- The NNPC is set to deploy drones in its bid to curb crude oil theft. It will make use of drones to check the movements of ships in the country’s waters. Nigerian oil pipelines had as many as 4,000 attempted attacks from June 2014 to June 2015 and 350 NNPC staff, police officers and citizens have been killed in related incidents in the past three years NNPC boss, Emmanuel Kachikwu, said. “In eight months we must be able to deliver an environment that is free from the vices of oil theft,” Kachikwu said.
- The African Development Bank (AfDB) will focus in the coming years on tackling Africa’s chronic power shortages to try to unlock its economic potential and end its vulnerability to fluctuations in commodity prices, its new president Akinwunmi Adesina said. Though it boasts nearly a billion people, sub-Saharan Africa consumes about as much power as Spain, which has less than five percent of Africa’s population, due to poor generating capacity and limited transmission networks. Two-thirds of Africans have no access to electricity.
- The new AfDB boss also said that African nations, stung by plunging commodity prices, should look to setting up more sovereign wealth funds to help withstand downturns in the future. “It’s not the only one we’re going to see, there’s still going to be a lot of disquiet in the market going forward.” The funds “will allow countries to have fiscal buffers and liquidity buffers to this kind of shock,” Adesina said.