Category: Africa

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African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has successfully completed upsizing its reserve-based lending facility in favour of Oando Oil Limited to US$375 million. The company’s pay down of the original US$525-million facility, secured in 2019, to US$100 million in 2024 created significant headroom for refinancing and enhancing Oando’s financial flexibility.

The upsizing, led by Afreximbank, with support from Mercuria Asia Resources PTE Limited (Mercuria), which marks a key milestone in Oando’s strategic capital management, will support Oando’s ambition to achieve production of 100,000 barrels of oil per day and 1.5 billion cubic feet of gas per day by the end of 2029, effectively boosting Nigeria’s oil output and reinforcing the country’s position in the global energy market. The upsizing is further expected to drive local economic growth by creating jobs, improving infrastructure, and fostering technological advancements in the oil and gas sector.

Commenting on the development, Wale Tinubu, Group Chief Executive, Oando PLC and Executive Chairman, Oando Energy Resources said:

“We are pleased to have completed the upsizing of our RBL facility, a strategic milestone that reinforces our commitment as Operator of the Oando-NEPL JV to maximizing the value of our expanded asset portfolio. Our Joint Venture holds extensive reserves with the potential to generate over $11 billion in net cash flows to Oando over the assets’ life. This working capital facility is a critical enabler towards efficiently extracting and monetizing these resources. We appreciate the continued partnership of Afreximbank and Mercuria, whose unwavering support underscores their alignment with our long-term focus on maximizing production, optimizing asset performance, and delivering sustainable value to all stakeholders”.

In his own comments, Mr. Haytham Elmaayergi, Executive Vice President, Global Trade Bank, Afreximbank, described the transaction as a critical step in advancing Afreximbank’s strategy for promoting local content in Africa’s oil and gas sector.

“Afreximbank remains a longstanding financial partner to Oando PLC and its affiliates and has consistently supported the company’s growth and expansion initiatives. We are delighted that Mercuria, one of the world’s largest independent energy and commodities groups and one of our partners, has brought its global expertise and financial backing to the transaction, further strengthening Oando’s ability to execute its production growth strategy.”

Distributed by APO Group on behalf of Afreximbank.

Media Contact:
Vincent Musumba
Communications and Events Manager (Media Relations)
Email: press@afreximbank.com

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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt

For more information, visit: www.Afreximbank.com

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“Cuts in aid from major donors are close to crippling the humanitarian response in some of the world’s most dire displacement crises. It is hard to articulate the depth of donors’ abandonment. Compared to this point last year, just two-thirds of the humanitarian funding has been received, which itself was dramatically lower than the previous year,” said Jan Egeland, Secretary General of NRC. “These cuts are costing lives and must be reversed.”

As of the end of June, 6 billion US Dollars have been provided globally for the humanitarian response, down from 9 billion US Dollars at the same point in 2024. In total, 44 billion US Dollars has been requested for 2025.

Last month the United Nations announced a ‘hyper-prioritised’ plan to try and ensure the most vulnerable were able to receive support. This plan aims to reach 114 million of the 300 million people in need, with 29 billion US Dollars. This prioritisation leaves almost 200 million people who need assistance beyond the focus of the humanitarian response.

“Given the funding levels so far in 2025, even many of those targeted by the ‘hyper-prioritised’ plan are likely to be left with their needs unmet. Alongside traditional humanitarian donors, we need to see other step up to bridge this gap, including a wider group of donor countries and the private sector. Development actors, including development banks, must also step up their investments in fragile and conflict-affected countries so that displaced people and host communities can access the support they need,” said Egeland.

The consequences of aid cuts can be clearly seen across the world. In Mozambique, where Japan is so far this year’s largest humanitarian donor country, aid agencies are being forced to scale down their support due to the abrupt ending of their United States (US) funding.

“I witnessed first-hand the consequences in Mozambique, where I saw water tanks that can no longer be refilled due to the overnight cancellation of US funding. Families are left without a safe supply of drinking water. This is not only devastating lives but means that good investments already made with taxpayers’ money are getting lost. Our NRC teams too have been forced to scale down their support due to this halt in funding, and are now no longer able to provide safe housing for families made homeless by the recent cyclones. This is truly gut-wrenching,” said Egeland.

In Afghanistan, the US has drastically cut its aid work. Last year it supported 45 per cent of the humanitarian response in country. 

