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AfDB’s Multi-Country Solar Initiative Pulls in 10 Projects to Benefit the Multitude in the Dark


The African Development Bank (AfDB)’s Desert to Power initiative involves 11 countries across Sahelian belt; 250Million people set to benefit with 10, 000MW of solar by 2030.

It is one of the world’s most ambitious energy projects: the Desert to Power initiative aims to bring energy to one of the least developed and most marginal parts of the continent.

This transformative and bold effort aims to turn Africa’s vast, sun-drenched Sahel region – one of the most vulnerable regions in the world – into a powerhouse of solar energy, targeting 11 countries: Burkina Faso, Chad, Djibouti, Eritrea, Ethiopia, Mali, Mauritania, Niger, Nigeria, Senegal, and Sudan.

By harnessing the region’s immense solar potential, Desert to Power seeks to generate 10 gigawatts of solar power by 2030, thereby facilitating access to electricity for 250 million people.

Akinwumi Adesina, the AfDB president, has described it as the Bank’s “baobab”.

“Desert to Power is what I call the baobab of projects. It will require all our efforts if we are to effect change,”​ Adesina told a COP meeting.

In December 2023, the Bank approved the 225 kV Mauritania-Mali Power Interconnection and related Solar Power Plants Development Project (PIEMM) which is a priority operation under that Desert to Power Initiative. The project will help develop regional electricity trade in the Sahel, allow Mali to import about 600 GWh of electricity from renewable energy sources from Mauritania each year and enable both Mali and Mauritania to increase their national electricity access rate and to improve the performance of their electricity sub-sector by reducing fuel consumption, and shutting down several generators with exorbitant operating costs thus reducing greenhouse gas emissions. Ultimately, the project is expected to connect 100,000 new households (80,000 in Mauritania and 20,000 in Mali).

The initiative presents a major step along the way to solving Africa’s critical energy access issues and reducing dependence on fossil fuels like heavy fuel oil. These are key drivers of environmental fragility in the region, worsening climate warming behind many of the dramatic weather events now regularly hitting the continent.

The Bank has also leveraged climate finance from international sources like the Green Climate to blend with the Bank’s own resources to support the Desert to Power initiative.

Additionally, the Bank’s Sustainable Energy Fund for Africa (SEFA), the Bank’s largest in-house blended finance facility with commitments of over $500Million from 10 donors, including Denmark, the United States, the United Kingdom, Italy, Norway, Spain, Sweden, Germany, the Nordic Development Fund, and the Global Energy Alliance for People and Planet, is providing catalytic capital for private sector projects across the Desert to Power countries and beyond.

Today, the Desert to Power portfolio counts 10 investment projects and over 15 technical assistance operations across 7 of the 11 countries of operation.

The initiative is also expected to enhance a broader effort to transition Africa towards more sustainable energy sources, helping mitigate deforestation and its associated impacts.

In Africa, deforestation is a significant issue, with an area equivalent to the size of Switzerland being cleared of forest annually, largely for cooking and heating purposes. This loss of forest exacerbates dust storms, disrupts rain patterns, and accelerates desertification, posing severe threats to biodiversity and local climates.

While there are ongoing reforestation projects in countries like Kenya, Congo, Madagascar, and Malawi, the rate of forest loss far outpaces these efforts. The immediate need is to electrify the continent quickly, choosing sustainable energy sources such as solar, wind, and hydro over more harmful fossil fuels.

Africa’s potential for renewable energy is vast but largely untapped. The continent has an almost unlimited solar capacity (11 TW), significant hydro resources (350 GW, with only between five and six percent currently harnessed), wind power (110 GW, with only two percent utilized), and geothermal energy sources (15 GW).

Despite this potential, the continent accounts for just 6% of global energy demand and slightly over 3% of electricity demand. This underscores the importance of scaling up renewable energy investments to meet the continent’s energy needs sustainably.

From 2016 to 2022, the AfDB approved $8.3Billion in energy commitments, with 87% directed towards renewable energy projects. This investment has already generated 3.4 GW of electricity, including 2.6 GW from renewable sources. The Bank is also developing an African Green Mineral Strategy to capitalize on the continent’s abundant critical minerals, such as cobalt, manganese, and platinum, which are essential for facilitating the energy transition. the entire Sahel region and forever changing the face of one of Africa’s most neglected areas.

Viridien is the New Name for CGG, Western Europe’s Top Geophysical Company


Shareholders of CGG have renamed the company at the Annual General Meeting on May 15, 2024.

The AGM approved the resolution to change the company’s corporate name from CGG to Viridien.

: “Our new name, Viridien, connects our company’s history to our future, confidently positioning us for accelerated growth as an Advanced Technology, Digital and Earth Data Company,”declares Sophie Zurquiyah, CEO of the company formerly known as CGG.

To further support its growth strategy, the company will launch the new Viridien brand on 10th June at the upcoming EAGE Annual Conference in Oslo, further strengthening its focus across a portfolio of solutions including the Core businesses of Geoscience, Earth Data and Sensing & Monitoring, as well as new offerings in both the Low Carbon markets of Minerals & Mining and CCS, and markets beyond energy in High-Performance Computing (HPC) and Infrastructure Monitoring.

Opec To Participate At Iae 2024, Outlining Future Of Africa’s Energy Industry


OPEC Director of Research Dr. Ayed S. Al-Qahtani will deliver a keynote address at the upcoming Invest in African Energy (IAE) 2024 forum in Paris, affirming the importance of African oil supplies in global affairs.

Home to six OPEC member countries, the African continent is playing a growing role in global supply discussions, accounting for a rising percentage of OPEC-led production. Libya and Nigeria represent Africa’s two largest producers – according to OPEC’s latest monthly oil report – both producing approximately 1.2 million barrels per day (bpd). While Angola left the organization at the end of last year, OPEC is said to be in talks with Namibia – which could be Africa’s fourth-largest producer by 2030, on the back of prolific offshore discoveries – and other African nations that represent the next generation of African oil production.

IAE 2024 is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 14-15, 2024 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit To sponsor or participate as a delegate, please contact

Consisting of 22 nations, OPEC and its allies have been committed to maintaining oil supply cuts to boost barrel prices amid economic uncertainty. The alliance has implemented cuts of more than five million bpd since the end of 2022 and is extending voluntary cuts of 2.2 million bpd into mid-2024. The IAE forum will feature technical discussions around Africa’s oil outlook, exploring supply, demand and price forecasts based on various energy transition scenarios.

“IAE 2024 welcomes the participation of OPEC in leading critical supply discussions, as African producers seek to incentivize new exploration and develop recent offshore discoveries. The forum will share high-level insights into current and future efforts to ensure market stability, as well as highlight Africa’s growing influence on the global energy stage and the importance of African solidarity,” says Sandra Jeque, Event & Project Director at forum organizers, Energy Capital & Power.

Cancelling Domestic Crude Oil Allocation is Nigeria’s Surest Path to Easing Forex Supply Crunch


By Babajide Fowowe

Nigeria is currently struggling with a severe crunch in the supply of foreign exchange (forex), which negatively impacts the value of the Naira, its national currency. Both the official and the unofficial forex markets are afflicted by what is basically a liquidity and flow challenge. A number of initiatives and ideas have been mooted which largely relate to borrowing or finding ways to incentivise portfolio flows. Despite supportive oil prices, there is limited discussion around boosting organic forex flows from Nigeria’s oil exports.

