Equatorial Guinea woos Nigeria for 2020 investment drive

Equatorial Guinea's mines and hydrocarbons minister has discussed energy cooperation with his Ethiopian counterpart . Picture: Supplied/African Energy Chamber

Equatorial Guinea's mines and hydrocarbons minister has discussed energy cooperation with his Ethiopian counterpart . Picture: Supplied/African Energy Chamber

Published Jan 20, 2020

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Johannesburg - Equatorial Guinea's minister of mines and hydrocarbons, Gabriel Mbaga Obiang Lima, has met with Nigerian investors, bankers and financiers to punt his country's 2020 Year of Investment campaign. 

At the launch of the project in November last year, Lima said Equatorial Guinea was striving to make 2020 "a historic year of investment" by soliciting foreign-direct investment and regional backing for "investment-ready" projects such as its modular oil refineries, gold smelter and ammonia plant. 

According to a statement issued by the African Energy Chamber, Lima met Nigerian executives from the Africa Finance Corporation, Polaris Bank, Sterling Bank, First Bank, UBA and Zenith Bank as well as Simbi Wabote, executive secretary of the Nigerian Content Development and Monitoring Board.

"Such discussions with all the leading figures who have been a true engine of growth for the Nigerian economy is essential as Nigeria continues to be Africa’s largest economy. Minister Obiang Lima presented key opportunities for them to expand their portfolio by investing in Equatorial Guinea," said the statement. 

Lima said Equatorial Guinea aimed to lessen its dependence on foreign imports while boosting local entrepreneurship. The investment drive further sought guaranteed energy security, boosting utilisation of home-grown products and growing local markets using regional partnerships. 

He added that the country was committed to using Nigerian expertise to develop local content. 

This would included gas-related matters and working to stabilise oil markets with the Organisation of the Petroleum Exporting Countries (OPEC). 

Industry coordination via the African Petroleum Producers Organisation (APPO) had also been prioritised, he said.   

“The great relationship that has existed between [Nigerian president] Muhammadu Buhari and [Equatorial Guinea president] Obiang Nguema Mbasogo has really opened many doors for us. 

"We don’t take this engagement lightly, and we must deliver. More than before, I am optimistic that we are going to have better collaboration and sign deals that will improve the lives of Nigerians and Equatorial Guineans and ensure our relationship reaches new heights,” said Lima.

Last week, Lima announced that the country would increase its oil output by 20 000 barrels per day (bpd) by October, which would increase production to 140,000 bpd, thanks to new offshore discoveries by Noble Energy, Trident Energy and Kosmos Energy. 

Equatorial Guinea has been one of the fastest growing economies in Africa due to the discovery of large oil reserves in the past two decades, and, more recently, substantial gas reserves. 

African News Agency (ANA)

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