News - Afrikan Heroes

Russia, China and Allies Gang up Against the Dollar

March 24, 2020

This is definitely not the best time for the United States economy as it is battling multiple challenges on different front among which is the ravaging Covid-19 virus making a landing on the American shores and expected to kill close to a thousand before this week rounds up. Add to that, the dwindling crude oil price which has had an adverse effects on the country oil industry especially the Shale oil has had an adverse impact on the economy.

It is in the light of the above that the renewed clamour for the duping of the United States dollar by some countries is coming into focus. Of recent, Russia and China seem to have lured willing collaborators in efforts to curtail the global influence of the American dollar by conducting trade in their local currencies by skipping dollars. This formed path of deliberations in Moscow last week when finance ministries and central banks representatives of China, India, Russia, Pakistan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan met in Moscow to draw a roadmap on issues that affect their common interests’ chief of which is the domineering presence of the American dollars.

The eight-member countries of the Shanghai Cooperation Organization (SCO), including China, Russia, and Pakistan, have made the principle decision to conduct bilateral trade and investment and issue bonds in local and national currencies instead of US dollars. As per details, a road map will be finalized and signed at the next SCO’s Finance Ministers’ meeting. Russia, as chairman of the Shanghai Cooperation Organization, has called for suggestions from all member states for trade and investment in local currencies. After a detailed review of these proposals in Moscow’s meeting, a system of mutual settlement of national currencies will be introduced for the member countries of the SCO.

All member states will sign a roadmap for trade and investment in national currencies between member states. As per reports, the finance ministry of Pakistan has completed preparations in light of the agenda of the conference of finance ministers. Representatives from the finance ministries and central banks of China, India, Russia, Pakistan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan will attend the SCO conference in Moscow.

In addition, Iran, Afghanistan, Belarus, and Mongolia are the observer countries of the SCO who wish to become a regular member of the organization.Reports say that if the trade and investment between the member states of the SCO begin in national currencies instead of dollars and pounds, it will be a big breakthrough. It will also strengthen the national currencies of the member countries and promote mutual trade and investment.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

World Health Organization (WHO) Partners WhatsApp to Bring COVID-19 Alerts to Billions of People

March 22, 2020

Efforts aimed at tackling fake news and misinformation in this period of Covid-19 pandemic scored a positive goal as the World Health Organisation (WHO) partners WhatsApp, the easy-to-use messaging service with a potential to reach 2 billion people and enables WHO to get information directly into the hands of the people that need it. This is part of the contributions of WhatsApp and Facebook to keep people safe from coronavirus.

From government leaders to health workers and family and friends, this messaging service will provide the latest news and information on coronavirus including details on symptoms and how people can protect themselves and others. It also provides the latest situation reports and numbers in real time to help government decision-makers protect the health of their populations.

The service can be accessed through a link (http://bit.ly/who-covid19-whatsapp) that opens a conversation on WhatsApp. Users can simply type “hi” to activate the conversation, prompting a menu of options that can help answer their questions about COVID-19. The WHO Health Alert was developed in collaboration with Praekelt.Org, using Turn (www.Turn.io) machine learning technology.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Covid-19 Induced Devaluation Hits Naira, as Apex Bank Seeks Uniform Rate

Preliminary disruptions of the international crude oil market and its ancillary effects as a result of the Covid-19 pandemic has forced the hands of the Nigerian government t take two tough decisions in a space of 48 hours. First was the reduction of the fuel pump price from N145 per litre to N125 per litre. The second was the devaluation of the country’s currency; naira from the official N307 to N360 to a dollar, with aim to achieve a uniform exchange rate, ditching a formula of dual to multiple exchange rates which has drawn the ire of many critics and economic analysts over the years.

