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Japan’s pledge to invest some $30bn in Africa over the next three years has underlined the Asian economic giant’s commitment to rapidly advance its relations, as well as to expand its presence, on a continent where Tokyo’s involvement has too often lagged behind other big nations.

With oil prices rising above $100/bbl as geopolitical tensions in Ukraine ratchet ever upwards, exploration and production companies in Africa are enjoying a boom, but the prospects for merger and acquisition deals are mixed. Companies that had been planning to offload assets can be reluctant to let go of a lucrative earner, while buyers have an incentive to wait for prices to fall before agreeing a deal.

President Hichilema’s new government plans to increase electricity and petrol prices in moves to restore Zambia’s fiscal fitness but which worry a majority of Zambians. To limit the pain, the UPND administration is seeking other ways of turning around insolvent utility Zesco, senior sources told Chiwoyu Sinyangwe in Lusaka.

A new International Monetary Fund (IMF) agreement to underpin a faltering economy is becoming more likely as terms are hammered out by a government terrified of being seen to be caving in to the demands of perceived powerful foreign influences and an international community keen not to be seen dictating to a government that emerged from the 2011 ‘Arab Spring’ revolts as a rare functioning democracy.

European funding should help to stabilise the state power utility Steg as it seeks to attract private investment into renewable energy schemes. Cash flows have been hard hit by coronavirus, but a recovery roadmap aims to improve the situation, writes Dan Marks

Zambia has suspended value-added tax (VAT) on diesel and petrol in an effort to avert an expected price increase as the country prepares for elections in August. Finance minister Bwalya Ng’andu signed a statutory instrument zero-rating petrol and diesel with effect from 1 January. The government had previously charged VAT of 16% on petroleum products. Fuel prices were last raised in December 2019 when the kwacha had depreciated to 14 to the dollar while crude oil prices were at $70/bbl.

Seplat Petroleum Development Company Plc announced on 1 February that it had raised $260m of debt to fund completion of the Assa North-Ohaji South (ANOH) gas processing plant project in Imo State. Seplat is building the plant alongside Nigerian National Petroleum Corporation (NNPC) subsidiary Nigerian Gas Company through their 50:50 joint venture company ANOH Gas Processing Company (AGPC).

President Macky Sall has appointed opposition figures and some new faces to government as he seeks to build confidence around the emerging hydrocarbons industry and tackle criticism of his recent economic management, writes Our Dakar Correspondent.

The Egyptian government listed the Middle East and North Africa’s first green bond on the London Stock Exchange’s Sustainable Bond Market on 6 October. High demand for the bond enabled it to increase the size of the offering from $500m to $750m while getting a good price from the market, achieving the country’s lowest ever five-year coupon.The 5.25% note is due in October 2025. 

African nations, the governments of partner countries, international financial institutions (IFIs) and private investors are increasing their commitments to achieving universal energy access, the seventh of the United Nation’s sustainable development goals (SDG7). But the prospects of reaching the SDG7 target by 2030 are receding as population numbers continue to rise. A daunting amount of work remains to be done if SDG7 is to be achieved. In a newly published report commissioned by the Africa-EU Energy Partnership (AEEP), Cross-border Information – the parent company of African Energy – has analysed financial flows towards SDG7 over the past seven years and their estimated potential trajectories to 2030 and beyond.

A recent flurry of activity by outgoing President Muhammadu Buhari will help his successor Bola Tinubu to tackle key macroeconomic problems, including cutting subsidies and overhauling the exchange rate. It could pave the way for a more proactive government at a time of extreme economic and other stresses, writes Jon Marks.

After outlining contingent support for Mozambican natural gas projects, the World Bank has told African Energy it may back other projects on a ‘selective basis’, with criteria that could favour African markets, writes Marc Howard.

Zambia’s Energy Regulation Board (ERB) has consented to state utility Zesco’s request to raise electricity tariffs for domestic consumers but rejected its application to cut a ‘lifeline’ tariff band for vulnerable residential customers from 100kWh to 75kWh per month.

The offshore Dussafu permit is the focus of a six-well drilling campaign, as Gabon looks to address its declining oil production from maturing fields, while IOCs rationalise their assets and plan further exploration, writes James Gavin.

International energy majors are investing to raise oil and gas output and developing solar plants, while others are looking to tap into Angola’s critical minerals and other resources plays. With news flow suggesting considerable activity in diverse energy-related industries, but wary of governance shortfalls, African Energy asks: is it time for investors to get excited about Angola?