By NJ Ayuk, Executive Chairman, African Energy Chamber As global leaders prepare to gather in Brazil for COP30 in Belém, the world’s political and economic divisions on climate action are widening. At this year’s ADIPEC conference, I found myself questioning the value of yet another climate summit when past promises remain largely unfulfilled. The United...
Day: November 10, 2025
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African Development Bank Piloting Several Financial Instruments to Support African Countries in Tackling Climate Change
Eight of the 10 countries most affected by climate change are in Africa: droughts, cyclones and floods are compromising agricultural production, exposing populations to food insecurity and climate-induced migration and putting pressure on key sectors critical to the continent’s development, resulting in a significant displacement of public expenditure. Despite a lack of resources, Africa is...
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Trump gives Hungary one-year exemption from Russian energy sanctions
Donald Trump has exempted Hungary from sanctions over its continued purchases of Russian oil and gas for one year, a White House official has confirmed to BBC News. Earlier, the US president said he would consider an opt-out for Hungarian Prime Minister Viktor Orban, a close Trump ally who has maintained good relations with Russia...
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COP30: African Development Bank to Champion Africa’s Push for Climate Finance Reform and Just Energy Transition
Brazilian President Luiz Inácio Lula da Silva on Wednesday received African Development Bank Group President Dr Sidi Ould Tah in Belém, which is hosting this year’s Conference of the Parties (COP30) to the UN Framework Convention on Climate Change. The high-profile meeting between the two leaders signaled a growing Brazil–Africa alliance as the Bank leads...
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Kadijah Amoah urges Africa to tap $250bn pension assets for oil and gas growth
At a time when global appetite for oil investments is shrinking under the weight of the energy transition, Kadijah Amoah, CEO of Pecan Energies Ghana, has issued a bold call for African nations to turn inward and leverage the continent’s own wealth to fund the future of its oil and gas sector. Speaking at the...
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Crude oil to average $60 per barrel in 2026 – World Bank
Crude oil is expected to average $60 per barrel in 2026, the World Bank has revealed in its latest Commodity Markets Outlook. This will be lower than the expected $68 per barrel in 2025, and will be favourable to inflation. According to the report, prices are forecast to fall further in 2026, as oil consumption...
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UK refined oil exports to Nigeria hit £1.5bn
Refined oil accounted for more than two-thirds of the United Kingdom’s total goods exports to Nigeria in the four quarters ending June 2025, rising sharply to £1.5bn, The PUNCH reports. This is according to the latest UK–Nigeria Trade and Investment Factsheet released by the UK Department for Business and Trade. The report, based on data...
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Nigeria’s earnings from crude fall 43% despite higher output
Nigeria’s gross profit from crude oil and gas sales fell by N824.66 billion in 2024 despite an increase in production, according to a new report from the Budget Office of the Federation.Figures in the fourth-quarter Budget Implementation Report show gross profit dropped to N1.08 trillion in 2024, down from N1.90 trillion the previous year —...