“Our teams in Afghanistan remain on the ground and committed to the communities we have been working with for over two decades, but having lost our largest donor in the country our teams are being compelled to make heartbreaking choices on who and where we can help. We are not alone in this challenge. Many humanitarian organisations are being forced to reduce their support at a time when we are seeing more and more families returning to the country in need of urgent assistance,” said Egeland.

“This picture is being repeated time and time again around the world as international solidarity is being forced to cede to other priorities. Wealthy nations should step up funding before more lives are lost. If we can afford to host World Cups and global summits, and if NATO members can afford to increase defence spending to five per cent of GDP, we can afford to maintain support to the most vulnerable in their hour of greatest need.”

Distributed by APO Group on behalf of Norwegian Refugee Council (NRC).

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Zambia’s economy grew by 4% in 2024, displaying resilience despite experiencing a historic drought and frequent power outages. According to the latest edition of the Zambia Economic Update (ZEU) launched by the World Bank Group (WBG) today, titled: Leveraging Energy Transition Minerals for Economic Transformation, this growth is driven by a strong recovery in the mining sector and expansion in services.

The ZEU highlights that agriculture—the cornerstone of Zambia’s employment and heavily dependent on rainfed farming—faced significant headwinds. However, its minimal contribution to GDP allowed overall growth to continue. Despite economic growth, GDP per capita growth slowed to 1.2% in 2024, and poverty remains pervasive, with 63.1% of the population living below the $2.15 poverty line.

“Notwithstanding these challenges, it is commendable how the government of Zambia has stayed fiscally disciplined amidst increasing financing needs caused by the drought, within the framework of ongoing debt restructuring and an IMF program,” said Albert Pijuan, World Bank Senior Country Economist for Zambia. “Revenues increased thanks to expanded copper production—although they remain below potential— and investment spending was significantly reduced, allowing for a large primary surplus in 2024.”

The ZEU report highlights that exchange rate depreciation, combined with rising food and energy prices due to the drought, led to sticky double-digit inflation. The Zambian kwacha depreciated against major currencies because of sporadic foreign exchange supply and increased import demand during the drought. Despite monetary policy tightening to restrain inflation, prices continued to drift, and the policy stance remains accommodative as high supply-driven inflation results in negative real rates.

The outlook is optimistic, driven by robust momentum in the mining sector, a rebound in agriculture, and improvements in tourism. Still, significant risks persist due to lower global growth, uncertainties in trade policies, and frequent climatic events. While mining will remain a major driver of economic growth and government revenues, Zambia must diversify its economy to accelerate economic transformation.

The ZEU  recommends (i) unleashing agricultural productivity by fully transitioning to the e-voucher system, improving targeting, and shifting toward private-sector-led financing to limit public liabilities; (ii) raising productivity through greater competition in the energy sector; (iii) closing tax gaps by strengthening revenue administration; and (iv) maintaining monetary policy tightening to anchor inflation expectations and protect policy credibility, to achieve positive real rates.

Over a year ago, recognizing the importance of Zambia’s mining sector for its economic growth in the foreseeable future, the WBG, together with the Government of the Republic of Zambia (GRZ), started preparing a practical roadmap: Repositioning Zambia to Leverage Energy Transition Minerals for Economic Transformation. This roadmap is guiding GRZ and its minerals sector stakeholders on realizing GRZ’s vision to maximizing benefits for the country and expanding Zambian participation in the entire ETM value chain, including through value addition.

The roadmap’s analytical work has been supported by the Resilient and Inclusive Supply Chain Enhancement Partnership (RISE) initiative, which supports countries undertaking reforms in their mining sector and along the minerals value chain. Key recommendations of the roadmap have recently been presented by the GRZ to a select group of stakeholders at the WBG Spring Meetings 2025. The roadmap is part of larger WBG diagnostic work looking at the development potential for WBG client countries in its Eastern and Southern Africa region and how those countries can benefit more from the minerals and metals demand boom, driven by the global energy transition.

“Zambia’s economy needs to diversify, but concurrently making the most of Zambia’s green mineral deposits would provide a major boost to the economy and must also be leveraged for economic transformation,” said Achim Fock, World Bank Country Manager for Zambia. “Zambia has the potential to use its energy transition mineral (ETM) endowments—increasingly sought after for the global energy transition—for growth, economic development, and shared prosperity.”

