Category: Newsroom

The Nigerian National Petroleum Company (NNPC) Limited, Africa’s largest national oil company by production volume, has announced an unprecedented full-year 2024 profit after tax of ₦5.4 trillion (approximately $30 billion at current exchange rates), marking a 64% increase from the previous year.   The state-owned energy giant generated total revenue of ₦45.1 trillion in 2024, […]

The European Union has highlighted the gap between Africa’s renewable energy potential and the level of investment it receives, saying the continent holds 60% of the world’s best solar resources, yet attracts only 2% of global energy investment. Despite its solar wealth, Africa faces high capital costs, limited investment, geographic barriers, and supply chain constraints […]

The African Development Bank (AfDB) has approved financing exceeding $68 million for a major project aimed at strengthening and securing electricity supply in Bamako, Mali’s capital, while significantly reducing chronic power outages.   The initiative will reinforce the transmission and distribution network, expand productive uses of electricity, deploy 2,000 smart meters for high-voltage customers, and […]

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, has reiterated Nigeria’s position as the most attractive investment destination in Africa’s oil and gas sector, citing the country’s more than 37 billion barrels of proven crude oil reserves and its status as the continent’s largest producer. Speaking during a courtesy […]

The West African Power Pool (WAPP) has successfully completed the first full synchronization of its regional electricity grid, connecting 15 countries into a single interconnected power system. The landmark trial, supported by GE Vernova’s advanced grid orchestration and automation technology, marks a critical step toward establishing a unified electricity market in West Africa. The synchronized […]

Russian oil major Lukoil, facing mounting Western sanctions, is progressing with the sale of its international upstream portfolio—estimated at around $22 billion—yet none of the African national oil companies (NOCs) that hold contractual pre-emption rights have so far signaled intent to bid.   The assets on offer include stakes in producing and development projects across […]

Nigeria’s manufacturing sector expended ₦676.6 billion on alternative energy sources (primarily diesel and gas generators) in the first six months of 2025, yet still faced chronic power shortages that hampered production, according to the Manufacturers Association of Nigeria (MAN) in its October 2025 Manufacturing State of Affairs report.   Although the figure represents a decline […]

Across the continent, eyes are on Nigeria as fresh reforms and a $3.6 billion wave of new investment commitments breathe life into one of Africa’s most chronically under-powered energy sectors. At a high-level forum in Lagos hosted by Schneider Electric and BusinessDay, policymakers, investors and industry chiefs delivered a clear message: the policy foundations are […]

At the ongoing COP30 in Belém, Brazil, the Nigerian National Petroleum Company Limited (NNPC Ltd) has emerged as a key driver in advancing a unified national framework for Monitoring, Reporting, and Verification (MRV) systems, a critical step toward unlocking carbon finance and accelerating Africa’s most populous nation’s energy transition.   During a high-level side event […]

The Federal Government of Nigeria has announced plans to generate approximately $1 billion (N1.49 trillion) in yearly revenue by exporting up to 600 MW of electricity to 15 West African countries starting June 2026, following the successful completion of permanent grid synchronization under the West African Power Pool (WAPP).   Power Minister Chief Adebayo Adelabu […]