwah emphasized the need for African-owned investments to drive value addition and job creation. She said: " We are too few to be poor, considering the resources we have; both human and natural." "We don't want to be seen as a rich continent with poor people. African entrepreneurs like you give hope to the young ones that it is possible." She added. In a potential investor-wooing effort, she invited Dangote to consider Namibia as "a home away from home" and affirmed the country's readiness to support African-led investment projects with long-term local impact. 'When we meet successful African entrepreneurs like you, it is not just business; it is inspiration,' she said. 'Namibia is ready for this kind of partnership.' Nandi-Ndaitwah said.
Yahoo
09-06-2025
- Business
- Yahoo
GEIL-operated Otakikpo onshore terminal completes first crude oil export
Green Energy International (GEIL) has completed the first crude oil export from its Otakikpo onshore terminal in Nigeria, reported the Nigerian Observer. The inaugural shipment was facilitated on 8 June, with a vessel chartered by Shell transporting the maiden cargo from the terminal in Rivers State's Otakikpo marginal field. The Otakikpo terminal is reportedly the first privately constructed and managed onshore crude export terminal in Nigeria in more than five decades. GEIL chairman Anthony Adegbulugbe said: 'We are deeply grateful to all our partners and commend the dedication of our indigenous technical team, who worked relentlessly to bring this project to life. This is a moment of pride for Nigeria and a milestone for African-owned energy enterprises.' The terminal currently has a storage capacity of 750,000 barrels and is equipped to handle the export of 360,000 barrels per day (bpd). GEIL has plans to expand the storage capacity to three million barrels, the report said. The project's initial phase saw an investment of more than $400m (£295.34m), with total development costs expected to surpass $1.3bn. Designed to accommodate up to 250,000bpd of crude, the Otakikpo field's present production is around 10,000bpd. GEIL pointed out that the terminal provides a strategic solution for the evacuation of crude from more than 40 nearby stranded oilfields, which together are estimated to hold more than three billion barrels of oil equivalent. Otakikpo terminal is expected to boost Nigeria's crude production, lessen reliance on offshore terminals and encourage new investments in the nation's oil sector. With the global demand for African crude increasing, the terminal is poised to draw more investor interest and strengthen Nigeria's position in the international energy market. GEIL emphasised that the Otakikpo facility is set to play a crucial role in enhancing crude evacuation and supporting production growth, aligning with Nigeria's long-term energy strategy. "GEIL-operated Otakikpo onshore terminal completes first crude oil export" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Zawya
10-04-2025
- Business
- Zawya
African credit ratings can absorb aid cuts and trade strains, Fitch says
Pressure from U.S. aid freezes and global trade tension is unlikely to result in widescale credit downgrades in Africa, Fitch Ratings said on Thursday. The impact of tariffs on Africa is limited, Fitch said, due to the region's export composition and weaker integration into global supply chains compared to a region such as Asia. But Sub-Saharan Africa has been one of the largest recipients of funds disbursed by the United States Agency for International Development (USAID) which was frozen by executive order of U.S. President Donald Trump. Nonetheless, South Africa, Namibia and Ivory Coast remain relatively shielded from recent events, Paul Gamble, head of Middle East/Africa in Fitch's Sovereign Ratings Group, said. And Nigeria and the Seychelles both hold positive credit outlooks from Fitch Ratings - an indication that a rating is expected to be raised in the future - thanks to ongoing reforms, he told a webinar. "The reforms that we've seen really put the region in a better position to absorb some of these shocks," Gamble. "The impact for the ratings looks manageable." However, the freeze on U.S. foreign aid was not without negative consequences, Fitch said. Some of the poorest nations were at risk for having projects come to an abrupt end and would see fiscal stability come under pressure. Ethiopia received U.S. assistance worth around 80% of its foreign exchange reserves, with Mozambique, Uganda, and Lesotho also seen at risk. "African-owned multilateral banks might become more important institutions in this shifting landscape," Arnaud Louis, senior director at Fitch, said on the webinar. Gamble also pointed to Washington's pivot to strategic investments in minerals in Africa as potentially becoming a new sphere for the trade tensions as it could intensify competition on the continent with China. "Africa will be a playing field for U.S.-China tensions," said Gamble. The U.S. interest is becoming "more opportunistic, transactional" focusing on access to minerals and rare earths rather than broad-based development, he said. The Trump administration has said it wants to invest billions of dollars in the Democratic Republic of Congo. Congo's minerals, which are used in mobile phones and electric cars, are currently dominated by China and its mining companies. (Reporting by Colleen Goko; Editing by Alison Williams)