In its focused chapter on ETMs, the ZEU argues that to maximize this potential, Zambia should focus on:

1. Scaling ETM production: Implementing comprehensive reforms to boost ETM production, including identifying mineral resources, ensuring a reliable and cost-competitive clean power supply, transport, and logistics services, upskilling the workforce, and strengthening environmental and social risk management.
2. Maximizing fiscal potential: Strengthening ETM revenue management and allocation to support fiscal sustainability and broader inter-generational development objectives.
3. Adding value to mineral resources: Developing the copper value chain and addressing barriers to greater value-adding activities, including the lack of access to raw materials and finance, enhancing the inefficient investment climate, augmenting the electricity supply, and reducing trade and transport time and costs.   

Distributed by APO Group on behalf of The World Bank Group.

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Delivering a keynote speech at the #FID4 event in Seville on “Leveraging Private Business & Finance,” AU Commission Chairperson H.E. Mahmoud Ali Youssouf called for urgent reforms to the global financial system to unlock Africa’s full potential. He emphasised that private business & finance are not merely complementary, but catalytic for inclusive growth, job creation, and the green transition.

He noted the African Continental Free Trade Area (AfCFTA) as a game-changer for the continent and urged greater support for MSMEs, sustainable finance, & foreign direct investment.

“Africa is young, resource-rich, and ready,” he concluded. “Let’s align capital with our development priorities and build a 21st-century financial architecture that works for all.”

Distributed by APO Group on behalf of African Union (AU).

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The African Union (AU), through its Inter-African Bureau for Animal Resources (AU-IBAR), delivered a significant presentation on the continental policy direction for fisheries and aquaculture at a side event during the World Aquaculture Society (WAS) Conference held in Entebbe/Kampala, Uganda, from June 24 to 27, 2025. The presentation, led by Simon Owani Olok, Senior Policy Officer for Fisheries and Aquaculture at AU-IBAR, highlighted the essential role that fisheries and aquaculture play in the lives of over 10 million Africans, most of whom are among the rural poor. 

These sectors are crucial for ensuring food security, improving nutrition, and enhancing the livelihoods of individuals. However, they are currently under severe threat due to weak and uncoordinated institutions, ineffective governance, and policies that have led to the over-exploitation of commercially important fish stocks. This has limited the sector’s sustainability and reduced its contribution to food security, poverty alleviation, and wealth creation. Despite the rapid growth of aquaculture in Africa, the sector faces numerous challenges that must be addressed for it to fill the gap left by declining capture fisheries effectively.

Recognizing the urgent need for reform, the AU has made several high-level political commitments to restore fisheries to their maximum sustainable yields and to promote the sustainable development of aquaculture. Notable among these are the commitments made at the 2015 World Summit on Sustainable Development, the Abuja Declarations of 2014, and resolutions from the Conference of African Ministers of Fisheries and Aquaculture. These initiatives led to the development of the Policy Framework and Reform Strategy for Fisheries and Aquaculture in Africa (PFRS), which serves as the continent’s blueprint for the sustainable development of the fisheries and aquaculture sector. The PFRS aims to realise the full potential of the aquaculture sector to generate wealth, provide social benefits, and contribute to Africa’s economic development through market-led, sustainable strategies. Implementation is guided by a continental 10-year plan of action, which aligns with the Comprehensive Africa Agricultural Development Programme (CAADP) and key political declarations.

The AU’s approach to reform has involved increasing awareness among policymakers about the actual value of fish resources, creating an enabling environment for investment, and developing practical strategies to unlock the sector’s socio-economic potential. The PFRS was endorsed by African Union Heads of State and Government in Malabo, Equatorial Guinea, in 2014, and provides a structured guide for national and regional policy coherence. Its main objectives include sustainable management, increased productivity and profitability, wealth generation, improved social welfare, enhanced nutrition and food security, and strengthened regional collaboration.

Several key milestones have been achieved since the introduction of the PFRS. The African Fisheries Reform Mechanism (AFRM) was established as the delivery mechanism for reforms, and platforms such as the African Platform of Regional Institutions for Fisheries, Aquaculture and Aquatic Systems (APRIFAS) and the Policy Research Network for Fisheries and Aquaculture in Africa (PRNFAA) were created. A pan-African strategy for data collection and dissemination was developed, and research networks were established to support evidence-based policy. Sixteen AU Member States have fully aligned their fisheries and aquaculture policies with the PFRS, and support continues for others to do the same.

