Daily Watch – German president visits Nigeria, Nana congratulates Mahama
10th December 2024

German President Frank-Walter Steinmeier will arrive in Nigeria on Tuesday for a three-day official visit. A statement by the German embassy in Abuja said Steinmeier will be in Nigeria from Tuesday to Thursday. While in Abuja, he is expected to meet with key Nigerian leaders, including President Bola Tinubu and Alieu Touray, president of the Economic Community of West African States Commission (ECOWAS). “The German President will then proceed to Lagos, where he will engage with business representatives, visit a start-up hub, and meet with members of Nigeria’s culture sector and civil society,” the statement reads. President Steinmeier will be accompanied by a business delegation of CEOs and high-ranking board members of some of Germany’s most successful companies in the fields of IT, high-tech, and energy—an indication of the rising interest of German businesses in opportunities to invest in Nigeria.
Equinor has closed the planned sale of its assets in Nigeria. “The exit enables investments to deepen further in countries where Equinor can add the most value and build a more focused and robust international portfolio,” the company said. In Nigeria, Equinor sold its assets, including a 20.21% stake in the Agbami oil field operated by Chevron to Chappal Energies for up to $1.2 billion, consisting of $710 million in cash and the remainder in contingent payments. The company did not say how market prices and other factors could affect contingent payments. Equinor’s net production in Nigeria averaged 17,700 barrels of oil equivalent per day (boed), respectively, during the first three quarters of 2024.
President-elect of Ghana, John Dramani Mahama, has stated that the outgoing President, Nana Akufo-Addo, has called to congratulate him, and the two have agreed on an early transition. According to Mahama, they have decided to form a joint transition team this week, just two days after his confirmation as the winner of the 2024 polls. “We have agreed on an early inauguration of the joint transition team as early as Wednesday, 11 December,” he said. Mr Mahama made these remarks while delivering his victory speech shortly after the Electoral Commission declared him the president-elect. He expressed his appreciation for the efforts and affirmed his readiness to collaborate and take the necessary steps in the interest of the people.
The World Bank downgraded Kenya’s economic growth estimate for this year to 4.7% on Tuesday, from an initial 5.0%, citing the impact of floods, anti-government protests and flailing fiscal consolidation efforts. “Debt vulnerabilities including elevated debt servicing costs, accumulated pending bills, and missing revenue targets remain key challenges,” the bank said in the Kenya Economic Update report. Although the growth estimate for this year is lower than last year’s rate of 5.6%, it will still be higher than the sub-Saharan Africa average of 3%, the bank said. Kenya’s growth will, however, inch up to 5.1% in the medium term if the government successfully deals with the fiscal challenges. “Revenue shortfalls resulted in additional spending cuts, and rising financing needs resulted in increased domestic borrowing,” the World Bank said.