Latest news with #WAES
Zawya
5 days ago
- Business
- Zawya
Nigeria: Minister urges stronger private sector role in boosting intra-African trade
Nigeria's Minister of Foreign Affairs, Ambassador Yusuf M. Tuggar, has made a clarion call for the private sector to play a central role in unlocking Africa's economic potential through intra-African trade. Speaking at the Private Sector Roundtable preceding the West Africa Economic Summit (WAES), held at the Metropolitan Club, Victoria Island, Lagos, Tuggar highlighted the urgent need for deeper economic integration across the continent. Addressing an audience of business leaders, diplomats, and policymakers, Tuggar emphasised that Africa stands at a critical juncture — one where business is no longer a peripheral concern but a strategic pillar of regional policy and diplomacy. 'This is the period in which the voice of business is not merely recognised at the margins, but is systematically institutionalised within the core processes of policy formulation and regional economic diplomacy. 'It reflects a deeper entanglement of corporate interests and statecraft, wherein the private sector emerges not as a peripheral stakeholder but as a central architect of economic governance frameworks,' Tuggar stated. While outlining the opportunities, the Minister also presented a stark picture of the current reality. Citing recent data, he revealed that intra-African trade accounts for only 15 percent of total trade on the continent, with the figure dropping to between 12 percent and 13 percent in West Africa. In contrast, intra-regional trade in Asia hovers around 60 percent, and Europe nears 70 percent, highlighting a significant gap. Tuggar pointed out that the constraints to West Africa's economic integration are not a matter of potential, but rather of practical shortcomings — infrastructure gaps, weak coordination, and a lack of sustained political commitment. 'The challenge lies not in envisioning a prosperous, interconnected region, but in establishing the institutional mechanisms, logistical frameworks, and governance consensus required to actualise that vision,' he said. Nevertheless, he acknowledged progress in recent years, citing efforts such as the ECOWAS Trade Liberalisation Scheme, the Abidjan-Lagos and Abidjan-Dakar transport corridors, SIGMAT, the West African Power Pool, and the planned African-Atlantic Gas Pipeline. 'These are not just abstract ideas — they are West-African-led initiatives that will prove advantageous to businesses across the sub-region in the near future,' he affirmed. Tuggar also expressed concern over rising global protectionism and the reordering of global tariff systems, noting that such developments make regional alignment even more essential. 'In a world witnessing protectionist tendencies from global market leaders, it is only right that neighbours and regional blocs align for the common good of their people. 'The West African response must be clear and deliberate, not reactionary and disjointed. That is why WAES is a timely and strategic platform,' he said. WAES, scheduled for June 20–21, 2025, in Abuja, is a flagship initiative championed by Nigeria's President and supported by other West African leaders. According to Tuggar, the Summit aims to shift the region from dependency to productivity, and from fragmented markets to integrated value chains. 'The idea is to use our size to generate efficient productivity in order to outcompete others in the global market,' he explained. 'A broader West African market will drive down costs and enable our businesses to scale up and compete internationally.' WAES is expected to bring together Heads of State, Ministers, investors, and key stakeholders from across West Africa, along with private sector leaders. The Minister underscored the importance of this inclusion, stating that business voices must directly influence policy decisions. 'When we succeed in integration, when we improve on policy predictability, secure property rights, and the effectiveness of contracts — investors will come,' Tuggar said. 'This is the largest market on the continent, and it must be leveraged.' He emphasized the need for candid conversations between the private sector and policymakers during WAES. 'We're bringing along the decision makers to hear directly from you — to understand the challenges, identify the low-hanging fruits, and even resolve some issues on the spot,' he said. Tuggar urged participants not to underestimate the impact they could have. 'Sometimes it just takes one phone call. We are serious about removing barriers to business so that commerce can thrive,' he said. 'It's not just about size, it's about scale — the kind of scale West Africa provides.' He commended Nigerian companies already operating across the sub-region — in banking, cement, fertilizer, fintech, and startups — as evidence that cross-border business is both viable and beneficial. He concluded by reinforcing the collective nature of the challenge: 'Let's not forget — it's not just Nigerian policymakers involved. Policymakers from other countries are also on board. Heads of State will be there. So let's work together to resolve the problems and build an integrated, competitive West African economy.' As anticipation builds ahead of the June 20–21 Summit in Abuja, Tuggar's message was clear: the future of Africa's economic strength lies in regional collaboration, and the private sector must lead the charge. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
