Connect with us

General News

AfDB, OpenOil Launch Report on How African Governments Manage Extractive Resources.

Published

on

Kindly share this post

African Development Bank (AfDB) and OpenOil, a Berlin-based financial analysis firm, have jointly produced a report on how African governments use financial models to manage oil & gas and mining projects.

 

The report was launched at the 13th Annual General Meeting of the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF) in Geneva, Switzerland.

 

Over 150 experts and representatives of international development institutions, governments, civil society and extractives companies attended the launch.

 

These included the World Bank, United Nations Environment Programme (UNEP), United Nations Development Programme (UNDP), United Nations Conference on Trade and Development (UNCTAD), Organisation for Economic Co-operation and Development (OECD).

 

Mining companies and miners’ associations such as Newmont Mining Corporation, AngloGold Ashanti, Anglo American and International Council on Mining and Metals (ICMM) also attended.

 

The joint report was presented by Pietro Toigo of the AfDB’s African Natural Resources Center and Olumide Abimbola from OpenOil.

 

“This report is the first of its kind in Africa and we hope that it will stir debate within the continent’s mining sector and contribute to countries getting more out of their mining projects,” they told the participants.

 

The report, Running the Numbers: How African Governments Model Extractive Projects, analyses the capacity of 19 African resource-rich countries to use financial models, which simulate a simplified version of a real-world project in order to determine their financial benefits to the countries.

 

AfDB and OpenOil conducted a survey of nearly 50 government officials to illustrate not only how widespread use of financial models is, but also how their results are utilised to inform policy.

 

“Financial models are essential throughout the life-cycle of extractive projects,” said Johnny West, Director of OpenOil.

 

“They are not just important during the development of the fiscal regime, but also for the negotiation of fiscal terms with companies, for revenue forecasting, and for auditing and tax-gap analysis.”

 

“This report not only stresses the need for African Governments to make efforts to close the information gap with extractive companies, but also shows where there are capacity gaps and how those gaps could be addressed,” Traore said, urging development partners to invest more in capacity building.

 

Also, there is a substantial gap in access to data that are key inputs for financial models in African countries, with the largest gaps in assessing information on capital costs and operating costs of projects.

 

In addition to the need to build in-house financial modelling capacity, the report suggests that governments need to improve internal business processes and address the large gap that the report shows exist between information available to different agencies, departments and ministries.

 

“This study forms a crucial part of the Center’s support to African countries in realising the full potential of their natural resources”, Traore said.

 

“How are countries supposed to enter into negotiations with extraction companies that use financial models  if the governments of such countries are not in possession of the latest and best models to calculate what a potential project is worth?” Toigo asked.

 

The report also encourages development partners to make capacity building in financial modeling a more significant part of their support to the management of extractive resources.

 

Partners doing so already were encouraged to not just supply financial models as part of isolated technical assistance, but to also invest in equipping government officials with skills to create and use models.

 

 

 

 

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

General News

Senate Gives Tinubu Nod to Borrow Fresh $6Bn

Published

on

Kindly share this post

Senate on Tuesday approved the fresh $6 billion loan request forwarded to the lawmakers by President Bola Tinubu.

Senate Gives Tinubu Nod to Borrow Fresh $6Bn

Lawmakers approved the fresh loan on the same date the request letter was read by Godswill Akpabio, senate president.

The Senate approved the loans following the presentation and consideration of the report by Senator Aliyu Wamakko, chairman, Senate Committee on Local and Foreign Debts.

President Tinubu had written to the Senate seeking approval to borrow a total of $6 billion to finance key government projects and address budgetary gaps.

The requests were contained in two separate letters addressed to Godswill Akpabio, president of the Senate, and read during Tuesday’s plenary.

In the first letter, the President requested approval to obtain a $5 billion loan from Abu Dhabi Bank.

According to the President, the facility will be used to cover the nation’s budget deficit and support debt financing, among other fiscal obligations.

The request forms part of the Federal Government’s efforts to stabilise public finances and sustain ongoing government programmes.

In a separate communication, Tinubu also sought approval to secure a $1 billion UK Export Finance loan facility from London Citi Bank.

