Here are the top three events in Africa and the global business space from last week that you probably missed but should keep in mind this week.

World leaders gather for World Economic Forum in Davos

Recently, the 54th annual meeting of the World Economic Forum (WEF) convened leaders from the public and private sectors, along with representatives from civil society, to deliberate on and confront global challenges. The forum provided a platform for global leaders to concentrate on the foundational principles fostering trust, such as transparency, consistency, and accountability.

This year’s gathering saw the participation of over 100 governments, major international organizations, 1,000 Forum Partners, civil society leaders, experts, youth representatives, social entrepreneurs, and media outlets. Key discussions encompassed topics like the potential for advancing Africa’s economy through intra-African trade, the looming global debt crisis and how nations are implementing domestic measures to manage risks, the pivotal role of technology in addressing climate emergencies and air pollution, the significance of trade and investment for global economic recovery, Artificial Intelligence, Energy Transition, and more.

The overarching mission of WEF is to enhance the condition of the world by involving business, political, academic, and other societal leaders in shaping global, regional, and industry agendas.

Shell exits Nigeria’s onshore oil sector

Last week, Shell disclosed its agreement to divest its onshore oil production enterprise in Nigeria. The energy giant is selling its 68-year-old Shell Petroleum Development Company of Nigeria (SPDC) to a consortium named Renaissance, comprising both local and international companies, for a minimum of $1.3 billion. This acquiring consortium, featuring Switzerland-based Petrolin along with four Nigerian oil producers—ND Western, Aradel Energy, First E&P, and Waltersmith—is set to take control.

Zoë Yujnovich, Shell’s integrated gas and upstream director, remarked, “After decades as a trailblazer in Nigeria’s energy sector, SPDC will embark on its next phase under the ownership of a proficient and ambitious Nigerian-led consortium.” Shell now joins the ranks of other companies such as Equinor, a Norwegian oil firm, China’s Addax, and Italy’s Eni, all of whom have divested portions of their Nigerian operations to either domestic entities or a combination of domestic and foreign firms.

Dangote Refinery registers indigenous marketers and depo for national delivery

Last week, the Dangote Refinery entered into a strategic collaboration with key stakeholders in the marketing sector, including the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), and the Major Oil Marketers Association of Nigeria (MOMAN), to facilitate the distribution of its petroleum products. 

The Dangote Group’s ambitious plan for a state-of-the-art refinery in Nigeria aims to diminish the nation’s dependency on imported energy and generate over 30,000 job opportunities. The company is also exploring opportunities with additional marketers who have expressed interest in handling the lifting and distribution of its petroleum products within the country.

Olufemi Adewole, the Executive Secretary of DAPPMAN, stated, “We have already established a business relationship with Dangote Refinery, and we anticipate a mutually beneficial partnership. With our association owning 80% of the country’s retail outlets, we possess the necessary resources to ensure the seamless distribution of petroleum products from Dangote Refinery throughout the nation.” It is anticipated that the refining activities at the refinery will play a pivotal role in propelling Nigeria’s economic growth.

ICYMI: Market roundup

  • The NGX All-Share Index rose by +2,637.55 (+2.87%) last week, 19th of January, to close at 94,538.12 points.         
  • The top gainers include Vetiva S&P Nigeria Sovereign Bond ETF +30.71%, Vetiva Industrial ETF +10.00%, Seplat Energy +10.00%, BUA Cement  +10.00% and May & Baker Nigeria +9.99%. The top decliners were LASACO Assurance -9.85%, C & I Leasing -9.82%, Mutual Benefits Assurance -9.41%, Nahco -9.38% and Pz Cussons Nigeria -9.31%.
  • The Nigerian naira started the week at N958.05/ $1 to close the week with a gain at N891.04/$1
  • Brent crude closed the week at $78.63, while US West Texas Intermediate (WTI) crude closed at $73.41.
  • According to data from Coinmarketcap, the global cryptocurrency market cap stood at $1.64 trillion, a 0.16% increase over the last day as of Saturday, 20th of November. Bitcoin dropped by 0.16 % to trade at $41,711.70, Ethereum dropped by 0.05% to trade at $2,470.97, and Binance Coin rose by 1.44% to trade at $285.59, over the last day.
  • Kenyan climate-tech startup KOKO secures an undisclosed amount of Rand Merchant Bank (RMB) funding.
  • Nigerian logistics startup Fez launches a network of safe delivery lockers.
  • Asset-light healthcare chain, Rivia, launches operations in Ghana.
  • Egypt’s Paymob has become the first international fintech company licensed in Oman.

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