Wärtsilä Energy offers tips on how Africa can navigate energy transition and grid reliability 23 Apr 2024, 6:23 am

• Chronic instability plagues the existing power grids, worsened by the pressing need to connect growing populations.
• The advent of renewable energy sources introduces new complexities, considering the intermittent nature of solar and wind power generation.
• Wärtsilä Energy says deploying battery storage and flexible engine power plants offers a pathway toward reliable grid resilience.

Across economies in Africa, a profound transition is underway. Increasingly, economies are grappling with the dual challenge of meeting burgeoning energy demand while steadily transitioning towards sustainability, a scenario that amplifies the importance of economies having reliable power production.

Wärtsilä Energy, a giant power plant manufacturer and energy systems integrator in Africa, is coming forward to offer insights on how economies can easily navigate this transition. Drawing insights from the 2024 North and West Africa Energy Transition Forum in Rabat, it is evident that addressing the complexities of grid reliability and renewable energy integration requires a multipronged …

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Powering Africa: Africa’s Path to Universal Electricity Access 23 Apr 2024, 3:44 am

• Energy experts warn that the shortages that plague Africa’s electricity access in 2024 will have a significant drain on the continent’s economic growth.
• World Bank will connect 300 million Africans to electricity with a $35 billion plan.
• Africa is poised to adapt to transformative advancements that will reshape the landscape of energy access, storage, and connectivity across the continent.

Africa remains the most energy-deficient continent, with approximately 75 per cent of its population lacking access to electricity. As of 2021, 43 per cent of Africans, roughly 600 million people, were without electricity access, with 590 million in sub-Saharan Africa. Consequently, nearly half of the continent’s population is unable to use basic electrical appliances.

Despite improvements in electricity access in sub-Saharan Africa, where 49.4 per cent of the population had access in 2022, up from 33 per cent in 2010, electricity consumption has not seen a corresponding increase. The persistent lack …

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Global investment trends at AIM Congress 2024: a spotlight on the keynote speakers 22 Apr 2024, 9:54 am

• Leading the lineup of this year’s Annual Investment Meeting (AIM) at the AIM Congress 2024 keynote speakers is H.E. Ahmed Aboul Gheit, the Secretary General of the League of Arab States.
• Her Majesty Tirelo Molotlegi, the Princess of the Royal Bofakeng Nation, brings a unique perspective on sustainable development and community empowerment.
• Prof. Rae Kwon Ching, Nobel Prize Winner and Chairman of the Global Energy Prize International Award Committee, will discuss sustainable energy solutions.

The AIM Congress 2024, which is scheduled from May 7 to 9 in Abu Dhabi, is set to be a groundbreaking event, attracting a constellation of global leaders and visionaries. The Congress, to be held at the Abu Dhabi National Exhibition Centre (ADNEC), promises to be a melting pot of ideas and innovations, with over 900 influential speakers poised to share their insights on a broad spectrum of investment-related topics.

Among the illustrious speakers at AIM …

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South Africa’s deepening investment ties in South Sudan oil industry 22 Apr 2024, 7:25 am

• South Africa’s Strategic Fuel Fund (SSF) operates Block B2 in South Sudan in collaboration with Nilepet.
• The company has just completed a major phase of its oil and gas exploration in Jonglei state.
• SSF recently completed undertaking the largest geophysical survey ever done in South Sudan, covering 47,000 square kilometres.

In a move marking the strengthening bilateral relations between South Africa and South Sudan, the Strategic Fuel Fund (SFF), South Africa’s state-owned petroleum company, convened a key meeting with South Sudan’s national oil company, Nilepet, in Juba last week.

The meeting was a highlight of South African President Cyril Ramaphosa’s state visit, underscoring the growing economic ties between the two nations.

The SFF, which operates Block B2 in South Sudan and collaborates with Nilepet through the Nile Orange joint venture, has recently completed a major phase of its oil and gas exploration campaign in Jonglei state. The initial aerial survey …

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Agribusiness could drive Africa’s economic prosperity 19 Apr 2024, 7:00 am

• Africa’s agribusiness sector is undergoing significant transformations driven by population growth, urbanisation, technological advancements, and shifting consumer preferences.
• Alongside their role in stimulating economic growth, agribusiness and agro-industrial development have the potential to reduce poverty and foster social and economic growth. 
• Technological advancements and digital transformations are revolutionising agribusiness in Africa, offering transformative opportunities.

Africa’s agribusiness sector potential

Agribusiness in Africa is undergoing significant transformations driven by population growth, urbanisation, technological advancements, and shifting consumer preferences. As a continent with abundant agricultural resources, Africa holds immense potential for agribusiness development.

African economic growth remains commodity-based, mainly on commodity exports, with minimal processing and value addition involved. To foster sustainable and inclusive growth and development in Africa, there is an urgent need to promote a new development approach based on exploiting the continent’s full agribusiness potential.