The Central Bank of Nigeria, in a rather surprising move announced the migration of the exchange rates to a single exchange rate for the naira by collapsing the multiple exchange rate policy that determined the value for the local currency. Sources at the apex bank say that this decision was forced on the bank after the global coronavirus pandemic more than halved oil prices, raising pressure on the currencies of crude-dependent economies like Nigeria, Africa’s largest producer of the commodity. The action of the Bank thus weakened the official exchange rate by 15% to 360 naira per dollar from 307 naira. The rate for foreign portfolio investors was also altered, to 380 naira per dollar from 366 naira.

With the merging of the official rate, the rate for investors and exporters and rate for foreign-exchange bureaus are the first steps among others, according to the people, who asked not to be identified because they are not authorized to speak publicly about the matter.

Nigeria’s system of multiple exchange rates aimed to control demand for dollars following the collapse of oil prices in 2014. The official rate supplies cheap foreign exchange to government departments and select companies, including fuel importers. After its last devaluation in 2017, the central bank created an investors and exporters window, which allowed for some movement, but was closely managed by the regulator. The naira has come under tremendous pressure since oil prices slumped to around $30 a barrel, below the government’s $57 target. Earnings from sales of crude account for 90% of foreign-exchange earnings and more than half of government income.

A weaker official rate will give a big boost to the revenues of the federal government and states by allowing dollar earnings from oil to be converted to naira at a higher rate. It will also, however, increase the value of the government’s foreign liabilities in local currency. Changes to the exchange regime were welcomed by analysts and investors, but they may not be enough to ease pressure on the naira just yet.

Even at N360 to a dollar, some analysts feel that there will still be another shift closer to N400 to a dollar as market indices does not support a stronger naira at the moment. The blamed the inefficiencies and complexity of Nigeria’s exchange rate system made it prone to corruption, welcoming this move and hope the Central Bank will have the will power to do what is needful instead of falling to the whims of political interference.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

World Bank Raises COVID-19 Response to $14 Billion To Sustain Economies, Protect Jobs

March 20, 2020

David Malpass, president of the World Bank Group

Efforts aimed at helping the private sector and workers across some fragile and vulnerable countries of the world withstand the negative effects of the Covid-19 has driven the World Bank Group to raise its intervention to $14 Billion. The additional fund will help to mitigate the financial and economic impact of crisis. The approval by the global lenders Boards of Directors today saw an increased $14 billion package of fast-track financing to assist companies and countries in their efforts to prevent, detect and respond to the rapid spread of COVID-19.

The package will strengthen national systems for public health preparedness, including for disease containment, diagnosis, and treatment, and support the private sector. IFC, a member of the World Bank Group, will increase its COVID-19 related financing availability to $8 billion as part of the $14 billion packages, up from an earlier $6 billion, to support private companies and their employees hurt by the economic downturn caused by the spread of COVID-19.

The bulk of the IFC financing will go to client financial institutions to enable them to continue to offer trade financing, working-capital support and medium-term financing to private companies struggling with disruptions in supply chains. IFC’s response will also help existing clients in economic sectors directly affected by the pandemic–such as tourism and manufacturing—to continue to pay their bills. The package will also benefit sectors involved in responding to the pandemic, including healthcare and related industries, which face increased demand for services, medical equipment and pharmaceuticals.

“It’s essential that we shorten the time to recovery. This package provides urgent support to businesses and their workers to reduce the financial and economic impact of the spread of COVID-19,” said David Malpass, president of the World Bank Group. “The World Bank Group is committed to a fast, flexible response based on the needs of developing countries. Support operations are already underway, and the expanded funding tools approved today will help sustain economies, companies and jobs.”

The additional $2 billion builds on the announcement of the original response package on March 3, which included $6 billion in financing by the World Bank to strengthen health systems and disease surveillance and $6 billion by IFC to help provide a lifeline for micro, small and medium-sized enterprises, which are more vulnerable to economic shocks.

“Not only is this pandemic costing lives, but its impact on economies and living standards will likely outlive the health emergency phase. By ensuring our clients sustain their operations during this time, we hope the private sector in the developing world will be better equipped to help economies recover more quickly,” said Philippe Le Houérou, Chief Executive Officer of IFC. “In turn, this will help vulnerable groups to more quickly recover their livelihoods and continue to invest in the future.”

