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African Development Bank launches Africa Energy Portal
“Building a Knowledge Base to De-Risk the Energy Sector in Africa,” brought together investors, policy makers and government officials for a presentation of the new initiative on Friday 9 November, the final day of the Forum. The AEP portal will consolidate, validate, and disseminate energy data and insights across Africa’s energy value chain, covering generation, transmission, distribution, regulation and policy.
The AEP is designed to address a lack of information in the sector, by providing a one-stop-shop for accurate, reliable, relevant, and up-to-date information on energy in Africa. This will include statistics on investment flows and deals, as well as the socio-economic outcomes of power projects.
“Many international and local stakeholders have experienced the data access and reliability challenges that hold back substantive participation in the numerous opportunities within Africa’s energy sector. The AEP is strategically positioned to resolve these challenges, by providing stakeholders with the requisite information to facilitate decision making, and fast track investments and initiatives that will revolutionise Africa’s energy sector,” said Amadou Hott, Vice President of Power, Energy, Climate Change and Green Growth at the African Development Bank.
In addition to being an information repository, the AEP will also provide an interactive platform for knowledge-sharing amongst Africa’s energy sector stakeholders and experts. It will serve as a virtual space for engagement, and progressive dialogue on pertinent issues affecting the development of the continent’s energy and power infrastructure.
Speaking during the launch, Wale Shonibare, Director of Energy Financial Solutions, Policy and Regulation at the African Development Bank lauded the AEP as a long-overdue, but necessary, step in “providing critical information for investment decisions, policy making, and regulatory action in Africa’s energy sector.”
Reinforcing the need for partnerships, Shonibare welcomed collaboration from external stakeholders. “We are aware that the portal’s success will depend on extensive collaboration, and we invite professionals, developers, investors, regulators, governments, financial institutions, statisticians, utility companies, think tanks, philanthropic institutions and other stakeholders to work with us in creating a robust and formidable platform for the continent,” he said.
Also attending the launch, Uganda’s Minister for Energy and Minerals Hon.Irene Muloni praised the initiative as one that would enable countries to make better, and informed policy decisions.
The AEP will leverage the bank’s energy sector and statistical expertise in order to consolidate and generate verified data and statistics on Africa’s energy sector. The bank also aims to collaborate with regional organisations, and in-country statistics agencies to develop data collection and validation procedures to improve the quality of publicly available information on the continent’s energy sector.
The Africa Investment Forum, hosted by the African Development Bank, is an unprecedented marketplace platform bringing together pension funds, sovereign wealth funds, capital markets, project sponsors, institutional and financial investors. The Forum is dedicated to advancing projects to bankable stages, raising capital, and accelerating the financial closure of deals. The inaugural edition took place from 7-9 November 2018.
The next Africa Investment Forum will take place in November 2019.
US car giant Ford on Wednesday announced 4,000 more job cuts in Europe, mostly in Germany and Britain, in the latest blow to the continent’s beleaguered car industry.
“The company has incurred significant losses in recent years,” Ford said in a statement, blaming “the industry shift to electrified vehicles and new competition”.
The move will affect 2,900 jobs in Germany, 800 in the UK and 300 in western Europe by the end of 2027, a Ford spokesman told AFP.
“It is critical to take difficult but decisive action to ensure Ford’s future competitiveness in Europe,” said Dave Johnston, Ford’s European vice-president in the statement.
The company also said it was adjusting the production of its Explorer and Capri models, resulting in reduced hours at its Cologne plant in the first quarter of 2025.
Europe’s car industry has been plunged into crisis by high manufacturing costs, a stuttering switch to electric vehicles and increased competition in key market China.
Germany’s Volkswagen has been among those hardest hit, announcing in September that it was considering the unprecedented move of closing some factories in Germany.
“The European automotive industry is in a very demanding and serious situation,” Volkswagen CEO Oliver Blume said at the time.
Ford had already announced in February 2023 that it was planning to cut 3,800 jobs in Europe, including 2,300 in Germany and 1,300 in Britain.
The company said then it was planning to reduce the number of models developed for Europe, concentrate on the profitable van segment and speed up the transition to electric vehicles.
Ford currently has around 28,000 employees in Europe with 15,000 in Germany, according to the company’s works council.
President Bola Tinubu has approved the dissolution of the Governing Council of Nnamdi Azikiwe University (UNIZIK), Awka, Anambra State, and the removal of the institution’s Vice-Chancellor, Prof. Bernard Ifeanyi Odoh, and Registrar, Mrs. Rosemary Ifoema Nwokike.
The council, chaired by Ambassador Greg Ozumba Mbadiwe, comprised five other members: Hafiz Oladejo, Augustine Onyedebelu, Engr. Amioleran Osahon, and Rtd. Gen. Funsho Oyeneyin.
A statement released on Wednesday by presidential spokesperson, Bayo Onanuga, revealed that the council was dissolved following reports of procedural violations in appointing the vice-chancellor.
According to the statement, the council had allegedly appointed an unqualified candidate, disregarding due process, which triggered tensions between the university’s Senate and the council.
The Federal Government expressed dismay over the council’s actions, emphasizing the need for adherence to the university’s governing laws in decision-making.
“The council’s disregard for established rules necessitated the government’s intervention to restore order to the 33-year-old institution,” the statement noted.
In a related development, President Tinubu also approved the dismissal of Engr. Ohieku Muhammed Salami, the Pro-Chancellor and Chairman of the Governing Council of the Federal University of Health Sciences, Otukpo, Benue State.
Salami was accused of suspending the university’s Vice-Chancellor without following the prescribed procedures, a move the Federal Ministry of Education had previously directed him to reverse.
Despite the Ministry’s directives, Salami reportedly refused to comply and resorted to issuing threats and abusive remarks towards the Ministry’s officials, including the Permanent Secretary.
The Federal Government reiterated that the primary role of university councils is to ensure the smooth operation of academic activities, strictly adhering to the laws establishing each institution.
Tinubu warned university councils against engaging in actions that could destabilize their institutions, as his administration remains committed to enhancing the nation’s education system.
The Ekiti State Government has reached an agreement with labour leaders in the state, signing a Memorandum of Understanding (MoU) for the payment of the N70,000 minimum wage approved by the Federal Government.
Addressing journalists at a brief ceremony in Ado-Ekiti on Tuesday, the Head of Service (HoS), Dr. Folakemi Olomojobi, announced that the payment would commence immediately.
She lauded Governor Biodun Oyebanji for prioritizing the welfare of workers despite the state’s limited resources.
“This development demonstrates the governor’s commitment to improving the livelihood of our workers,” Dr. Olomojobi stated, highlighting the proactive measures taken by the administration to ensure prompt implementation.
In their remarks, the Trade Union Congress (TUC) Chairman, Comrade Sola Adigun, and the Nigeria Labour Congress (NLC) Chairman, Comrade Olatunde Kolapo, expressed their appreciation to Governor Oyebanji for fulfilling his promises to workers.
They confirmed that the new minimum wage would apply to all cadres, including employees in ministries, parastatals, agencies, and pensioners.
The Chairman of the Joint Negotiating Committee (JNC), Comrade Femi Ajoloko, described the implementation as a fair and commendable adjustment.
“This decision reflects the governor’s magnanimity and his dedication to fostering a productive workforce in Ekiti State,” he said.
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