Nigerian press zooms in on MoU on energy cooperation sealed by Nigeria, Saudi Arabia, others

APA – Lagos (Nigeria)
The report that Nigeria and Saudi Arabia have signed a Memorandum of Understanding to promote collaboration, information exchange and technology transfer in the oil sector dominates the headlines of Nigerian newspapers on Friday.
The Punch reports that Nigeria and Saudi Arabia have signed a Memorandum of Understanding to promote collaboration, information exchange and technology transfer in the oil sector, the Federal Ministry of Petroleum Resources announced on Thursday.
It stated that the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, signed on behalf of the Federal Government, while the Energy Minister of Saudi Arabia, Prince Abdulaziz bin Salman, signed for his country.
“The key purpose of the MoU is to promote collaboration, information exchange and technology transfer, thereby creating a conducive environment for a mutually beneficial partnership.
“One of the primary benefits anticipated from this landmark agreement is the facilitation of technological exchange. With Saudi Arabia boasting advanced technologies in oil and gas exploration and production, Nigeria stands to gain significantly from this knowledge transfer.
“The exchange of technical expertise is poised to elevate the efficiency and effectiveness of Nigeria’s energy operations, ultimately contributing to increased production levels and global competitiveness,” the statement, issued by the media aide to the minister, Nneamaka Okafor, stated.
It further stated that the MoU would attract substantial Foreign Direct Investment into Nigeria’s oil and gas sector.
“Saudi Arabia, being a key player in the global energy market, holds the potential to channel significant investments into Nigeria, thereby stimulating economic growth, job creation and infrastructural development.
The newspaper says that the Federal Government on Thursday berated the organised Labour over the strike it declared in Imo State and its planned nationwide strike scheduled for November 14 because of the physical attack on the President of the Nigeria Labour Congress, Joe Ajaero, in Owerri, the state capital.
The Minister of Aviation and Aerospace Development, Festus Keyamo, admonished the NLC and the Trade Union Congress against politicising Ajero’s alleged maltreatment, warning that politics might destroy the labour movement in the country.
In protest against the assault on the labour leader during a protest against the Imo State Government on November 1, the organised Labour Thursday disrupted all Owerri-bound flights at the Lagos and Abuja airports and forced passengers to deplane.
The union leaders and their members picketed the Nnamidi Azikiwe International Airport, disrupting the operations of the facility and leaving many passengers stranded.
The unions had announced the action after their extraordinary National Executive Council meeting which was held in Abuja on Tuesday.
But angered by the development, Keyamo came down hard on the labour leaders, accusing them of being ‘’Labour Party hirelings.’’
The Guardian reports that the President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, yesterday, charged different blocs in the continent to work together for more integration of the market, saying an integrated “a well-connected Africa will be a more competitive Africa.”
Speaking at a session on regional corridor development at the ongoing Africa Investment Forum (AIF) Market Days 2023, the AfDB boss, also highlighted efforts made by the regional bank to develop critical infrastructure required to link the continental market.
He noted that a connected Africa is required to achieve leapfrog continental trade and achieve the mandate of the Africa Continental Free Trade Agreement (AfCFTA).
The President had earlier said that with the African population projected to hit 2.5 billion in 2050, the market holds huge prospects for the global economy even as he urged investors to seize the moment for high returns on equity.
AfCFTA, when fully operational, offers incredible opportunities for boosting intra-regional trade and the emergence of more competitive national, regional and globally connected value chains, he said.
“This can only be achieved through the development of infrastructure. That is why over the past seven years, the AfDB provided over $44 billion for the development of infrastructure. We also devoted $2.5 billion to the development of regional infrastructure.
“The bank’s support for regional integration focuses on catalysing public and private investment in transport and electricity connections. We are financing the development of regional electricity corridors, to assure reliable and competitively priced electricity. AfDB and partners are implementing the $20 billion desert-to-power initiative to develop 10 gigawatt (GW) of solar power across 11 countries of the Sahel zone, including the Sahel regional transmission lines,” he said.
Adesina said the bank is committed to providing funding for regional infrastructure projects up to 90 per cent to open up the continent and increase its competitiveness.
The newspaper says that the Bank of Industry has secured a credit line of €100 million from the French Development Agency (AFD)] for the expansion of green finance in Nigeria.
The bank has also worked with its partners to raise over $5 billion from several International Financial Institutions in the last five years for building a climate –smart Nigeria in line with President Bola Ahmed Tinubu’s vision.
The Managing Director and Chief Executive of the Bank of Industry (BOI), Dr. Olasupo Olusi, dropped the hint yesterday, while addressing the Joint International Chief Executive Officers (CEO) forum of the Association of African Development Finance Institutions (AADF) and the Association of Development Financing Institutions in Asia and the Pacific (ADFAP) held in Abuja.
He said: “As Nigeria’s leading Development Finance Institution (DFI), one of the primary drivers of BOI’s developmental strategy is to accelerate the country’s development through supporting environmental-friendly and sustainable projects across the key sectors of the economy, we at BOI is committed to promoting this strategy to deliver on our mandate.”
The forum, which drew participants from across the globe, has as its theme: “DFIs’ Strategic Role Towards a Climate Smart Future.’’
Declaring the forum open, the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, said DFIs needed to mobilise and invest in climate infrastructure to meet the unique needs of every country.
The minister restated the commitment to work with stakeholders to encourage foreign direct investment inflows to Nigeria in line with the President’s renewed hope agenda.
She assured that the decision reached at the forum will lead to prosperity and a sustainable climate change friendly environment for African countries if well executed by concerned nations.
GIK/APA