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(Brookings) Africa in the news: Nigeria’s forex market, Tanzania’s falsely credentialed civil servants, and WEF Africa news

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[Event] Ethiopia Expands Efforts to Survey Hydrocarbon Resources

October 2022
East Africa is quickly emerging as one of the premier destinations for oil and natural gas exploration, with numerous foreign companies engaged in exploratory and extractive ventures in countries like Kenya, Somalia, South Sudan, Tanzania, Mozabique, and Uganda. This new boom in the oil industry, driven by growing global demands and new investments from rising powers like China, has already made several significant oil discoveries, including the 560 million barrel oil find in Turkana, Kenya.
So far, Ethiopia's own share of this East African hydrocarbon rush has been something of a mixed bag. Early speculation regarding Ethiopia's oil reserves--which suggested that the country may have some 2.7 billion barrels of oil hidden away in its southern provinces--has so far failed to materialize into concrete finds, with Tullow Oil (the firm responsible for the Turkana find) failing to find any productive wells in the South Omo Block. Tullow remained in Africa until 2018, when it and partner Africa Oil began the process of withdrawing their operations in the South Omo Block. For a time, it seemed like the promise of hydrocarbon reserves in Ethiopia was dead, with investors looking to proven exploration markets in Uganda and Kenya instead.
And then, payday. In 2018/19, Chinese oil and gas firm Poly-GCL announced the discovery of some 7 to 8 trillion cubic feet of natural gas at the Calub and Hilala gas fields in Blocks 11 and 15, which was quickly followed by British firm NewAGE's discovery of 1.6 trillion cubic feet of natural gas near Elkuran in Block 8. These discoveries, amounting to some 272km3 of gas and a smaller quantity of oil, were significant not just for their size (between these two discoveries alone, Ethiopia gained enough natural gas reserves to surpass current gas exporters like Israel, Bangladesh, and Brunei), but as proof that there were hydrocarbon resources in Ethiopia (which drew attention from firms that previously had not invested in exploration in Ethiopia, including oil giant Chevron in late 2019. Ethiopia and Djibouti immediately teamed up to build a 760km+ pipeline connecting these gas fields in the Ogaden basin to the Red Sea. Revenues from the export of natural gas, which started in 2022 with the completion of the pipeline, are expected to amount to some 1b USD annually (increasing as more projects are drilled), bringing a critical influx of FOREX to the Ethiopian government.
With the first exports of Ethiopian hydrocarbon reaching international markets, and with historic oil finds in neighboring Eritrea, Ethiopia is hoping to leverage the possibility of further finds to attract additional investment into its hydrocarbon sector. At present, Ethiopia has several concession blocks that still lack investment, which the government is hoping to rectify by offering exploration rights to international hydrocarbon firms.
South Omo Block
With Tullow's withdrawal from Ethiopia in 2019 after failing to renew their license, the oil concession for the South Omo Block is once again up for licensing. Located in southern Ethiopia along the South Sudan and Kenya borders, the South Omo Block is a geological continuation of the Turkana basin and other major East African hydrocarbon blocks, leading many to speculate that it may share in some of that oil wealth. While the initial estimates that the block may hold up to 2.7 billion barrels of oil seem to have been overstated, if the block contains even a fraction of that amount, it would still be considerably valuable for whomever takes the block.
The Poly-GCL Blocks
Chinese firm Poly-GCL is easily the largest hydrocarbon operator in Ethiopia, owning the extraction rights for the bulk of the new discoveries (7-8 TCF of the total 9.6 TCF). With their ten total exploration blocks in the Ogaden basin, they also have the greatest presence in the region. However, only two of the ten blocks under the license have been properly explored, with the remaining eight awaiting further exploration. Ethiopia is hoping to reach out to Poly-GCL to persuade them to begin exploration activities in the remaining eight (as well as any other blocks they feel like leasing), with the goal of discovering my natural gas or oil.
The Remaining Ogaden Basin Blocks
Out of the 21 blocks in the Ogaden Basin (the site of the most recent natural gas finds), seven are still unlicensed and more or less unexplored, Blocks 1, 2, 5, 6, 7, 10, and 14. Ethiopia hopes to attract foreign firms to begin exploration in these blocks. They are more likely to contain natural gas than oil, as indicated by the discovery of natural gas in blocks 7, 11, and 15, but natural gas is still valuable and desirable.
Adigala Block
The Adigala Block is viewed as an extension of the oil-bearing geological formations of Somaliland, which oil exploration firm Genel anticipates to contain at least 2 billion barrels of oil. Genel previously expressed interest in moving into the Adigala Block, but as of 2019, it was NewAGE, the same firm that made the Elkuran find in Block 8, that entered into license negotiations with the Ethiopian government.
Ethiopia is hoping to finalize license negotiations for the Adigala Block, which Ethiopia hopes will contain some amount of oil, similar to the neighboring oil seeps in Somalia.
Amhara Blocks
The blocks in Amhara state are some of the least explored in the country. Neighboring blocks AB1, AB4, and AB7, operated by Falcon, reported some crude oil finds around 2018, which Ethiopia is hoping will attract additional exploration and investment in the remaining six blocks of the region.
North West Oil Shale
The Ethiopia-Eritrea border is home to some 3.9 billion tons of oil shale--enough to produce a staggering trillion barrels of oil, if it can ever be economically extracted. So far, there has been very little investigation into the viability of these resources, owing to low oil prices in the world. However, with production costs set to continue dropping over the foreseeable future with technological advances in extraction, and with Ethiopia's demand for oil set to grow astronomically as the country's economic development continues, Ethiopia is hoping that some segment of this oil shale can be economically developed. As such, Ethiopia has invited oil shale leaders from around the world, most notably Canadian, Chinese, Estonian, and American firms, to invest in oil shale extraction in northern Ethiopia.
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[Need Guidance] Pay-as-you-go Solar model