Some pressing issues call for a reorientation to support agribusiness and agro-industrial development, namely, poverty …

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Dawood Al Shezawi: Why AIM Congress 2024 is the epicenter of global economic and cultural dialogues 19 Apr 2024, 3:13 am

• AIM Congress 2024 aims to facilitate economic opportunities and foster mutually beneficial international economic relations.
• The congress provides a platform to engage with global leaders, explore investment trends, and forge meaningful B2B and B2C partnerships.
• The Future Finance Forum Track at AIM Congress 2024 will explore the use of cutting-edge technologies such as blockchain, AI, fintechs, and digital currencies.

The AIM Congress, under the leadership of Dawood Al Shezawi, President of AIM Global Foundation, stands poised to host an unprecedented global gathering from May 7th to 9th. This event promises to assemble an extraordinary array of leaders, including over 25 government ministers, 45 city mayors, and 12 central bank governors, reflecting its vast international appeal and strategic importance.

With more than 900 speakers and 450 dialogue sessions scheduled, the congress aims to foster comprehensive dialogue and networking among the most influential figures across various sectors worldwide.

The sheer scale and …

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d.light’s 600,000 cookstoves project verified as top source of quality carbon credits 18 Apr 2024, 8:57 am

• Global verification body Verra certifies d.light’s clean cookstove projects in Kenya, Uganda, and Nigeria.
• Initiative to distribute 600,000 clean cookstoves, which are now verified by leading certifiers as a trusted source of high-quality carbon credits.
• Launched in 2022, these projects have already positively impacted over one million lives and are on track to transform the lives of three million people by 2025. 

d.light’s clean cookstove initiatives

In a landmark move that helps advance the journey towards sustainable development and environmental health in Africa, d.light, a firm that provides innovative solutions for low-income households, has achieved a milestone with its projects receiving certification from Verra as a trusted source of high-quality carbon credits.

This certification marks d.light’s clean cookstove initiatives in Kenya, Nigeria, and Uganda as crucial players in the voluntary carbon markets (VCMs), aiming to reduce carbon emissions, combat indoor air pollution, and curb deforestation.

Addressing environmental challenges, and earning

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Artificial intelligence (AI) could create a turning point for financial inclusion in Africa 18 Apr 2024, 6:01 am

• Artificial intelligence in Africa can potentially propel the fintech industry into a new era of financial inclusion.
• AI tools can analyse data from client discussions, producing legal documents in simple language and at a fraction of what it would typically take to draft a contract.
• Banks, for example, can make their services more affordable to their customers by rolling out AI-powered chatbots to handle routine queries while sparing them from having to travel to a bank branch.

It’s difficult to imagine a time before the widespread adoption of mobile technology in Africa – particularly where financial services are concerned. For millions of unbanked people, transactions were limited to cash, postal services or even the barter system.

Now, in much the same way as mobile payments completely disrupted the status quo, AI has the potential to propel the fintech industry into a new era of financial inclusion. And perhaps most exciting …

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AIM Congress 2024: Catalysing global investments with awards 18 Apr 2024, 5:27 am

• The key highlight of the AIM Congress 2024 is the Investment Awards, scheduled for the opening day, May 7th.
• These awards celebrate top direct investment (FDI) projects from around the globe.
• The awards underline the diverse ways investment can contribute to economic progress with categories ranging from Innovation and Research to Sustainability and Local Linkages.

As the global investment contours keep evolving, the AIM Congress 2024 is taking shape as a critical platform to foster global investment innovations and sustainability.

Set to convene in Abu Dhabi from May 7-9, the Annual Investment Meeting (AIM) Congress promises to be a crucial gathering for driving the new dynamics of economic resilience and growth.

This year’s congress theme, “Adapting to a shifting Investment Landscape: Harnessing New Potential for Global Economic Development,” aptly captures the current global challenges and the opportunities they present. Under the banner “Resilient Sustainable Economic Growth–Creating a Healthy and Prospective …

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Kenya’s economic resurgence in 2024 18 Apr 2024, 5:21 am

• Kenya’s economic resurgence in 2024 proving a reality following a notable upturn in recent months, marked by positive indicators across sectors.
• According to CBK, leading indicators point to the continued strong performance of the Kenyan economy in the first quarter of 2024.
• According to the World Bank, Kenya’s economic growth is projected to be 5.2 per cent, boosted by increased investment in the private sector as the government reduces its activities in the domestic credit market.

A strong rebound

Kenya’s economic prospects are looking brighter, attributed to the interventions by the World Bank and the International Monetary Fund, which have played a massive role in easing volatility witnessed less than three months ago.

Major economic indicators in the country show that confidence is slowly creeping back after the government secured the International Monetary Fund’s facility to pay back the Eurobond.

The repayments had triggered volatility in financial markets, including the …

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