Beyond improving security in the Niger Delta to curtail oil theft and re-engaging with capable partners to raise investments in oil production in the country, a short-term and sustainable fix for oil revenue and ultimately for increased forex flows will be for the Nigerian government to immediately cancel the policy of earmarking for domestic consumption a portion (and increasingly all) of its own share of oil output.

Of all the options being implemented or considered for boosting forex inflow into Nigeria, cancelling what is termed Domestic Crude Allocation (DCA) is Nigeria’s surest bet. This will yield immediate result and provide a steady (not one-off) flow of foreign exchange—and thereby address the cashflow challenge in the official segment of the forex markets. Additionally, it will end the dodgy deductions and accounting associated with the domestic crude allocation policy that has been aptly described as an active crime scene.

The DCA has acquired an outsized profile of recent. Any serious attempt at understanding and reforming how Nigeria’s share of oil is accounted and paid for must, for a number of reasons, zero in on the management of and the recent prominence of the DCA.

With the drastic reduction in oil production in Nigeria and the shift in production arrangements away from Joint Ventures (JVs) to Production Sharing Contracts (PSCs), most of the Federation’s share of crude oil produced in Nigeria is channelled to DCA, which has dramatically risen from below 10% of Federation’s share of oil in the early 2000s to almost 100% by 2023. This is not just a suboptimal allocation issue. In relation to forex flows, it is a key challenge because the revenue from DCA sales is received in Naira, meaning that the Central Bank of Nigeria (CBN) is starved of steady and healthy flow of foreign exchange from what used to be its dominant source: crude oil sales. As at 2010, flows from oil and gas accounted for 94% of forex to the CBN but plummeted to 24% by June 2022, and is conceivably much lower now (CBN, like NNPCL, has stopped disclosing some critical data).

Crude oil exports still account for over 70% of Nigeria’s total exports but since 2016 an increasingly disproportionate percentage of the country’s share of crude oil exports is earmarked for domestic consumption. The earmarked barrels of crude oil return first as petrol, then, in terms of monetary flow, as Naira, not dollars. This is because the resultant petrol from DCA is paid for in Naira, not dollars. It is worth highlighting that there is no guarantee that the Naira payment from DCA would translate to commensurate, or even any, revenue to the Federation Account. This is because the national oil company has always been in the habit of making upfront deductions for sundry reasons from revenue accruing from the DCA. The DCA is the site where NNPC performs its dark magic.

Crucially, the DCA policy not only provides an insight into why the national oil company failed to make remittances to the Federation Account for a long spell but also explains why forex inflows from sales of Federation’s crude oil dwindled and the country’s external reserves stagnated at a period of historically high oil prices.

Countries with low forex supply against demand can adopt a number of measures to increase foreign exchange inflows. Such measures include external loans, deposits by deep-pocket investors and countries, foreign direct investment (FDI) and foreign portfolio investment (FPI) and increasing other sources of exports (non-oil exports in Nigeria’s case). However, loans are likely to be one-off and have to be repaid and with interests (even if concessional). Investors are known to take their time and they can be fickle. Unlocking other sources of exports requires time too.

While the country needs to pursue all these options as both stop-gap and long-term measures, it should urgently embrace the one option that is largely under its control and can ensure a steady and sustainable flow of foreign exchange: earning dollars from the sale of its crude oil wherever it is sold. For this to be possible, the DCA policy needs to go immediately. Cancelling the DCA is the easiest and most predictable way to boost forex flows into Nigeria and the most realistic way to reduce pressure on and provide relief for the Naira.

DCA as the Missing Part of the Forex Puzzle

On23 September 2023, the exchange rate of the Naira to the U.S. dollar on the parallel market reached N1,004/$1, thus crossing the N1000/$ psychological mark1. This marked a significant milestone in the foreign exchange markets in Nigeria. The exchange rate of the Naira has been under pressure for some years, andit has been particularly unstable in the past three years. On 2 January 2020, the Naira exchanged for the dollar at N306.5/$ and N360.5/$at the official and parallel markets respectively (Figure 1).On 29 December 2023, the exchange rates of the Naira to the dollar jumped toN899.9/$ (official) and N1,215/$ (parallel) (Figure 1). Compared to the 2 January 2020 rates, this represents a depreciation of 66% for the official rate and 70% for the parallel rate.

Sources: Central Bank of Nigeria; Analysts Data Services and Resources

While many analysts and commentators have provided different explanations (including conspiracy theories) about factors responsible for the depreciation of the Naira, the primary cause is the simple economics law of demand and supply: the supply of foreign exchange in the country has not been sufficient to meet the demand. The country has a backlog of foreign exchange obligations estimated at between $4 billion and $7 billion by the new Governor of the Central Bank of Nigeria (CBN)during his Senate confirmation screening2,3. The backlog has been occasioned because there was simply not enough foreign currency in the country to meet demand. While the restrictive policies of the CBN had been able to suppress the effects of the pent-up demand on the exchange rate, the recent liberalisation has shown the full extent of the excess demand.

Following the removal of foreign exchange controls on 14 June 20234, the Naira was effectively floated, and the workings of market forces saw an immediate depreciation of 29% at the Investors and Exporters (I & E) window, with the exchange rate moving from N471.67/$1 to N664.04/$1. Further liberalisation came on 12 October 2023 with the removal of foreign exchange restrictions on imports of 43 items5.While the removal of these foreign currency restrictions has on one hand limited subsidisation in the foreign exchange markets, on the other hand, it has resulted in increased prices for imported goods (including petrol), and higher costs for foreign transactions (such as school fees and medical costs). This, coupled with seemingly constantly rising prices, has meant that the exchange rate of the Naira has been a dominant topic of discussion in the polity for the past six months.

Despite the reforms, a lingering issue for Nigeria and the value of the Naira is that the supply of forex continues to track below demand. At the heart of the reduced supply of foreign exchange is the decline in USD inflows into Nigeria’s external reserves arising from lower oil receipts. A key explanation for this is the drastic reduction in oil production, and consequently oil exports. Oil exports have typically accounted for over 70% of total exports (Figure 2), and have, since the commencement of commercial oil exploration, provided the bulk of foreign exchange earnings for the country. However, oil production started falling drastically in the second half of 2020, and remained largely below 1.4 million barrels per day (Figure 3). Production dropped further in 2022 and was below one million barrels per day in August and September. Although it subsequently increased, production has not risen above 1.4 million barrels per day since then. The country has not been able to meet up with OPEC production allocations since July 2020 (Figure 3). Between March 2022 and August 2023, the shortfalls were so acute that they were above 450,000 barrels per day.

