Business

UAE Invests in $25bn African- Atlantic Gas Pipeline

The gas pipeline will connect Nigeria’s gas network with Morocco’s southern city of Dakhla and then go northward toward Europe.

Published

1 year ago

May 9, 2025

OhiBaba

744 Views

•Gas pipelines

Morocco’s Minister of Energy Transition and Sustainable Development, Leila Benali, said that the UAE is now one of the supporters of the Nigeria to Morocco gas pipeline project, which is estimated to cost $25 billion.

“The project now called the “African-Atlantic Gas Pipeline”, has won the support of IDB, OPEC Fund, EIB and the UAE,” Benali told Nigerian lawmakers, this week.

Benali also said that Morocco has finished all the feasibility and engineering studies needed for the pipeline.

Moroccan industry experts said that the project has already passed the feasibility study and Front End Engineering Design stages.

The gas pipeline will connect Nigeria’s gas network with Morocco’s southern city of Dakhla and then go northward toward Europe.

The line will pass through 15 African countries, boosting trade, development, and access to electricity in the region.

In Phase One, it will link Morocco to gas fields near Senegal and Mauritania, and connect Ghana to the Ivory Coast.

Phase Two will link Nigeria to Ghana, while Phase Three will connect the Ivory Coast to Senegal.

Up Next

Meta’s Exit to Throw 20 million Nigerian MSMEs Out of Business

Don't Miss

Exclusive: LAGRIDE Drivers Reject Monthly Salary Model For Drive-to-Own

Click to comment

Business

China Woos Nigeria To Join WAICO Memberships For Technology Advantages

African countries on the memberships list include South Africa, Kenya, Cameroon, Sudan, Ethiopia, Senegal, Zambia and Algeria.

Published

5 minutes ago

September 24, 2026

OCHEFA

2 Views

The Chinese Ambassador to Nigeria, Yu Dunhai, has emphasised the need for Nigeria to join the World Artificial Intelligence Cooperation Organisation (WAICO) to share in global tech development.

The World Artificial Intelligence Cooperation Organization (WAICO) is an international organization focused on artificial intelligence (AI) established in July 2026. Proposed by China before its 2026 World Artificial Intelligence Conference, it is headquartered in Shanghai and oriented toward the Global South.

Twenty-nine countries signed the founding agreement on 16 July 2026 in Shanghai, followed by eight additional signatories later that month, bringing the total membership to 37 countries.

African countries on the memberships list include South Africa, Kenya, Cameroon, Sudan, Ethiopia, Senegal, Zambia and Algeria.

WAICO is believed to have been set up to rival the US-led Pax Silica initiative, aiming to counterbalance Western influence across global supply chains for rare-earth elements, semiconductors, and AI governance.

Ambassador Yu made the call on Wednesday in Abuja during an event celebrating the 77th anniversary of the founding of the People’s Republic of China, which shares its October 1st National Day with Nigeria.

Speaking at the evening reception, Ambassador Yu said, ” Those who walk the same path go far. Let us empower development through innovation, openness, and sincere cooperation to continuously enrich China-Nigeria friendship and write a new chapter in China-Africa relations.”

Regarding 55 years of diplomatic ties with Nigeria, Yu noted that both nations have grown closer through mutual respect and shared success.

“Under the strategic leadership of President Xi Jinping and President Bola Ahmed Tinubu, our relationship has entered the fast lane,” he said.

Business

Otedola bypasses seven African billionaires as fortune hits $2 billion

The rise also ends his old tag as Africa’s poorest billionaire.

Published

5 hours ago

September 24, 2026

OCHEFA

13 Views

Femi Otedola’s fortune has risen to $2 billion, lifting the First HoldCo chairman above eight other African billionaires on Forbes’ real-time wealth index.

The new valuation is a $700 million jump from the $1.3 billion attributed to him at the start of 2026.

Forbes’ real-time billionaires index now ranks Otedola 2,115th globally, up from $1.8 billion in August.

The rise also ends his old tag as Africa’s poorest billionaire.

Based on the wealth estimates supplied for September 2026, Otedola’s $2 billion places him ahead of eight African billionaires.

They are South Africa’s Christoffel Wiese at $1.9 billion and Egypt’s Youssef Mansour at $1.8 billion.

Morocco’s Othman Benjelloun and family are valued at $1.7 billion, the same as South Africa’s Paul van Zuydam. Morocco’s Aziz Akhannouch and family sit at $1.6 billion.

Egypt’s Samih Sawiris and Yasseen Mansour, alongside Morocco’s Anas Sefrioui and family, complete the eight, each estimated at $1.4 billion.

The comparisons rest on the supplied valuations and can shift with share prices and other assets.