12 November 2012, Sweetcrude, Houston, Texas – Energy and Corporate Africa has noted that in the face of global economic instability, indications are that sub-Saharan Africa will continue to garner economic growth, especially given the 5.8% growth projection by the International Monetary Fund, IMF, for 2012.
The region recorded about 5% growth in 2010 which was 2% higher than it was in 2009. While the world economic growth was around 4%.
Much of the growth was in the areas of commodities – agriculture, minerals, oil and gas. The oil and gas sector has shown great potentials as economic growth driver in the region especially in the resource rich nations. In fact, the expected major growth in the GDP of sub-Sahara Africa countries will be in resource –rich countries such as Angola, Nigeria, Cote d’Ivoire, Ghana, Gabon, Uganda, Kenya, South Africa, Togo, Ethiopia, Zambia, Zimbabwe and Rwanda.
Profound democratization, recent geopolitical trends and the aftermath of Arab Spring helped to spur business in sub-Saharan Africa. Also, most of the resource –rich nations in the region have begun to vigorously embrace the ordinances of extractive transparency and gradually working towards the eradication of corruption.
In the light of the above, with the momentous growth in the GDP of sub-Saharan Africa on the plane of democracy, extractive transparency, improved petroleum and economic laws, Energy & Corporate Africa – the organizers of the annual sub-Saharan Africa oil and gas conference opines that foreign direct investment is expected to increase tremendously in the region’s oil and gas sector which has great potentials for expansion and high return on investment.
Energy & Corporate Africa also states that with the proclivity for increase in exploration and production in Sub-Sahara Africa, opening of new frontiers in the eastern part of the region and robust deep water activities in Nigeria, Angola and Gabon, IOCs will increase their investments, and more independent and service companies will be attracted to this very promising market.
The processes of maximizing investments, exploration and production in Africa forms the basis of the upcoming 6th Annual Sub-Saharan Africa Oil & Gas Conference which has been scheduled to take place from April 25 – to – April 26, 2013 at the Marriott West loop, Houston.
Some of the confirmed speakers of the event are: H.E. Gabriel Obiang Lima – Minister of Mines, Industry & Energy, Equatorial Guinea; H.E. Crispin Atama Tabe Mogodi – Minister of Hydrocarbon, Democratic Republic of Congo, Hon. Fafa Sanyang – Commissioner of Petroleum, Gambia, Engr. Farouk Sa’id – Group General Manager, Gas, NNPC; Lance Crist – Head of global Oil & Gas, IFC – World Bank Group, Jean – Pierre Goma – Special Adviser on Petroleum to the Minister of Hydrocarbon, Republic of Congo – Brazzaville, Ian Gordon – New venture Exploration Manager, noble Energy, Tim O’Hanlon – Vice President African Business, Tullow Oil and many others.