Reuters
10-04-2025
- Business
- Reuters
Trade tensions, aid cuts won't trigger Africa credit downgrades
JOHANNESBURG, April 10 (Reuters) - Pressure from U.S. aid freezes and global trade tension is unlikely to result in widescale credit downgrades in Africa, Fitch Ratings said on Thursday. The impact of tariffs on Africa is limited, Fitch said, due to the region's export composition and weaker integration into global supply chains compared to a region such as Asia. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. But Sub-Saharan Africa has been one of the largest recipients of funds disbursed by the United States Agency for International Development (USAID) which was frozen by executive order of U.S. President Donald Trump. Nonetheless, South Africa, Namibia and Ivory Coast remain relatively shielded from recent events, Paul Gamble, head of Middle East/Africa in Fitch's Sovereign Ratings Group, said. And Nigeria and the Seychelles both hold positive credit outlooks from Fitch Ratings - an indication that a rating is expected to be raised in the future - thanks to ongoing reforms, he told a webinar. "The reforms that we've seen really put the region in a better position to absorb some of these shocks," Gamble. "The impact for the ratings looks manageable." However, the freeze on U.S. foreign aid was not without negative consequences, Fitch said. Some of the poorest nations were at risk for having projects come to an abrupt end and would see fiscal stability come under pressure. Ethiopia received U.S. assistance worth around 80% of its foreign exchange reserves, with Mozambique, Uganda, and Lesotho also seen at risk. "African-owned multilateral banks might become more important institutions in this shifting landscape," Arnaud Louis, senior director at Fitch, said on the webinar. Gamble also pointed to Washington's pivot to strategic investments in minerals in Africa as potentially becoming a new sphere for the trade tensions as it could intensify competition on the continent with China. "Africa will be a playing field for U.S.-China tensions," said Gamble. The U.S. interest is becoming "more opportunistic, transactional" focusing on access to minerals and rare earths rather than broad-based development, he said. The Trump administration has said it wants to invest billions of dollars in the Democratic Republic of Congo. Congo's minerals, which are used in mobile phones and electric cars, are currently dominated by China and its mining companies.
Zawya
10-02-2025
- Business
- Zawya
Africa to establish its credit rating agency
ADDIS ABABA: The African Union (AU) will set up the Africa Credit Rating Agency (AfCRA) next week during a meeting of heads of state and government on the margins of the 37th AU Ordinary Summit here, Ethiopian News Agency (ENA) reported. As the continent continues its march towards economic integration and resilience, the establishment of Africa Credit Rating Agency (AfCRA) represents a pivotal step in asserting Africa's position on global financial governance. In this regard, Heads of State and Government are set to convene for a Presidential Dialogue on the establishment of an Africa Credit Rating Agency on 14 February 2025. Facilitated by the African Peer Review Mechanism (APRM), the event will also bring together policymakers, financial experts, and development partners to deliberate on the operationalisation of a dedicated credit rating agency for the continent. According to ENA, The event to be held on the margins of the 37th AU Ordinary Summit at the African Union Headquarters, underscores Africa's commitment to enhancing the continent's financial sovereignty and addressing long-standing challenges associated with the three international credit rating agencies. The establishment of an Africa Credit Rating Agency aims to provide fair, transparent and development-focused credit ratings that reflect the realities and potential of African economies. The Africa Credit Rating Agency (AfCRA) is a continental initiative aimed at providing independent, credible, and African-owned credit ratings for sovereigns, sub-sovereign and corporates. Its primary objective is to enhance transparency, reduce reliance on the three international credit rating agencies, and address the specific needs of African countries, institutions and contexts. AfCRA was established to address concerns over perceived biases, inaccuracies, and high costs associated with international credit rating agencies when assessing African countries. It will provide an opportunity for the continent to have a credit rating system that reflects Africa's unique socio-economic realities and fosters a fairer representation of its creditworthiness. AfCRA will reduce the cost of credit ratings for African countries and businesses, increase their access to capital markets, and ensure a fairer representation of their creditworthiness. It will also provide a platform for promoting African projects and investments, driving economic growth and regional financial stability.