Having mobilized quickly at the time of the 2008 global financial crisis and the Western African Ebola virus epidemic, IFC has a successful track record of implementing response initiatives to address global and regional crises hampering private-sector activity and economic growth in developing countries.

The IFC response has four components among which are $2 billion from the Real Sector Crisis Response Facility, which will support existing clients in the infrastructure, manufacturing, agriculture and services industries vulnerable to the pandemic. IFC will offer loans to companies in need, and if necessary, make equity investments. This instrument will also help companies in the healthcare sector that are seeing an increase in demand. The second is another $2 billion from the existing Global Trade Finance Program, which will cover the payment risks of financial institutions so they can provide trade financing to companies that import and export goods. IFC expects this will support small and medium-sized enterprises involved in global supply chains. The third is also a $2 billion from the Working Capital Solutions program, which will provide funding to emerging-market banks to extend credit to help businesses shore up their working capital, the pool of funds that firms use to pay their bills and compensate workers. While the last is a new component initiated at the request of clients and approved on March 17: $2 billion from the Global Trade Liquidity Program, and the Critical Commodities Finance Program, both of which offer risk-sharing support to local banks so they can continue to finance companies in emerging markets.

IFC is already working to deploy its response financing. For example, we recently expanded trade-financing limits for four banks in Vietnam by $294 million so they could continue lending to companies in need, especially small and medium-sized enterprises. IFC will maintain its high standards of accountability while bearing in mind the need to provide support for companies as quickly as possible. IFC management will approve projects based on credit, environmental and social governance and compliance criteria, as applied in past crisis responses.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Ghana: First Sub-Saharan African Country to Cut Rates to Combat Covid-19

As the economic and financial impact of the Covid-19 hits other sectors of the economies, central banks across the world are taking the driver’s seat in efforts aimed at curbing the impacts of the pandemic on businesses and the economies in general. Many took the route of cutting interest rates following the example of the United States Federal Reserve Board while others reduce other forms of bank charges on different financial services and special purpose vehicles.

The Bank of Ghana (BoG) which earlier in the week removed charges on money transfers below 100 Ghanaian cedis have announced the cutting of interest rates, making it the first central bank in Sub-Saharan Africa to do so. Sources at the apex bank say that the decision to cut interest rates is in response to the coronavirus pandemic, reducing its benchmark to an eight-year low. The monetary policy rate was reduced to 14.5% from 16%, the first cut since January 2019. The Monetary Policy Committee was originally scheduled to announce its decision on March 23 but to quell market anxiety; it made the decision public today. Growth in gross domestic product could decline to 5% and could even slow to 2.5% in a worst-case scenario, said the central bank. The International Monetary Fund’s most recent growth forecast for Ghana was 5.6%.

Dampened global demand could significantly weigh on earnings from crude, while export restrictions from advanced economies and emerging markets may create supply-chain shortages for Ghanaian businesses, said the central bank. This is expected to have “severe consequences” for economic growth and tax revenue that could become more severe by the third quarter. “These assessments are preliminary as the situation is very fluid and the degree of uncertainty concerning the outbreak is very high,” the central bank said. “This means that there is a likelihood that these assessments could change rapidly.” Ghana is also requesting support from the World Bank and the International Monetary Fund to mitigate against the economic impact of the pandemic, Finance Minister Ken Ofori-Atta said Inflation, which measured 7.8% in February, is expected to remain within the target band of 6% to 10% for the next quarter, it said.

Central banks in nations including Nigeria, Kenya, and Rwanda have so far announced measures from special loans to extending debt-repayment terms in an effort to counter the impact of the virus on their economies. South Africa’s Reserve Bank is forecast to lower its key rate by as much at 50 basis points on Thursday.

