US$6 billionPotential economic contribution of Nigeria’s palm biomass industry within the next four years following an MoU between the West African country and Malaysia. According to officials, the palm tree, with its 90% biomass and 10% palm oil composition, presents an unexplored resource in Nigeria as various parts are currently being discarded as waste yet could be utilised for activities such as electricity generation, furniture material production, organic fertiliser manufacturing, and medicinal applications. This agreement will aim to replicate Malaysia’s palm biomass industry in Nigeria.(Nairametrics)
11%Of Kenya’s electricity supplies are being imported from Ethiopia, exceeding supply from local thermal generators and solar facilities. In addition to Ethiopia, Uganda is the only other nation to export into Kenya's grid. (The East African)3Additional berths are set to be developed in Tanzania as it engaged Egyptian investors to help ramp up Dar es Salaam port. Tanzania has seen an increase in the number of ships docking at the port, largely resulting from increased mining activity.(The Citizen)
US$1 billionIn Chinese funds to refurbish a key railway line connecting Zambia’s copper belt region with the Tanzanian port of Dar es Salaam under its Belt and Road Initiative. This investment will be done through a Public-Private Partnership (PPP) and aims to strengthen cooperation between the three countries. (South China Morning Post)
21,000 acresOf government land in Kenya have been opened for commercial lease in a bid to boost food security. This is part of a wider campaign targeting 50,000 acres of land and more than US$450 million in private investments.(Business Daily)9Early-stage African climate tech startups to receive US$1.8 million and acceleration support from Catalyst Fund’s second round of investment. Winners hail from Tanzania, Kenya, South Africa, Egypt, Nigeria and Senegal.(Get Funded Africa)
US$150 millionGreen bond launched by the IFC and Social Investment Managers and Advisors LLC (SIMA) to finance solar projects in Africa. The bond will offer short-term corporate financing and project financing of up to 10 years to support the growth of small and medium-sized local developers with a focus on manufacturing, services, education, healthcare, and agri-processing.(IFC)
1 millionNigerian SMEs to benefit from an accelerator programme sponsored by Proparco and the African Development Bank, deployed through First City Monument Bank (FMCB). This programme will particularly support female-led initiatives which remain disproportionately underfunded across the continent.(Punch)14,000 megawattsHydropower capacity to be added by 2040 as Mozambique aims to position itself as Africa's biggest hydropower producer and launch a green hydrogen industry. Alongside DRC and Ethiopia, Mozambique possesses among the continent's richest reserves of hydropower, wind, solar and natural gas resources.(Business Insider Africa)
US$6 billionIn funding made available by Italy in a bid to strengthen its partnership with the region. The funding plan was unveiled at the Italy-Africa Summit to bolster economic links and create an energy hub for Europe.(African Development Bank)100,000 barrelsof daily capacity projected for Ghana's first-ever private-owned oil refinery. The US$2 billion Chinese-owned refinery has an initial capacity of 40,000 barrels and is expected to be completed this year.(GhanaWeb)
100%Transition towards clean energy in Kenya following an endorsement of US$70 million by the Trust Fund Committee of the Climate Investment Funds (CIF) in order to advance the integration and utilisation of renewable energy in the Kenyan grid. Currently, the share of renewable energy in Kenya is almost 90 per cent – including 45 per cent geothermal and 26 per cent hydropower.(Africa Business Community)