Source: Central Bank of Nigeria Quarterly Statistical Bulletin, 2023 Q2
Notes: 1. Crude oil exports as % of Total Exports are measured in percentages on the right-hand vertical axis
   2. Crude oil exports and Total Exports are measured in millions of dollars on left-hand vertical axis

Sources: Nigerian Upstream Petroleum Regulatory Commission and OPEC Statistical Bulletin

Though a lot of attention has rightly focused on declining oil production with government officials and the media putting the blame on oil theft, this is only a part of the story as oil prices after declining over the 2014-16 period and during the COVID-19 pandemic have been broadly supportive of oil export receipts. Ordinarily, the decline in oil production should have been compensated for by significant rise in oil prices following the war in Ukraine. However, there has been a secular decline in the ratio of oil inflows into Nigeria’s external reserves and oil export receipts. We posit in this paper that the reduced forex flows reflect increased allocation of Federation’s crude to DCA at the expense of direct Federation oil exports which normally translated to dollar flows.

DCA involves ‘domestic’6 sales of crude oil, thereby bringing revenues in Naira, the domestic currency. Depending on the terms of the different production arrangements, crude oil produced in Nigeria is shared between the oil companies and the Federation. NNPC is responsible for selling the Federation’s share of the total oil produced. NNPC in turn allocates the Federation share either for exports or for domestic utilisation7. It is the component for domestic utilisation that is referred to as domestic crude allocation (DCA). The critical point to note is that the different allocations are paid for in different currencies: revenue from Federation exports is received in dollars and revenue from DCA is received in Naira.

With the dwindling oil production, a larger proportion of the Federation’s quota has increasingly been channelled to DCA. This has led to the situation where most of the oil revenue inflows have been in Naira, as opposed to dollars. It is our considered position that switching crude oil allocations from the DCA to exports will provide steady revenue in foreign exchange, and thus boost foreign exchange supply in Nigeria. Ultimately, an increased and steady supply of foreign exchange will ease demand pressures and help to stabilise the Naira.

Good Intention Gone Sour

The current outsized role of the DCA started around 2005 with the arrangement that about 445,000 barrels of crude oil per day (the nameplate capacity of the Nigeria’s four government-owned refineries) be set aside from Federation’s share of oil, and be channelled for domestic refining through sales to the then Pipelines and Product Marketing Company Ltd. (PPMC).The allocation would be paid for in Naira and PPMC would recoup proceeds via distribution and sale of the resulting refined products within Nigeria. The rationale was that such exclusive domestic allocation of crude oil would guarantee energy security, de-link refined petroleum product prices from volatility in exchange rates and international crude oil prices, and ensure adequate supplies of refined petroleum products in the country.

On the surface, the DCA seemed to be a reasonable idea, and a number of benefits of such an arrangement can be easily gleaned. It would help to insulate the country from price volatilities in the global oil markets. Such volatilities would be manifested in higher or unstable prices of petroleum products, scarcity of petroleum products, and uncertainty or unstable supply of petroleum products. Effectively, domestic crude allocation would ensure that Nigerians reap considerable benefits from being citizens of a major oil-producing

country. However, the policy had one notable weakness: a flawed pricing framework. On the one hand, the crude from the DCA was sold to the PPMC at an implied discount in dollar terms, when adjusted for the exchange rate, in comparison to the international market. On the other hand, the Naira sales price for refined products was delinked from Naira cost price to PPMC implying a subsidy whose bill was to be covered in annual budgetary allocations. In essence, the DCA created two layers of potential losses: first to the Federation in terms of potential export revenues and second to external reserves in the form of forex inflows. In addition, in de-linking domestic petrol prices from the underlying cost drives of refined petroleum products, the DCA pretty much created an incentive for the expansion of Nigeria’s petrol subsidy programme.   The failure to incorporate the opportunity cost concept in economics would have dire implications further down the line for fiscal revenues and dollar proceeds while creating perverse incentives for malfeasance.

In what follows, we highlight some of the critical problems of the DCA8.Firstly, the losses borne by the PPMC provided little legroom to make the required investments in Nigeria’s domestic refineries which gradually fell into disrepair. Nigeria’s domestic refining capacity fell to low digits with zero allocation to the refineries from the DCA in 2020. While the loss in domestic refining capacity should have resulted in a termination of the DCA policy, successive Nigerian governments, desirous of ensuring low domestic fuel prices, responded by using the DCA barrels to enter into different arrangements (such as swap, offshore processing arrangements and direct sale and direct purchase) with international refineries and commodity traders to basically barter crude for refined petroleum products.

For much of the earlier period, the actual DCA arrangements amounted to sacrificing an insignificant share of Nigeria’s oil production for refined petroleum products. Given relatively tepid international oil prices for the much of the 1990s and early 2000s, the arrangement was not burdensome from a fiscal and FX perspective. Importantly, DCA usage was below 10% of the total Federation share of oil. However, by 2005, the decision to allocate about 445,000 barrels per day to DCA bumped up significantly the share of the Federation oil allocated for domestic consumption.

In 2004, for instance, only 39 million barrels or 8.57% of the 455 million barrels of the Federation share was allocated to domestic consumption, with the remaining 91.43% allocated to Federation exports. Following the policy mentioned earlier, the picture changed dramatically in 2005, with 160.9 million barrels or 35.25% of Federation’s share of 456 million barrels set aside for domestic consumption. The percentage devoted to DCA has steadily increased since then. In the early stages, NNPC refined some of the allocation locally, swapped some for refined products abroad, and exported the rest, which it paid for in dollars. Before long, things went downhill. The refineries basically collapsed, the crude for domestic consumption was all refined abroad or bartered, upfront deductions by NNPC from DCA increased, and the petrol subsidy programme soared.

Since 2016, DCA crude has been increasingly sold through the Direct-Sale Direct-Purchase (DSDP) arrangement (Figure 4). While the refineries no longer receive crude oil, the DSDP arrangement ensures that crude oil receipts are still in Naira, as opposed to dollars.

Sources: NNPC Monthly Financial and Operations Reports

Second, the larger proportion of revenuefrom DCA was largely retained by the NNPC, meaning that the Federation progressively received less and less. Revenue from the DCA has been used by the NNPC for many years to finance its operations. Payments for subsidies, pipeline repairs and maintenance, product losses and lately JV cost recoveryare financed with DCA receipts. In January 2020, total deductions as a percentage of domestic crude oil revenue were 75% (Figure 5). This fell and reached 24% in August 2020. However, it started rising and reached 100% in March 2022. With the exception of July 2022 when it fell to 89%, it remained at 100% until October 2022.

This implies that all revenues from DCA were retained until October 2022, which also coincided with when NNPCL stopped making remittances to the Federation Account. The implementation of the Petroleum Industry Act (PIA) resulted in changes to the composition of deductions, leading to its percentage as a share of domestic crude oil and gas revenue falling to 15% in March 2023, before rising to 46% in May 2023 (see Box 1 for a more detailed description of deductions). Reporting of deductions ended in June 2023. The implementation of the PIA, coupled with removal of petrol subsidies, likely reduced the burden of deductions.