The Bank of Ghana equally announced additional key measures to support the economy, including lowering reserve requirements for lenders to 8% from 10% to provide liquidity support to critical sectors. Conservation buffer for banks is reduced to 1.5% from 3%, which effectively cuts the capital-adequacy ratio to 11.5% from 13%, lowering the cost of fund transfers through mobile money. And the apex bank said it will convene further “emergency meetings” when warranted.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Seychelles Gets $800k Blue Economy Fund from African Private Sector Assistance (FAPA) Grant

Seychelles’ Minister for Finance, Trade, Investment and Economic Planning, Ambassador Maurice Loustau-Lalanne

Seychelles has received a grant of $800,000 to support micro, small and medium enterprises (MSMEs) in its Blue Economy sector courtesy of the African Private Sector Assistance (FAPA). The Grant is expected to help Seychelles develop its marine biotechnology sector, strengthen the capacity of public institutions and private operators, create a knowledge platform on emerging business opportunities, and provide technical and financial training to MSMEs.

The $1million project will be financed through a grant from the Fund for African Private Sector Assistance (FAPA), which will provide $800,000 and $200,00 million from the Seychelles government. FAPA is a multi-donor thematic trust fund that provides grant funding for technical assistance and capacity building to support the implementation of the Bank’s Private Sector Development Strategy. The Governments of Japan and Austria, and the African Development Bank are active contributors to the fund.

Seychelles’ Minister for Finance, Trade, Investment and Economic Planning, Ambassador Maurice Loustau-Lalanne, signed a grant agreement on 13 March in Victoria, with Nnenna Nwabufo, Acting Director General for Eastern Africa Regional Office signing on behalf of the African Development Bank.The Seychelles’ Blue economy is an important centrepiece of the country’s National Development Strategy 2019-2023. An innovative approach by its government, envisages tapping on the economic potential of Seychelles’ vast exclusive economic zone of 1,374,000 km2, to promote socio-economic development and inclusive growth.

The country’s Blue Economy Strategic Policy and Road map prioritizes the development of new and emerging maritime sectors, including marine-based aquaculture, renewable energy, offshore petroleum, and marine biotechnology, with MSMEs being an important vehicle for growth. Other expected beneficiaries include youth and women engaged in marine biotechnology activities. The project includes training of about 100 entrepreneurs, half of whom should be women, creation of 20 MSMEs in marine biotechnology sector, and the development of MSMEs’ Biotechnology Entrepreneurship Development Strategy.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

More than 600 confirmed cases of COVID-19 in Africa

March 19, 2020

Dr Matshidiso Moeti, World Health Organization (WHO) Regional Director for Africa.

More than 600 cases of COVID-19 have been confirmed in 34 countries in Africa as of 19 March, compared with 147 cases one week ago. Although the region has seen a significant increase in confirmed cases recently, there are still fewer cases than in other parts of the world.

“The rapid evolution of COVID-19 in Africa is deeply worrisome and a clear signal for action,” said Dr Matshidiso Moeti, World Health Organization (WHO) Regional Director for Africa. “But we can still change the course of this pandemic. Governments must draw on all of their resources and capabilities and strengthen their response.”

Twelve countries in the African region are now experiencing local transmission. It is crucial that governments prevent local transmission from evolving into a worst case scenario of widespread sustained community transmission. Such a scenario will present a major challenge to countries with weak health systems.

“Africa can learn from the experiences of other countries which have seen a sharp decline in COVID-19 cases through rapidly scaling up testing, isolating cases and meticulously tracking contacts,” said Dr Moeti.

Understanding how the COVID-19 pandemicpandemic will evolve in Africa is still a work in progress. The response will need to be adapted to the African context – the demographics on the continent are very different from China, Europe and the USA. Africa has the world’s youngest population and it appears that older people are more vulnerable to COVID-19. However, preliminary analysis finds that people with underlying conditions are at higher risk. Across the Region, nearly 26 million people are living with HIV. Over 58 million children have stunted growth due to malnutrition. So it is possible that younger people will be more at risk in Africa than in other parts of the world.

