24th January 2024
Egypt-Russia Inaugurate Dabaa Plant
Russian President Vladimir Putin and Egypt's Abdel Fattah al-Sisi inaugurated the construction of the final unit at Egypt's Dabaa nuclear power plant, marking progress in Moscow's global nuclear ambitions. The $30 billion project by Rosatom will comprise four units with a total capacity of 4.8 gigawatts. Egypt, facing rising power demand from its 105 million population, aims to become a regional energy hub and diversify energy sources. The move towards nuclear energy is seen as crucial in meeting growing electricity demand. Russia and Egypt signed the agreement in 2015, with Russia providing a loan for construction.
Uganda's $4B Refinery Deal
Uganda is in talks with Alpha MBM Investments, led by Dubai's Sheikh Mohammed bin Maktoum bin Juma Al Maktoum, for a $4 billion oil refinery project. Negotiations with a previous consortium, including a unit of U.S. firm Baker Hughes, were terminated last year. The 60,000 barrel-per-day refinery is crucial for Uganda's emerging hydrocarbons sector. Talks on commercial details began on Jan. 16 and are expected to conclude in three months. Uganda plans to commence commercial oil pumping in 2025 from the Albertine rift basin fields, operated by the government, China's CNOOC, and France's TotalEnergies.
Somalia-Ethiopia Diplomatic Clash
Somali President Hassan Sheikh Mohamud warns Ethiopia against implementing a port deal with Somaliland, leasing 20km of its coastland. Mohamud warns Ethiopia not to cross into Somalia's territory to reach the leased area. Egypt, engaged in a separate dispute with Ethiopia over a dam, vows support to Mogadishu. Ethiopia aims to establish a marine force base and gain a Red Sea port for maritime exports. Somaliland welcomes the deal, seeking international recognition and economic opportunities. Somalia protests, viewing it as a threat to its territorial integrity. Arab League, Qatar, Turkey, the US, EU, and OIC urge Ethiopia to respect sovereignty.
Naira Rate transparency
Nigeria is set to publicly display naira exchange rates online as part of efforts to narrow the gap between official and unofficial rates. The move, approved by the financial crimes watchdog, aims to improve market competitiveness. Since the reforms began in June, the naira has weakened by approximately 50% against the dollar. The spread between the official and parallel markets has widened due to a local shortage of dollars. Finance Minister Wale Edun stated that the backlog of demand for dollars in the official market is around $5 billion, while others estimate it could be twice as high.
