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Showing posts with label Chambers. Show all posts
Showing posts with label Chambers. Show all posts

Tuesday, December 3, 2019

Energy Chambers demands better fiscal terms, incentives to encourage exploration - NaijaAgroNet

The African Energy Chamber has called for sustained fiscal reforms to attract capital and technology into exploration in the continent, reports NaijaAgroNet.

The chambers in its African Energy Outlook 2020 available to NaijaAgroNet, showed that hundreds of blocks and acreages will be up for grab across Africa, from Senegal to Nigeria to Somalia. Competition will be fierce to attract capital from a diversifying basket of explorers now coming from North America, Europe, Russia, China, India, South East Asia and the Middle East.

In 2019, several African countries revised their legal and fiscal framework to incentivize exploration, as new world-class discoveries were yet again made on the continent. With the signing of no less than 9 PSCs in 2019 following the passing of its brand new Hydrocarbons Code, Gabon has shown that investors are ready to keep betting on Africa providing that the right legislation and framework are put in place.

In its Energy Outlook 2020, the Chamber notably stresses investors’ concerns over uncertain fiscal terms in sub-Saharan Africa, and calls on governments to find better ways to reconcile their expectations of short-term tax gains with the need for sustainable and long-term investment in exploration.

The importance of increasing exploration efforts cannot be under-estimated in Africa. The continent is the world’s hottest exploration frontier, with several discoveries made over the past few years. The world’s largest discovery this year was made off the coast of Mauritania by Kosmos Energy. It adds up to other large discoveries made this year by Noble Energy in Equatorial Guinea, or the Springfield Group in Ghana for instance.

“2020 needs to be a drilling year,” declared Nj Ayuk, Executive Chairman of the African Energy Chamber and CEO of the Centurion Law Group. “Africa has the highest exploration success rates in the world. In basins like the MSGBC, international explorers like Kosmos Energy have even had a 100 percent success rate from all their exploratory drilling,” he added. “It is up to African governments and legislators to provide the right framework to keep attracting these kind of players ready to take risks and bet on our continent’s potential.”

Promoting and supporting exploration efforts across the continent is a key goal of the Chamber in 2020, as stated in its latest outlook for the sector.

Isaac Oyimah/Editor

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Friday, August 21, 2015

NACCIMA calls for industries protection against ECOWAS’s CET



NaijaAgroNet
The Director-General, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr. Emmanuel Cobham, has advocated protection of local industries in the wake of the implementation of the ECOWAS Common External Tariff (CET).

NaijaAgroNet reports that NACCIMA‘s position on the policy is that manufacturing companies need some level of protection against the influx of foreign products that the tariff favours. Cobham said since the CET regime has commenced, government may need to consider ways by which the hardship on importers and manufacturers alike could be alleviated.

He stated this in response to a World Bank report, ‘Connecting Food Staples and Inputs in West Africa: A Regional Trade Agenda for ECOWAS countries,’ calling on Nigeria and other governments in West Africa to move beyond nationally-focused food policies and address regional trade within ECOWAS to link farmers with consumers in the region’s booming urban areas, NaijaAgroNet gathered.

“Food staples belong at the heart of the ECOWAS agenda on agriculture,” said World Bank senior economist and lead author of the report, Jean-Christophe Maur. He said the importance of cross-border cooperation to secure food supply, as well as manage common natural resources, regional diseases and security challenges, has been made painfully clear in recent years, calling for a new  commitment to regional trade in the West African 

Sub-region to accelerate agricultural production, boost growth and ensure food security.
The report obtained by The Nation builds on the lessons of the World Bank report, “Africa can help feed Africa,” and examines the specific circumstances in West Africa, which is home to one-third of the continent’s population, and bringing new analysis to the food staples trade and policies in the region.

The report regretted that though Africa has tremendous agriculture potential with more than half of the world fertile yet unused land, countries on the continent are increasingly dependent on food imports from the rest of the world, NaijaAgroNet reports.

Cyriacus Nnaji/GEE
 
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