WHO has been supporting governments with early detection by providing COVID-19 testing kits to countries in Africa, training lab technicians, and strengthening surveillance in communities. Forty-five countries in Africa can now test for COVID-19: at the start of the outbreak only two could do so. WHO is also providing remote support to affected countries on the use of electronic data tools, so national health authorities can better understand the outbreak in their countries. Personal protective equipment has been shipped to 24 countries, and a second shipment is being prepared for countries with confirmed cases.

“COVID-19 is one of the biggest health challenges Africa has faced in a generation,” said Dr Moeti. “We can only stop this virus through solidarity. And the world is coming together. Donors are stepping up to the plate and providing funding while private sector in many countries are offering their support as well.”

Lessons learnt in addressing previous epidemics are being used as a foundation to respond.

Basic preventative measures by individuals and communities remain the most powerful tool to prevent the spread of COVID-19. For this reason, WHO is helping local authorities craft radio messaging and TV spots to inform the public about the risks of COVID-19 and what measures should be taken. WHO is also conducting rumour management in all affected countries, and is guiding countries on setting up call-centres and hotlines to ensure the public is informed.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Cameroon Takes Delivery of ‘My Office’ 1M Licenses for Schools

March 18, 2020

Cameroon has entered an agreement with the Russian developer of office software “My Office” to provide and introduce 1M software licenses of My Office Education in schools and pre-school facilities in Cameroon over the course of 10 years. This agreement was entered into by the Ministry of Education of the Republic of Cameroon which has been described as the first export contract on educational software for My Office of this scale. The agreement was reached during a business mission to Cameroon.

Speaking on the development, the Cameroonian Minister of Elementary Education Laurent Etoundi said there was a need for office software in schools and announced the start of a pilot project to introduce solutions from My Office into educational institutions of the country. The first 500 licenses of My Office Standard have already been sent to the Republic’s Ministry of Education for testing. The introduction process will start with 10 schools in different provinces of the country. Pre-school facilities, elementary and secondary schools of Cameroon will receive My Office software for free. Higher education institutions will be able to buy any components of My Office ecosystem at a 93% discount. The same conditions apply to educational institutions in Russia. Individual users will have a chance to use mobile versions of My Office distributed for free in app stores on smartphones running on Android and iOS.

“Cameroon plays a special role in Africa. This is a country with the most highly developed system of education. The government made a great effort to double the number of elementary school graduates in the last 20 years for it to reach 4.4 million children today. Over the same period the country has experienced an Internet boom — and now almost a quarter of all population has access to the global network. The Russian software “My Office Education” can reach our goals in providing pupils with convenient and secure solutions required for the modern educational process,” announced Laurent Etoundi, the Minister of Elementary Education.

The Agreement with the Ministry of Education of the Republic of Cameroon will mark the start of productive cooperation between the company and government institutions of this African country. The results of the projects will be used in making decisions on introducing My Office in other government agencies of Cameroon. “Everywhere in the world, but especially in Africa and the Middle East, Russian IT is associated with great quality, security, and reliability. Our contract with the government of Cameroon will turn a new page in the history between our countries. Today, there are about 1,000 private and public elementary and secondary schools in Cameroon, with 500,000 students graduating every year. We are happy to share a modern and advanced solution with the educational system of Cameroon. It will help them resolve the issue of computer literacy in a most systematic way,” said Dmitry Komissarov, CEO of the developer company “My Office”.

“Today the population of Cameroon is over 25.5 million people, 60% of them under 25 years of age while the median age is just 18.5 years. This is the audience that will define social, business and political life of the country in the nearest future. We want to help them learn about the latest technology and software and we believe that My Office products are a great choice for it,” said Jafar Hilali, Director of Carousel Finance SA, master partner of My Office for distribution in the countries of Africa. The Republic of Cameroon is one of the fastest-growing nations of Africa. In 2018, the country’s GDP was $38.6 billion, and this figure has grown by more than 3.5 times in the last 20 years.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Two Nigerian Companies Barred for Fraudulent Practices by African Development Bank

The African Development Bank Group has debarred two Nigerian companies Beulah Universal Link Resources Limited for 36 months and Bluestream Systems and Device Limited for 12 months for misrepresenting their qualifications while participating in a tender for construction and rehabilitation of water reservoirs contracts.