The responsibility for implementing the PFRS lies primarily with Member States. Ministries, departments, and agencies responsible for the sector are expected to regulate, promote, and coordinate reforms through broad stakeholder engagement. They are also tasked with integrating fisheries and aquaculture into national development plans, mobilizing resources, investing in capacity development, and fostering both vertical and horizontal partnerships. National priorities should be continually reviewed to address emerging issues, and progress should be reported to AU-IBAR and AUDA-NEPAD.

The AU remains committed to providing leadership and technical support to ensure that fisheries and aquaculture become central pillars of Africa’s economic transformation. For more information on the AU’s fisheries and aquaculture policy direction and ongoing reforms, visit AU-IBAR’s official website.

Distributed by APO Group on behalf of The African Union – Interafrican Bureau for Animal Resources (AU-IBAR).

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The African Union Support and Stabilisation Mission in Somalia (AUSSOM) congratulates the Federal Government and the people of Somalia on the occasion of the 65th Independence Day.

Today’s independence commemoration provides an opportunity to reflect and celebrate the tremendous milestones achieved by Somalia in its quest for lasting peace and stability. The progress made so far is a testament to the resilience and determination of the Somali people.

On this special day, I pay tribute to the brave and gallant Somali Security Forces, whose tireless efforts against violent extremism are yielding positive results. Their selfless actions on the frontline have restored hope and strengthened belief in Somalia’s journey to prosperity.

Under the visionary leadership of His Excellency President Hassan Sheikh Mohamud, Somalia is not only contributing to humanity but also progressively reclaiming its position in the international community.

AUSSOM reaffirms its unwavering support for Somalia’s ongoing peace and stabilisation efforts.

As you celebrate this day, your resilience and steadfast determination remain a key inspiration to Somalia’s continued growth and prosperity.

Happy Independence Day!

Distributed by APO Group on behalf of African Union Support and Stabilization Mission in Somalia (AUSSOM).

GAIA AFRICA (https://GAIAAfricaClub.com ), the premier private business club for Africa’s most influential women leaders, is pleased to announce the appointment of Ms. Mena Imasekha as General Manager, effective immediately. Since its founding in 2018, GAIA AFRICA has become a leading force in the empowerment of female decision-makers across Africa. The Club has facilitated over $10 million in member-to-member business value since 2021, reflecting the power of intentional community and strategic collaboration. 

Mena joined GAIA AFRICA in June 2021 as Business Development & Operations Manager, where she played a pivotal role in the club’s growth, member engagement, and optimising operations across core business units. Her appointment reflects GAIA AFRICA’s ongoing commitment to excellence in leadership and community-building for women across the continent. 

An accomplished strategist with a strong background in operations, Mena brings over 15 years of experience spanning wellness, e-commerce, non-profit, and financial services. Her multidisciplinary career has included leadership roles in online sales strategy, social impact fundraising, and executive wellness programming, all with a consistent focus on systems thinking and growth. 

She previously served as Strategy & Communications Manager at the crowdfunding platform 234Give.com, where she led successful CSR campaigns in partnership with top corporates including FBN Capital, Stanbic IBTC, and Sterling Bank. She has also held advisory and executive positions at Women Impacting Nigeria and Mega Plaza. 

Mena holds a BSc in Biology from Imperial College London, with further certifications in Integrative Health Coaching and CMAE’s Club Management MDP 1 & MDP 2. Her approach to leadership is rooted in a passion for strategic thinking, wellness and social transformation. 

“Mena’s deep operational insight and commitment to GAIA’s vision of empowering and supporting female decision makers, make her the right leader for this next chapter,” said Olatowun Candide-Johnson, Founder and CEO of GAIA AFRICA. “She brings not only technical excellence but commitment and a powerful sensitivity to the evolving needs of our members.” 

In her new role, Mena will oversee day-to-day operations, strategy, and strategic partnerships across GAIA AFRICA and its affiliated lifestyle brand, GABY Lagos. She will report to the CEO, who continues to lead on broader strategic initiatives and future growth for the company. 

Distributed by APO Group on behalf of Gaia Africa.

Media Contact: 
GAIA AFRICA Communications 
Email: bizops@gaiaafricaclub.com  
Website: https://GAIAAfricaClub.com