29-03-2025
- Business
- Zawya
Africa Energy Sector Endorses West African Energy Summit in Aberdeen, Scotland with a Focus on Global Investment
The African Energy Chamber (AEC) ( – representing the voice of the African energy sector – offers their strong endorsement and support of the West African Energy Summit (WAES). Taking place in Aberdeen, Scotland, from November 18-19, 2025, the event returns for its second edition to foster meaningful exchanges between African and global partners. With investment representing a cornerstone for Africa's energy future, the event aims to unlock capital flows essential for advancing energy projects. Hosted in partnership with the Ministry of Energy of Ghana, the Petroleum Commission of Ghana and the Ghana National Petroleum Corporation, WAES is a premier platform that unites technology providers, innovators, project operators and financiers. Taking place in the 'oil capital' of Scotland, the event is poised to unlock new opportunities for strengthened Africa-Scotland oil and gas relations, while incentivizing greater foreign investment and technology injection across African oil and gas projects. There has never been a more strategic time to invest in Africa. The continent is ripe with opportunity, with investment prospects cropping across both mature and emerging hydrocarbon markets. Angola is preparing to launch a 2025 licensing round, is offering acreage onshore and in marginal fields while enticing spending through incremental production. Nigeria launched an international bid round in 2024, aimed at furthering development in prospective petroleum basins. Libya launched its 2025 licensing round this month and aims to increase output to two million barrels per day in the coming years. These established markets require significant levels of capital and technology to support production goals, presenting a unique opportunity for Scottish and European service providers and operators. Meanwhile, in emerging markets, efforts to unlock new hydrocarbon plays have led to a range of opportunities for global companies. Namibia is on track to produce first oil by 2029 with projects in the Orange Basin. The country is seeking innovative drilling and appraisal services to fast-track this timeline. In Zimbabwe, exploration has shown trillion-cubic-feet worth of natural gas potential while in Senegal and Mauritania, the start of LNG production at the Greater Tortue Ahmeyim project has revealed significant potential for billion-barrel finds in neighboring basins. While the continent pursues accelerated oil and gas developments, efforts to reduce emissions through decarbonization solutions have opened-up collaborative opportunities for African and global players. The continent is promoting a just energy transition, one which incorporates a diverse slate of energy solutions, from oil and gas to coal to geothermal, green hydrogen and renewable energy. Home to oilfields service technology, Aberdeen stands to play a central role in supporting Africa's oil, gas and decarbonization efforts. Aberdeen has long been recognized as a global center for oil and gas expertise, particularly in offshore technologies. Its robust service sector has been instrumental in supporting African energy projects, providing advanced technological solutions and fostering knowledge exchange. The city's extensive experience in managing complex energy projects positions it as an invaluable partner for African nations seeking to enhance their oil and gas operations. As such, the WAES aims to spotlight cutting-edge technologies that can drive efficiency and sustainability in the energy sector. Key focus areas include upstream efficiency, cost reduction, field development, infrastructure projects and asset management. By showcasing advancements in artificial intelligence, data analytics and predictive maintenance, the summit provides a platform for African stakeholders to explore solutions that can facilitate a balanced energy transition. 'It is imperative that African leaders present a unified voice and strategy for African energy transitions. We must make Africa's unique needs and circumstances clear and explain the critical role that oil and gas will play in helping Africa achieve net-zero emissions in coming decades. Oil and gas will remain a major part of Africa's energy story for decades to come. Through global partnerships, modernized technology and greater investment, Africa stands to realize its multi-faceted goals of reducing emissions while enhancing energy security,' stated NJ Ayuk, Executive Chairman of the AEC. Distributed by APO Group on behalf of African Energy Chamber.