I'm a small entrepreneur. The basic business model in my line of work is buy low and sell high. Nothing much technical like most people discuss here on this sub.
Last year I was in Tanzania, and came to know about M-Kopa Solar. A pay-as-you-go solar asset rental company. (
Well few months ago I've to come back to my home country India winding up my business in Tanzania because African countries including Tanzania are facing severe FOREX problems these days.
After coming back to India, I was thinking to start a new business. So it came to my mind why not make something similar as M-Kopa here in India. After all India has potential demand of such product, as it is suffering from severe power shortages in rural areas. So I started to search about it and know more about it. Upon further googling, I found that there is a company which is already selling similar product. Which I think is good because the model is tried and tested here.
I can source out the hardware required to make such product, and take care of packaging, transport and sales of the final product. But I have no knowledge of the software or programming or mobile integration... you pretty much get the idea where I lack behind.
So I came here for guidance to where and how do I start? I've little money which I can invest into this. More if this project would seem promising later on.
Tldr; Want to start a Pas-as-you-go Solar Asset rental business model in India similar to M-Kopa in Africa, but do not have knowledge of software. Please guide me how can I start?
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Forex brokers in Tanzania. Here you can find a list of the best global Forex brokers online accepting traders in Tanzania for Forex trading. Risk Warning: Your capital is at risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 58-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how ... Five Best Regulated Forex Brokers in Tanzania. 16 Oct 2020. Correspondent. Features. The Guardian . Five Best Regulated Forex Brokers in Tanzania. There are numerous Forex brokers which have started welcoming more African traders as brokers are regulated and authorized by more regulatory entities that allow them to offer their services. However, Tanzanian traders do not yet have access to any ... Tanzania Forex. The Tanzanian Shilling (TZS) weakened by more than 50% against the USD over the past five years, from an average annual exchange rate of 1,735 in 2015 to 2,325 in 2020. Still, Tanzania’s shilling exchange rate remained stable during 2019 and depreciated with 0.7% against the USD. The low volatility was in part due to interventions by the Bank of Tanzania (BoT) aimed at ... Forex Trading Example in Tanzania Let’s say the USD/TZS currency pair is currently trading at 2,310. According to that price, it will cost you 2,315 shillings to buy a U.S. dollar. They also provide the best signup bonuses for new traders from Tanzania, and are trusted, safe, and have a long term record in the forex world. Here’s a breakdown of the top 10 best forex brokers in Tanzania: XM – Best Overall Forex Broker In Tanzania. HotForex – Most Trusted Online Forex Broker. FXTM – Best Online Broker For Forex Trading. The Tanzanian Shilling is the currency of Tanzania. Our currency rankings show that the most popular Tanzania Shilling exchange rate is the USD to TZS rate. The currency code for Shillings is TZS. Below, you'll find Tanzanian Shilling rates and a currency converter. In Tanzania, the currency used is Tanzanian shilling. It can be hard to get hold of, but there are alternative currencies to use. Read more. ... Since 1965, FOREX Bank is the market leader in the Nordics for travel exchange. Since 2003 we also offer other bank services such as loans, accounts, cards and payment services. FOREX Bank AB, Box 2154, SE-103 14 Stockholm. Phone 010 211 10 00 O ... Forex Trading in Tanzania and Kenya. Best Forex broker. Home. BIASHARA YA FOREX. Brokers; Vitabu Vya Forex; Contacts; Mobile App; Help; Jinsi ya kuchagua broker mzuri wa Forex. Author: Admin April 06, 2020 No comments Forex ni moja kati ya biashara kubwa zaidi duniani yenye mzunguko wa zaidi ya dola za kimarekani trillion 5 kwa siku. Kama kawaida, biashara yoyote kubwa, inavutia watu ... Forex trading has become increasingly popular in Tanzania and each broker will offer an advantage over the other. Traders should take their time to find the best broker that will let them trade Stocks , Indices , Binary Options , CDFs , ETFs , Forex and some cryptocurrencies including Bitcoin and Ethereum paired with quick deposits and withdrawals of their profit. Forex Trading in Tanzania – The Basics. The foreign exchange market is the largest and most dynamic financial market in the world. The potential to earn a lot of money is what makes forex trading popular. However, sufficient knowledge about the market is necessary to improve your chances to succeed. How trading forex works is best explained through a simple example. If you purchased US ...

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