The loan is intended for the rehabilitation of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.

The President said the project aims to address critical infrastructure deficiencies in the country’s maritime sector

According to him, the rehabilitation will help improve efficiency, enhance safety standards, and support Nigeria’s efforts to diversify its economy beyond oil.

He added that the initiative would also strengthen Nigeria’s position as a regional trade hub.

Both requests have now been considered and approved by the Upper Legislative Chamber.


Kindly share this post
Continue Reading

General News

FG Earmarks $2Bn to Launch 2 Satellites in 2028, 2029

Published

on

Kindly share this post

Federal government has fixed 2028 and 2029 for the launch of two communication satellites, NIGCOMSAT-2A and NIGCOMSAT-2B, as part of efforts to strengthen security and expand digital connectivity.

FG Earmarks $2Bn to Launch 2 Satellites in 2028, 2029

The government will be committing over $22 billion on the ambitious space-led growth agenda focused on new satellite launches, increased industry revenue and expanded broadband access in underserved communities.

At the opening of the 2026 Nigerian Satellite Week in Abuja, Dr Bosun Tijani, minister of Communications, Innovation and Digital Economy, confirmed the government’s approval for the acquisition of two new satellites—NigComSat 2A and 2B, describing the move as a “defining commitment” to national development, digital sovereignty and economic competitiveness.

Also, Mrs Jane Nkechi Egerton-Idehen, managing director of Nigerian Communications Satellite Limited (NigComSat), noted that the projects have moved beyond procurement to the execution stage.

She said the satellites are designed to enhance intelligence gathering, surveillance, and connectivity across Nigeria and neighbouring countries, particularly in support of security operations.

“For 2A and 2B, we have started the process. We have closed the tender and are now back into the financing and implementation stage. 2A is built to come up in 2028, and 2B for 2029.

“When they are up and running, they are expected to provide security within the borders and neighbouring countries. They will support the security agencies because data collection and intelligence in real time is important. Satellites like communication satellites allow that, irrespective of where they are,” she said.

On his part, Tijani, said the satellite programme forms part of a broader government strategy to deepen digital infrastructure nationwide.

According to him, the initiative complements ongoing investments in fibre-optic expansion and telecommunications infrastructure, while extending connectivity beyond Nigeria’s borders.

“The President’s approval of NIGCOMSAT-2A and 2B demonstrates a clear commitment to building the future. These satellites will enhance security, connect remote communities, and extend our fibre-optic network into neighbouring countries.

“Some of these neighbouring countries pay up to ten times more for internet capacity than Lagos. Extending our fibre network will not only improve connectivity but also enhance border security and regional collaboration.

“Satellite technology affects everything, from how a child in a rural community accesses the internet to how farmers make critical decisions and how businesses operate across distance,” he said.

 


Kindly share this post
Continue Reading

General News

FG Launches CLHEEAN to Streamline Access to Government Services

Published

on

Kindly share this post

Federal government has announced the launch of CLHEEAN, an artificial intelligence-powered mobile application designed to improve interactions between citizens and public institutions.

FG Launches CLHEEAN to Streamline Access to Government Services

It is also a civic education and community engagement app.

Developed under the National Orientation Agency (NOA), the platform functions as a virtual assistant accessible via mobile devices.

It allows users to access information on public policies, ask questions, and interact directly with government services.

The app includes features such as instant messaging, voice recognition, and multilingual support, including several local languages, to reach a wider audience.

With CLHEEAN, users can also submit feedback, report concerns, and take part in discussions on public policies. The approach is intended to strengthen citizen participation and improve communication between the government and the public.

Lanre Issa-Onilu, director general of the NOA, said the initiative addresses a long-standing gap between citizens seeking to be heard and systems that do not always respond effectively, adding that the platform marks a step toward closing that gap.

The launch comes as Nigeria continues to face challenges in citizen engagement and the dissemination of public information.

By leveraging artificial intelligence, authorities aim to make public services more accessible while improving transparency and responsiveness.

The initiative also reflects a broader trend across Africa, where governments are increasingly exploring the use of AI to modernize public services and strengthen ties with citizens.


Kindly share this post
Continue Reading

Trending