News
$1 billion Israeli solar commitment to ECOWAS
UNDER the MOU signed today between the State of Israel and ECOWAS, Israel’s leading solar developer will invest $1 billion over the next four years to advance green energy power projects across the 15 member states of the West African economic community.
In honor of President Ellen Johnson Sirleaf’s two terms in office, and Liberia’s friendship with the State of Israel, Energiya Global and our international partners will finance and build a commercial-scale solar field at the Roberts International Airport, which will supply 25% of the country’s generation capacity,” says Yosef I. Abramowitz, CEO. “We are prepared to finance and build the first National Demonstration Solar Projects in all ECOWAS-affiliated countries in order to promote political stability and social and economic development, as well as to advance knowledge transfer.”
Energiya Global and its associated companies developed the first commercial scale solar field in sub-Sahara Africa in Rwanda, which is supplying 6% of the country’s power, and the group broke ground on a similar power plant in Burundi, which will supply 15% of the country’s power by the end of the year. The solar group has fields at various stages of development in ten African countries and expects to announce its full program at the Israel-Africa Summit in Togo at the end of October.
In an historic first, Israeli Prime Minister Binyamin Netanyahu is scheduled today to address the 15 West African heads of state of ECOWAS (the Economic Community of West African States), as well as the head of the African Union. “Israel is coming back to Africa,” the Prime Minister will announce, and will outline the technological innovations in agriculture, water, green energy and more that can support economic development in West Africa.
With 600 million Africans without electricity, the State of Israel can literally help African heads of state bring power to the African people
The $20 million investment comes as Israel and ECOWAS sign Sunday an historic Memorandum of Understanding to promote investments, technology and cooperation.
“With 600 million Africans without electricity, the State of Israel can literally help African heads of state bring power to the African people,” says Member of Knesset Avraham Neguise, chairman of the Israel-Africa Caucus of the Israeli Parliament, who accompanied the Prime Minister. “Our humanitarian and diplomatic goals are supported by the private sector as well, which can work quickly and efficiently to improve the lives of millions of people. I want to thank my friend Yosef Abramowitz for his investments in solar in Africa. We look forward to working with ECOWAS to deploy $1 billion over the next four years, starting with this first investment of $20 million in Liberia by Energiya Global.”
A working session between ECOWAS, representatives of the State of Israel and Abramowitz will take place Monday morning in Monrovia, to plan for the deployment of the green energy investments in fulfillment of the MOU signed by Prime Minister Netanyahu and the President of ECOWAS.
U.S. Power Africa Coordinator Andrew Herscowitz underlined the importance of Energiya Global’s work by saying, “As a founding Power Africa partner, Energiya Global continues to demonstrate its industry leadership with this important investment in Liberia. Increasing access and power generation is the foundation for economic prosperity and human development. We look forward to Energiya Global’s transformative impact on the lives of the Liberian people.”
“We are proud to be involved in the creation of cutting-edge, clean energy for Liberia,” says Remy Reinstein, Energiya Global’s country director. “We are honored to have the seal of approval from President Johnson Sirleaf of Liberia and Prime Minister Netanyahu of Israel, whose initiatives have made the sustainable development of Liberia possible.”
The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.
The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.
Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.
He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.
“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.
Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.
While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.
Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.
He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”
Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.
He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”
Dangote Petroleum Refinery has made headlines by announcing a further reduction in the price of diesel, dropping it from ₦1200 to ₦1000 naira per litre.
The refinery’s decision comes on the heels of its recent supply at a significantly reduced price of ₦1200 per litre, which was introduced three weeks ago, signifying a remarkable 30 per cent decrease from the previous market price of approximately ₦1600 per litre.
This substantial reduction in diesel prices at Dangote Petroleum Refinery is expected to reiterate positively throughout various sectors of the economy, potentially serving as a catalyst in alleviating the persistently high inflation rate in the country.
In a statement last week, Aliko Dangote, Africa’s wealthiest individual and the owner of the refinery, expressed his optimism regarding the potential impact of the price reduction on inflation in Nigeria.
“I believe that we are on the right track. I believe Nigerians have been patient, and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1900,” he remarked.
As anticipation builds around the implications of this move by Dangote Petroleum Refinery, stakeholders and consumers alike remain hopeful for the positive effects it could bring to the Nigerian economy in the coming months.
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