Sources: NNPC Presentations to the Federation Account Allocation Committee (FAAC) Meeting
Notes: 1. Between January 2020 and October 2022, total deductions consisted of JV Cost Recovery + Total Pipeline Repairs and Management Cost + Total Under-Recovery + Crude Oil & Products Losses + Value shortfall
2.The author was unable to obtain data for November 2022
3. Between December 2022 and May 2023, official deductions consisted of JV Cost Recovery + PSC(FEF) + PSC (Mgt Fee).
4, From June 2023, NNPC stopped reporting deductions as previously constituted.
5.  See Box 1

Box 1: Composition of Total deductions from DCA (January 2020 to November 2023
1) Between January 2020 and July 2022, total deductions consisted of three components:

a. JV Cost Recovery (T1/T2)

    • This has both USD and Naira components

b. Total Pipeline Repairs and Management Cost

    • This only has Naira components
    • Consists of

i. strategic holding cost

ii. pipeline management cost [January to April 2020, June 2020]

iii. pipeline operations, repairs and management cost

c. Total Under-Recovery + Crude Oil & Products Losses + Value shortfall

    • This only has Naira components
    • Consists of

i. crude oil & product losses [reversal of product loss in May 2022

ii. PMS Under-recovery (Current + arrears) [January 2020 to April 2020]

iii. Value loss due to deregulation [July 2020]

iv. NNPC value shortfall (recovery on the importation of PMS/ arising from the difference between the landing cost and ex-coastal price of PMS) [March 2021 to October 2022]

2. For some months, the only deductions were for JV cost recovery [October 2020, January 2021, February 2021]

3. For August 2022, the only deductions were for NNPC value shortfall

4. From September 2022, there were changes in NNPC’s deductions, attributed to the PIA:

a. Dollar deductions for NNPC value shortfall: 40% of PSC profit due to Federation (in addition to naira deductions: 100% of DCA revenue);

b. No deductions for JV cost recovery and total pipeline repairs and management cost. Deductions for JV cost recovery resumed in December 2022;

5. From December 2022 (unclear if this change happened in November or December, as we were unable to obtain data for November), the composition of deductions changed and consisted of:

a. JV cost recovery (naira and dollars)

b. PSC Frontier Exploration Funds (FEF) (dollars, naira deductions started in February 2023)

c. PSC (Management Fee) (dollars, naira deductions started in February 2023)

6 From December 2022, statutory payments to NUPRC (royalty) and FIRS (taxes) which had stopped in July 2021, commenced again (payments were made in September 2022)

7. From December 2022, payments started for NUIMS for profits

8. From February 2023, Payments for Federation PSC Profit Share in naira started (in addition to payments in dollars which started in December 2022) [40% of gross oil and gas revenue]

9. From December 2022 to May 2023, the addition of the official deductions (JV + PSC(FEF) + PSC (Mgt Fee), statutory payments (NUPRC + FIRS), NUIMS profits, and PSC profit share (from Feb 2023) are equal to DCA revenue.

10. From June 2023, NNPC stopped reporting deductions on the template. Rather, there was a section called Transfers, comprising 2 components:

a. Transfer from PSC profits, comprising:

i. PSC (FEF)

ii. PSC (Mgt Fee)

iii. Federation PSC profit share

b. NNPC Ltd. calendarized Interim dividend to Federation Account

c. The addition of the components under Transfer from PSC Profits was equal to total revenue from domestic crude oil and gas sales

In recent years, Nigeria’s oil production (including condensates) has declined from the standard 2m barrels per day (mbpd) to a low of 1.1mbpd though this has recently stabilised around 1.4-1.6mbpd. As a result,crude oil production has not been able to meet budgetary targets or OPEC production allocation quotas as shown in charts above. This failure has been attributed to reflect a mixture of theft, outages from downtime during repairs and declines in underlying production as Nigerian oil fields mature in the face of reduced investments.

Since the 2010s, international oil majors have scaled back investment in Nigeria in the face of regulatory uncertainty following the delayed passage of the Petroleum Industry Bill, rising operating costs due to increased security and environmental clean-up, and growing pressures from climate change activists to cut emissions from oil projects with high greenhouse gas emissions. These factors have pushed oil majors to shift investments away from the high-cost onshore fields with less attractive fiscal terms to deep offshore projects with more favourable fiscal terms and greater stability. The preference for offshore assets has seen a wave of asset disposals of onshore fields to domestic producers who have struggled to increase production given their weaker access to global capital markets to raise financing for exploration and production.

The derivative of the reduced oil production is that the Federation’s share of oil production has fallen dramatically. The daily average of the Federation’s share of crude oil was 414,463 barrels in 2020, 292,198 barrels in 2021, 290,649 barrels in 2022, and 205,184 barrels in 2023 (Figure 6). These are far below the daily average of one million barrels per day that accrued to the Federation between 2004 and 20149.Another important dynamic of import is that Nigeria’s oil production is now largely concentrated in Production Sharing Contracts (PSCs), where, by their design, oil companies get a larger share of production.

Sources: NNPC Presentations to the Federation Account Allocation Committee (FAAC) Meeting
Notes: 1. The author was unable to obtain data for November 2022

The net effect of the lower Federation share of crude oil is that domestic crude has assumed a larger portion of the Federation’s share of crude oil (Figure 7). As total Federation crude has fallen continuously in the past four years, an increasingly larger share has been allocated for domestic sales (Figure 8). Domestic crude allocation reached 99% of total Federation allocation in May 2021. Since then, it has not fallen below 95% (exceptions were in June 2021, March 2022, February – March 2023, June – August 2023, October 2023).

The dominance of domestic crude allocation has important implications for the foreign exchange market. Because sales of domestic crude are received in Naira, the fact that virtually all Federation sales of crude oil since May 2021 have been of domestic crude means that the bulk of crude oil revenue has been received (when it is received) in Naira, rather than in dollars. The fact that crude oil revenue is no longer being received in dollars has important negative implications for the supply of dollars in the economy, and the nation’s external reserves.

Sources: NEITI Oil and Gas Audit Reports

Sources: NNPC Presentations to the Federation Account Allocation Committee (FAAC) Meeting
Notes: 1. The author was unable to obtain data for November 2022

The oil and gas sector has traditionally accounted for the largest part of foreign exchange inflows to the Central Bank of Nigeria (CBN) (Figure 9). In 2010, foreign exchange inflows through the oil sector accounted for 94% of total inflows through the CBN. However, this started falling and had dropped to 24% in June 2022 (January to June).Foreign exchange inflows through the oil sector which were above 80% between 2010 and 2014, fell and remained below30% from 2017 to 2022 (Figure 9).

Source: CBN Quarterly Statistical Bulletin, volume 11, no. 2, June 2022
Notes: 1. The data ends in June 2022, because the CBN no longer provides disaggregated data on foreign exchange inflows

In January 2010, the oil sector brought in $1.99 billion through the CBN. This increased and reached $4.79 billion in March 2014 (Figure 10). Following this, it started falling and dropped to $922 million in January 2016. It rose and remained largely above $1 billion between July 2017 and April 2020. Then, it started falling and remained below $1 billion until June 2022 (with the exception of April 2022). Optically, the secular downtrend in oil inflows coincided with the start of the DSDP programme which used DCA crude allocation at a period of low oil prices. Following the recovery in prices over 2017 and in the 2021-2022 period, oil inflows have failed to recover mainly because most of Federation’s share of oil is being allocated for domestic consumption which does not translate to forex earnings. At an average price of $100/bbl and $84/bbl over 2022 and 2023, the nameplate DCA crude of 445kbpd would have translated into monthly inflows of $1billion to external reserves. However, as these sums were likely received in Naira, the opportunity cost is the reduced supply of FX by the CBN and the resulting demand pressures on the Naira.

Source: CBN Quarterly Statistical Bulletin, volume 11, no. 2, June 2022
Notes: 1. The data ends in June 2022, because the CBN no longer provides disaggregated data on foreign exchange inflows

While quick fixes cannot be implemented for returning steady foreign exchange inflows from oil to the levels experienced 10 years ago, ending the DCA and exporting the Federation’s share of crude oil can provide a steady supply of foreign exchange inflows. This would boost oil sector foreign exchange inflows through the CBN above the average of 24.2% experienced between 2017 and 2022. Assuming an average oil price of $70/bbl, the cessation of DCA could, before deductions, net $900million monthly which should bolster USD liquidity flows within the FX market. Critically, this will not be a temporary measure, but will be a steady supply of foreign exchange as long as crude oil is sold. Such steady supply will help in bringing some stability to the foreign exchange markets.

Fundamentally, with the removal of petrol subsidiesand the implementation of the PIA, there are virtually no more reasons for continuing with the DCA. Furthermore, the onset of the Dangote Refinery with a nameplate capacity of 650kbpd alongside recent announcements regarding a mechanical completion of repair work at the Port Harcourt Refinery (150-210kbpd) would imply a DCA that will further dim the prospects of forex from Federation’s share of oil if receipts are in Naira. Beyond legal realities, the DCA is impractical given the evolving dramatic changes in domestic refining capacity.

A caveat about the removal of petrol subsidies and implementation of the PIA is needed.

First, on subsidies, there have been reports that petrol subsidies are back in some form. The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has stated that the government has restored subsidies10. The World Bank indicated the reemergence of an implicit petrol subsidy11.The Independent Petroleum Marketers Association of Nigeria (IPMAN) has also said subsidies have only been reduced, but not removed12. Careful consideration and strategic planning are needed on the issue of subsidies. The oft-touted palliative measures to alleviate the increase in cost of living of the hike in petrol prices have yet to fully materialise. This, perhaps, has been responsible for the reluctance of the government to allow the prices of petrol to fully reflect market prices. There needs to be a well-thought out and clear policy direction on the issue of petrol subsidies and the need to pursue full deregulation and extricate the country from the awkward and perverse incentives-ridden situation where NNPCL becomes the sole importer of petrol.

Second, on the PIA, recent guidelines by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have addressed the argument that local refineries need to be supplied with crude oil13. However, it is hoped that the new guidelines will stipulate that such domestic sales of Federation crude, if applicable, will be quoted in international prices and the payment will be made and received in foreign exchange. Failure to do this and properly manage and administer these new guidelines could present DCA version 2.0. Also, strict payment schedules must be stipulated and adhered to, so that there will be no backlog of payments. If properly administered, this new policy should not adversely affect foreign exchange inflows.


We have conducted an analysis of the rapid depreciation of the Naira in recent years. The central theme is that the supply of foreign exchange has not been able to meet up with its demand, leading to a backlog of foreign exchange obligations estimated at between $4 billion and $7 billion. With oil exports acting as a major enabler of foreign exchange inflows, the nation’s dwindling oil production was identified as an important contributor to lower supply of foreign exchange.

With lower oil production, higher proportions of the Federation’s share of crude oil have been allocated to domestic crude sales. Revenue from domestic sales is received in Naira, as opposed to dollars, thereby heightening scarcity of foreign exchange. We submit that the DCA has outlived its usefulness, and its continued use has proved costly to the country, especially for inflows of foreign exchange, thereby hurting the Naira. We recommend ending the DCA and selling Federation’s crude oil for exports, or if sold domestically to private refineries, to be sold in dollars. If this is done, steady inflows of foreign exchange will boost supply of foreign exchange, provide some quick wins to address foreign exchange scarcity, and help to maintain some level of stability for the Naira.

In October, the Federal Government announced plans for the injection of $10 billion of foreign exchange inflows14. These are expected to materialise from a variety of sources. Two executive orders were signed by the president in October: the first one will enable dollar-denominated instruments to be issued for purchase within the country; while the second is for issuance of dollar-denominated bonds for purchase by investors outside Nigeria15. Also, foreign exchange inflows are expected to receive a boost from the NNPCL through increased production, transactions such as forward sales, and investments from sovereign wealth funds16. In addition, NNPCL in August announced a $3 billion emergency crude oil repayment loan from the African Export Import Bank (Afrexim bank) “to support the Naira and stabilise the foreign exchange market”17.

Our central argument in this intervention is that while these measures can offer some succour and ease the pressure on the Naira, they do little to ensure a steady inflow of foreign exchange. They only provide emergency and temporary relief for foreign exchange stability.

In some instances, these measures have costs that, when fully considered, seem to outweigh the benefits. For example, the arrangement between NNPCL and Afrexim bank is a ‘pre-export finance facility’ (PxF) where the country has pledged 90,000 barrels per day for five years (2024 – 2028)18. This facility attracts an interest rate of 11.85%, which does not compare favourably with lower interest rates charged by international institutions for a longer period19. It is difficult to contextualise how the net effect of this facility will be of benefit, rather than loss to the country. It is more productive for NNPCL to concentrate on its core mandate and for the government to focus on how Nigeria can start earning foreign exchange again from the sale of the Federation’s share of oil. The DCA needs to go immediately.

*Professor Fowowe is an energy economist.

** Wale Thompson and Ifetayo Idowu contributed to this paper.

[1]The rate rose to N1,099.05/$1 on 8 December 2023 at the I & E window, but dropped back below N1,000/$1




[5]In reality, for many years, the crude oil has neither been utilized nor sold domestically, hence, the term ‘domestic’ has become a contradiction.

[6]NEITI 2021 Oil and Gas Audit Report

[7] Sayne, A., Gillies, A. and Katsouris, C. (2015) Inside NNPC Oil Sales: A Case for Reform in Nigeria, Natural Resource Governance Institute.












Join the Nigerian Gas Association Study Groups 2023-2025

Executive Secretary, Nigeria Gas Association.

This is a call to join the 2023 – 2025 NGA Study Groups.

In the last 24 years since its establishment, the NGA has worked hard to promote the development of the Nigeria gas industry, but at no time has it been more imperative or critical for the Association to promote a way forward to making gas the energy source of the future for Nigeria as well as a pivot for the ramping up of economic activities than the present.

It is at this crucial time that we are calling on all Members to pool our collective talents in researching and uncovering the most viable mode of developing the nation’s vast and untapped gas resources for domestic utilization by joining one or more of the NGA Study Groups to chart a way forward, especially during Nigeria’s Decade of Gas.

The NGA currently has six (6) study groups as follows:

  1. SG1 – Network Code & Infrastructure
    2. SG2 – Gas to Power Value Chain
    3. SG3 – Legal, Regulatory & Policy Frameworks
    4. SG4 – Standards & HSE
    5. SG5 – Energy Transition
    6. SG6 – Diversity, Equality & Inclusion

Membership of one or more Study Group(s) is open to all Members of the NGA. We encourage individual members to indicate which Study Group(s) they wish to join and contribute to based on their area of expertise.

Involvement in these Study Group(s) will give Members enormous benefits including the opportunity to contribute to national development as the Association has the ears of the Federal Executive and Legislature to present relevant position papers that will form inputs to policy and legislation.

Participation in the Study Groups will engender self-development in members while giving them access to sharing knowledge with other Subject Matter Experts.

Finally it will also give Members exposure nationally and internationally as the Study Group reports will be shared with the NGA Stakeholders and the International Gas Union (IGU) which is the global umbrella body for national gas associations.

All nominations/applications must be received by December 31 2023.
All nominations should be made using the online nomination/application form here.

Alternatively, copy the URL below and paste in your browser to access the nomination/application form:

You can also access the form by scanning the QR code below using any smart mobile device.

Please note that the Titles and Terms of Reference for each Study Group are subject to Change without notice, as approved by the NGA Executive Council from time to time.


  • Assist NGA to drive studies, and advocacy with Government / Public / Private Stakeholders, for the completion, implementation and functionality of the Nigerian Gas Transportation Network Code.
  • Investigate, collate data and determine state of current gas transmission pipeline network in the country.
  • Investigate and forecast future gas transmission and distribution pipeline infrastructure requirements in the country.
  • Investigate / study to determine available & optimal technologies to enhance cost effective and efficient gas pipeline infrastructure projects in Nigeria.
  • Investigate / study / develop / propose effective strategies and technologies to minimise (or eliminate) pipeline vandalism in Nigeria.
  • Investigate and collate data of current road infrastructure for transportation and distribution of gas for domestic (household), commercial (SMEs) and vehicular fueling use in Nigeria. Identify challenges / gaps in existing road infrastructure and proffer solutions.
  • Determine number and state of existing trucks for road transportation of gas vis-à-vis minimum standard required for effectiveness, efficiency and safe. Investigate alternative modes of gas transportation for domestic and commercial purposes in Nigeria (e.g., ships, railcars, etc).
  • Develop generic model as a tool for the evaluation of pipeline and other gas infrastructure projects.

Investigate and propose commercial structure / funding options for optimal development of proposed future pipeline infrastructure.

  • Assist NGA create a beneficial relationship with the Nigeria Electricity (Power) Supply Industry. Establish collaboration between Gas Stakeholders and Power Stakeholders towards enhancing the Gas-to-Power Value Chain. Carry out joint industry studies / reviews with a view to proffering solutions to advance the Nigerian economy.
  • Investigate and collate data of current utilisation of gas for industrial and power generation purposes in Nigeria.
  • Investigate actual current supply versus demand of gas in the country for industrial and power generation purposes. Identify gaps, determine reasons for gaps and proffer solutions.
  • Investigate and forecast future demand / requirements for gas for industrial and power generation purposes in the country.
  • Carry out joint studies with relevant academic institutions and professional bodies in Nigeria to develop indigenous business and technological models to enhance cost effective gas production projects to meet future demand for industrial and power generation purposes in Nigeria.
  • Determine ways to make gas (NG, LNG, NGL, LPG, CNG, etc.) the preferred choice of fuel for industrial and power generation in Nigeria.
  • Develop generic model as a tool for the evaluation of gas-to-power value chain.
  • Investigate and propose commercial structures / funding options for optimal development of future gas projects for industrial and power generation.
  • Study current legal framework for gas contracts in Nigeria vis-à-vis global standards / best practices. Proffer solutions to close gaps if any.
  • Study / review current and/or proposed gas fiscal policies / legislation in Nigeria vis-à-vis global standards to determine its impact on investors and investments. Propose fiscal policies / legislations to create incentives for investors.
  • Investigate business and technological models that will reduce cost of investments in gas projects and operations (capital and operating costs).
  • Investigate (via joint studies) other ways to make the economics of gas investments in Nigeria attractive to investors.

  • Synergise with SON, NUPRC, NMDPRA and other relevant national and international bodies to develop and enforce relevant Standards and Codes for the Nigeria Gas Industry.
  • Develop HSE Guides for the Gas Value Chain in Nigeria (especially for the downstream).
  • Develop Technical (e.g., operational and maintenance) and Non-Technical (e.g., marketing and commercial) Guides for the Gas Value Chain in Nigeria to enhance best practice / safety.
  • Follow-up on gas Health, Safety and Environmental (HSE) incidences across the globe with a view to obtain and disseminate relevant lessons learnt to gas plants / facilities operators & regulators in Nigeria.
  • Investigate / carry out relevant joint studies (with academia, other professional bodies, etc) for optimal / indigenous technologies and business models to minimise HSE incidences in gas facilities in Nigeria.
  • Collate data of actual gas flared in the country and investigate Health, Safety & Environmental impacts on people and assets. Determine economic consequences / opportunity cost of these flared gases.

  • Assess the impact of global Energy Transition on the Nigerian Gas Value Chain.
  • Assess the input of Nigeria’s Energy Transition agenda on the Gas Industry Value Chain.
  • Identify relevant government and non-government organisations and authorities responsible for Energy Transition for collaboration and partnership.
  • Assess the merits of including hydrogen and other related energy gases within the advocacy interest of NGA.
  • Recommend NGA policy direction with respect to Energy Transition and net zero goals, both local and global.
  • Investigate the alignment and positioning of natural gas within low carbon Energy Transition frameworks.
  • Any other related task(s) that may be assigned by the Study Group Coordinating Chair and/or the NGA Council.

  • Investigate the current state of DEI in the energy industry, including an analysis of the representation of women in the workforce, leadership positions, and boardrooms, as well as the policies and practices that organisations have in place to promote DEI.
  • Assess the role of women in the industry, including participation of women in technical and non-technical roles, and the impact of funding and technology on women’s participation in the industry.
  • Identify and analyse relevant data and information on the current state of women inclusion and advancement in the gas industry value chain.
  • Assess the opportunities for women in gas industry value chain, including upstream, midstream, downstream and power with a specific focus on clean energy.
  • Access the industry’s gender inclusive policies and practices to promote equal opportunities for women in the Gas industry.
  • Identify financial platforms that provides financial support for women to finance for clean energy projects and businesses.
  • Identify the challenges faced by women in the industry and recommend strategies to overcome them.
  • Identify platforms for networking, mentorship, and career development for women in the gas industry value chain.
  • Help women to develop and build leadership skills and competencies required to grow within the Gas industry.
  • Any other related task(s) that may be assigned by the study group coordinating Chair and/or the NGA Council.

All nominations/applications must be received by December 31 2023.

Taji Ogbe, PMP
Executive Secretary, Nigerian Gas Association
+234 802 339 8312






Nigerian Gas Association RC 365,662
Block 98, Plot 3A,
Mike Adegbite Avenue,
Lekki Phase 1, Lagos, Nigeria.

Partner Content/Billion Dollar Projects on Showcase Are A Huge Draw For SAIPEC 2024

A host of organisations from across the industry have confirmed their support and participation for the 8th Sub Saharan Africa International Petroleum Exhibition and Conference, hosted by the leading association in Africa, the Petroleum Technology Association of Nigeria (PETAN), 2024 taking place in Lagos this February.

Coleman Wires and Cables will be Gold Sponsor to the event as well as exhibiting as part of the international SAIPEC exhibition. It is joined by Calaya Engineering Services Limited as Silver Sponsor to the event as well as Bronze – GGI International Nigeria Limited, FloSmart Energy Services Limited, and Petrolog Group. We also welcome Associate Sponsors and exhibitors, First Marine and Engineering Services Limited and Geoplex.

They join a growing list of international leading industry players participating in the 2024 programme, all looking to be part of the vast array of projects showcased from heads of NOCs and governments across Sub Saharan Africa

Hosted with the strategic partnership of the Nigerian Content Development and Monitoring Board (NCDMB), SAIPEC is a multilateral platform showcasing Sub Saharan Africa’s energy potentials and project opportunities.

It plays a key role in charting the pathway to developing the continent’s untapped energy, oil, and gas resources, representing more than 20 NOCs, governments, and regulators, with over 6,000 attendees drawn from over 50 countries.

SAIPEC brings huge opportunities for engagement and collaborations and to identify the opportunities that will develop Africa’s oil, gas and energy industry.

Discover Sponsorship Opportunities
Align your brand with one of SAIPEC’s many unique experiences, services and exclusive hospitality offerings and underline your support for the industry and significance within its network.

From networking and VIP services to lunches and refreshments, the SAIPEC 2024 programme partnership options combine industry-wide recognition with a range of individual benefits. Click to view the highlights from SAIPEC 2023 to experience how your organisation can be positioned centre stage in front of Africa’s stakeholders.

Visit the special features sponsorship page to discover the most recent list of available packages on offer, or contact the team today to find out more information.



Discover more about the complete 2024 programme, sponsorship and participation options or book your place on the 8th SAIPEC exhibition floor. Special rates are available for PETAN members


GE Vernova’s Hydro Power Business Commissions Four 175 MW Units for Nigeria’s Second Largest Hydropower Plant


GE Vernova’s Hydro Power business has completed the commissioning of the 4 (four) 175 MW Francis hydropower turbines and generators at the Zungeru project in Nigeria, now in commercial operation.

The 700 MW Zungeru project is the second largest hydropower plant in Nigeria. It is ocated on the Kadina River in Niger State. The site will also help in controlling floods and support irrigation for the region.

GE Vernova was selected by the EPC (Engineering, Procurement, and Construction) company China National Electrical Equipment Corporation (CNEEC) to design, supply, supervise installation and commission the four hydropower units.

Brian Selby, Hydropower Asia Leader, GE Vernova, said the company is “happy to help take advantage of the country’s water reserves to meet its increasing demand for sustainable, reliable, and efficient power. This project will have a wide-reaching impact on the country’s energy landscape.”

The Zungeru project received investment support from Export-Import Bank (Exim Bank) of China.

According to the International Hydropower Association (IHA), the total exploitable potential of hydropower in Nigeria is estimated at over 14 GW and hydropower remains essential to help accelerate the energy transition.

GE Vernova has been collaborating with energy stakeholders to deploy innovative technologies tailored to respond to the needs of the Sub-Saharan Africa region since the 1950s. GE Vernova delivers across the entire energy ecosystem from generation to transmission and distribution and has been operating in Nigeria for almost 50 years.




Six themed macro-areas, a single ecosystem for ecological transition. Ecomondo, Italian Exhibition Group’s international trade show for industrial technologies and services for the circular economy, will be opening the doors of its 26th edition from 7th to 10th November at Rimini Expo Centre with a new payoff: The Ecosystem of the Ecological Transition. From exploiting waste to make further resources to the regeneration of soil and agro-forestry and food ecosystems, from energy obtained from biomass to the use of waste as secondary raw materials. And more still: the entire integrated water cycle and environmental monitoring, protection of the seas and aquatic environments in their essential function for human sustenance and economic activities. This is the exhibition layout with which IEG will be presenting the most innovative technologies for sustainable competitiveness to the market and it is also the first edition in which Ecomondo will occupy the entire Rimini Expo Centre premises since renewable energies have now found their independent position on the calendar of sector expos with K.EY, which took place back in March.


Waste as Resource, Sites & Soil Restoration, Circular & Regenerative Bio-economy, Bio-Energy & Agroecology, Water Cycle & Blue Economy, Environmental Monitoring & Control: these will be the themed exhibition areas at Ecomondo 2023. Two sectors will be highlighted from among and alongside these: the specific “Water” area and the new edition of SAL.VE. In the former, visitors will find the entire water resource supply chain: from capture to restitution and reuse with a focus on digital transformation, which is now a key element in improving its management. Top national and international utility service companies and trade associations, including Utilitalia, will be featuring in this area with a programme of seminars. In the biennial SAL.VE area, organised in partnership with ANFIA, leading manufacturers will be exhibiting vehicles for ecological waste collection and disposal services as well as urban sanitation. Test drives will be available outside.


Ecomondo will provide space at the Expo Centre for three industrial districts for which the Ministry for the Environment and Energy Security (MASE) has given the go-ahead with a contribution to 160 “beacon” projects for the circular economy. Rimini will therefore feature the WEEE District with a specific focus on repowering technologies and new systems for recycling waste from electrical and electronic equipment, photovoltaic panels and wind turbine blades. In the PAPER District, the focus will be on systems for the collection, logistics and recycling of paper and cardboard in cooperation with COMIECO. Lastly, a themed itinerary will be dedicated to the production of plastics with a focus on recycling systems and marine litter.


The textile industry has been identified as a key value chain for which the European Union has foreseen actions to promote its sustainability, circularity, traceability and transparency. Key factors are eco-design requirements, producer responsibility schemes and labelling systems. In Rimini, ample emphasis will be placed on the entire supply chain: from production to post-consumption. The objective of all stakeholders is to provide answers to these challenges by providing information about ongoing projects and ultimate goals as well as promoting new business models in order to outline the state of the art of textile waste management in Italian municipalities. There will be a debate and exhibition area with all stakeholders: waste producers, managers, consortia and associations, research and development institutes, textile treatment and valorisation plants, without forgetting the second hand sector.


Ecomondo and K.EY have parted company on the trade show calendar, but the smart city, which is traditionally the falling point of renewable energies, can also be categorised under “sustainability” and “healthy”. The Circular and Healthy Cities project does just that by regenerating the city, making it greener and more efficient in the way it manages water, food, waste water and waste.


Ecomondo as an incubator and facilitator of innovative projects: the Start-Up and Scale-Up Innovation area in the new East entrance will be back and further extended. Companies and investors will have a new and larger platform for dialogue in order to cultivate the new generation of innovative businesses. More than 50 start-ups are expected in Rimini for the 2023 edition. IEG and ITA-Italian Trade Agency are promoting the initiative with ART-ER (Territorial Appeal Research, Emilia-Romagna’s regional agency) and Confindustria as their main partners, in addition to collaboration with ANGI (National Association of Young Innovators), to promote all-round innovation.


From fishing and aquaculture to the regeneration of ports and coastlines and seawater desalination technologies: the blue economy will include all traditional and emerging economic sectors linked to the development of Italian and Mediterranean marine resources.


For the 2023 edition, Ecomondo will explore frontline themes. Millennials and Generation Z are showing considerable sensitivity towards environmental protection and IEG’s event acts as a platform of ideas to give shape to today’s technological research and create tomorrow’s jobs. Exchange of knowledge, access to research tenders and European funding: Ecomondo addresses the new generations so that they can participate in the ecological transition. But there is also a new way of doing business, which the Rimini event will pay attention to and whose good practices will be shared in an area dedicated to B-Corps and their regenerative and socially responsible business model. The languages of sustainability and responsibility in corporate communication and journalism are also priorities for Ecomondo.


Ecomondo will offer its community a full programme of conventions and conferences organised under the aegis of the Technical-Scientific Committee, directed by Professor Fabio Fava from Bologna University, in collaboration with the event’s main institutional and technical partners, together with the international board that includes experts from the European Commission, OECD, FAO, UfM, EEA, ISWA. Top topics will be dealt with in an attempt to transmit even more knowledge transmission to the Ecomondo community: the priorities of the European Green Deal, the circular economy, the regeneration of polluted areas and ecosystems, the protection of soils and seas and of the Mediterranean in particular. Case studies, public policies, public funding available for businesses, citizen engagement. The TSC and stakeholders will put together a calendar over the months to come that will create even more engagement between universities, research, industry and institutions to match, if not exceed, the +15% attendance at last year’s conferences compared to 2019.


The Ministry for the Environment and Energy Security, the Ministry for Foreign Affairs and International Cooperation and ITA, together with the increasing participation of executives from the European Commission, will be joined by CONAI, Utilitalia, CIB, CIC, CONAU, Assoambiente, Cisa Ambiente, the Foundation for Sustainable Development and National Green Economy Council as institutional partners of the event, as well as the Kyoto Club, Legambiente, Federazione ANIE, FIRE, ANFIA, ISPRA, Water Europe, ISWA and WBA.


With a 58% increase in foreign visitation compared to 2021, the involvement of profiled operators from the Balkan area, non-EU Europe, North Africa (Egypt, Morocco, Tunisia), Senegal, Ivory Coast, Angola, Ghana, Rwanda, the Middle East, as well as Canada, Latin America, the United States and China will continue for the next edition. The second edition of the Africa Green Growth Forum will be staged thanks to the contribution of prestigious international agencies, inter-governmental institutions, such as the Union for the Mediterranean and UNIDO, non-profit organisations, including Res4Africa, Business Council for Africa, which will present the technological framework and opportunities for growth and development in the African continent.

Austin Avuru’s Books Back on Sale After Vacation of Court Orders


Austin Avuru’s books are now available for purchase following the vacation of court orders issued by Nigeria’s Federal High courts in Abuja and Lagos.

The Abuja court issued the injunction in July 2022 following a motion exparte filed by Tochukwu Peter Tochukwu, Esq but moved by Nsikan Samuel Ekpeyong Esq with motion No. M/9442/2022 dated 26th Day of July 2002 at an Abuja High Court presided over by Justice SB Belgore.

The injunction was issued days to the scheduled public presentation of the books – My Entrepreneurship Journey and Politics, Economics and the Nigerian Petroleum Industry all by written by Austin Avuru – Founding CEO, Seplat Energy. The third book, Austin Avuru: A Safe Pair of Hands is a biography of the mercurial and methodical oil man written by the duo of Peju Akande and Toni Kan.

Avuru had informed his invited guests of the suspension of the event and sale of the books via an e-message personally signed by him: “this event has been suspended by an Abuja High Court Injunction. Our lawyers are at work and, when we are permitted, we shall re-assemble at a later date.”

The retirement party and book presentation event had been scheduled for the 4th of August, 2022 at the Eko Hotels and Suites Victoria Island.

The court order had, among other prayers, restrained “the defendants, their privies, assigns, agents and howsoever described from proceeding to temper with the res – by taking any step geared at releasing or public presentation of  the book titled  or any other book(s) or any other venue pending the hearing and determination of the motion on notice.”

With the vacation of both injunctions, the reading public and friends of the author can now purchase copies of the books – My Entrepreneurship Journey, A Safe Pair of Hands and Politics, Economics and the Nigerian Petroleum Industry – from leading bookshops like Jazzhole, Terra Kulture, Quintessence, Glendora, Roving Heights, Spine and Label, Patabah etc as well as via

The books provide incisive and unique insights into the Nigerian oil and gas industry with special emphasis on the emergence of indigenous oil and gas players as well as Avuru’s place in the mix as founding partner and pioneer CEO of Seplat Energy Plc, a Nigerian and African success story that is listed both on the Nigeria and London Stock Exchange.

Geologist and publisher, Toyin Akinosho described My Entrepreneurship Journey as “a narrative on how to build, grow and sustain an upstream oil company” and “a masterpiece of economic and business analysis,” while A Safe Pair of Hands has been described as telling “a compelling story of excellence, resilience, doggedness and that unique can-do Nigerian Spirit,” and a “must-read for anyone who believes in potential.”

The third book, Politics, Economics and the Nigerian Petroleum Industry, is made up of 74 essays written and published between 1991 and 2022, in which Austin Avuru, “oil man, corporate mandarin and public intellectual shows by the example of thriving companies he has founded, nurtured and built into successful enterprises that his theories for creating value and building generational and sustainable wealth are more than just talk but well thought-out processes anchored in cleared-eyed analysis.  In the book, Avuru provides clear insights that should guide policy and decision making at the highest levels.”


‘World’s Largest Electric Crane Now Being Built’


Mammoet, the lifting equipment supplier, says it is investing in an additional 6,000Tonne capacity ring crane to serve growing energy markets

“The first parts of the new 6,000 Tonne ring crane will soon be delivered to Mammoet’s engineering nerve center in The Netherlands”, the company says in a release.

“In the months ahead, fabrication and production will continue as it is being readied for its very first project, with delivery scheduled in 2024. It becomes the world’s highest capacity land-based crane, and can be fully operated using electric power, allowing clients to execute projects in a sustainable way.

“The introduction of this 6,000 Tonne ring crane sets a new standard in worldwide heavy lifting capacity and allows customers to construct heavier and larger components than ever before. With its unrivaled outreach, hook height and lifting capacity, it offers a carbon-free lifting solution that others simply cannot match.

“The new ring crane, named SK6000, shares the same engineering DNA as its predecessor, the SK350. By employing similar design principles and lifting techniques, it provides customers with continuity and peace of mind. Much of the crane’s technology has been working successfully – and safely – on project sites around the globe for many years.

“Like earlier models, the SK6000 is containerized, enabling swift mobilization and on-site assembly, providing ultra-heavy lift capacity wherever it is needed. It has been designed with next generation offshore wind farms in mind and will serve all global energy markets where additional lifting capacity is needed – both onshore and at se

“As offshore wind components grow in scale and in weight, more lift capacity is needed. The SK6000 delivers this capacity and unlocks a major design constraint. Our latest innovation will enable customers to integrate higher and bigger turbines, and launch heavier foundations, be they fixed or floating.


“In the conventional energy sector, the SK6000 allows offshore and floating production projects to reduce integration time by building even larger topside modules. On land, it helps refineries to reduce downtime by removing and installing larger components with minimum disruption”.

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