According to an investigation conducted by the Bank’s Office of Integrity and Anti-Corruption, Beulah Universal Link Resources Limited and Bluestream Systems and Device Limited were found to have engaged in fraudulent practices through their joint bid submitted under the Urban Water Supply and Sanitation Improvement Project implemented in Oyo State of Nigeria.

The debarments render Beulah Universal Link Resources Limited and Bluestream Systems and Device Limited ineligible to participate in Bank-financed projects during the respective debarment periods. Additionally, the 36 month debarment of Beulah Universal Link Resources Limited qualifies for cross-debarment by other multilateral development banks under the Agreement for Mutual Recognition of Debarment Decisions, including the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank and the World Bank Group.

The Urban Water Supply and Sanitation Improvement Project is financed under the African Development Fund, an entity of the African Development Bank Group.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

São Tomé and Príncipe and Equatorial Guinea Signs Joint Exploration Cooperation in the Gulf of Guinea

Minister of Public Works, Infrastructures, Natural Resources and Environment of São Tomé and Príncipe Osvaldo Abreu

São Tomé and Príncipe and Equatorial Guinea have agreed on the establishment of a Special Zone for Joint Exploration to explore and develop cross-border oil & gas reserves believed to be in the blocks bordering each country’s maritime zone. The decision was taken during a meeting this week in Malabo between the Minister of Public Works, Infrastructures, Natural Resources and Environment of São Tomé and Príncipe Osvaldo Abreu, and Minister of Mines and Hydrocarbons of Equatorial Guinea Gabriel Mbaga Obiang Lima. This development follows several cooperation agreements signed last year during the official visit of President Evaristo Carvalho of São Tomé and Príncipe to Equatorial Guinea, which includes a joint oil exploration in the countries’ maritime zone.

Both ministers discussed plans to expedite joint exploration efforts in the blocks within their maritime zone, and expect operations to start as early as October 2020. São Tomé and Príncipe is also set to benefit from Equatorial Guinea’s experience in the hydrocarbons sector, especially when it comes to offshore oil & gas exploration, production and monetization. In this regard, Equatorial Guinea has agreed to select students from São Tomé and Príncipe to study oil-related courses in the country.

São Tomé and Príncipe is believed to be an upcoming frontier when it comes to oil & gas. It has already attracted several international players in its blocks, including Galp Energia, operator of block 6 and Kosmos Energy, operator of block 11. International major Shell also participates in both blocks with a 20% and 30% stakes respectively. At the beginning of the year, Galp announced that it would be drilling its first well in block 6 by the end of this year following seismic surveys conducted since 2017.

Minister of Mines and Hydrocarbons of Equatorial Guinea Gabriel Mbaga Obiang Lima

In its ambition to open up a new petroleum frontier in African waters, São Tomé and Príncipe hopes to rely on the expertise of its African neighbours. The country shares another joint area with Nigeria, Africa’s biggest oil producer, which resulted in the signing of a treaty in February 2001.

As we have seen in other parts of Africa, energy cooperation between neighbours on the continent can unlock tremendous value for African nations. Senegal and Mauritania for instance have signed an agreement of intergovernmental cooperation in 2018, paving the way for BP to take final investment decision on developing the cross-border Greater Tortue Ahmeyim gas field, located on the maritime border between both countries.

The Gulf of Guinea holds similar potential for joint exploration and development between São Tomé and Príncipe and Equatorial Guinea, but also Cameroon and Nigeria. Hopes are high that the ongoing cooperation and dialogue between São Tomé and Príncipe and Equatorial Guinea will pave the way for additional joint development efforts in the region.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry