Business
EU-Africa Business Forum: Working together towards sustainable growth and employment
BRUSSELS – To promote sustainable and inclusive growth in both Africa and the EU, European Commission Vice-President, Antonio Tajani, and Commissioner for Development, Andris Piebalgs, will today take part in the 5th EU-Africa Business Forum in Brussels.
The event brings together more than 500 high-level representatives from European and African business, politics and public institutions for two days (31 March/1 April) of discussions.
Debates will focus on common challenges such as the stake of young people in today’s economies, the role of banks for inclusive growth and financing issues for Small and Medium Enterprises (SMEs) and on specific issues such as raw material, risk capital, sustainable energy or space cooperation. Prior to the forum, Commissioner Piebalgs also announced two new EU programmes to support the private sector in West Africa and Madagascar.
Vice-President Tajani, Commissioner responsible for Industry and Entrepreneurship, said ahead of the event: “Africa is on the move. The accelerating industrial development of Africa is a reality. The developing regions and countries that are sharing the benefits of globalisation are the rapidly industrialising ones. The European Union and Africa have genuine interest in increasing bilateral trade, investment and market integration in mutually beneficial relations to boost strong sustainable and inclusive growth and create jobs”.
Commissioner Piebalgs commented: “Africa has become one of the fastest growing regions in the world over the last decade, but we must accelerate the creation of decent and productive jobs to ensure that the benefits of this growth are being shared more evenly. The private sector has a key role to play in this and the Commission will soon present a policy paper on how to modernise EU support for developing the private sector in developing countries and how to strengthen its role in achieving inclusive and sustainable growth there where it’s most needed.”
A new EU-funded project recently launched in Madagascar will enable the private sector to better support inclusive growth and be more competitive on the national, regional and international markets. With €8 million of EU funding, activities will include support and training for business associations (e.g. chambers of commerce) so they have the knowledge to increase competitiveness among their members and to help them represent economic interests in public-private dialogues and negotiations. Specific support will be given to Micro, Small and Medium Enterprises in the form of training in marketing/management techniques, help with accessing finance and preparing business plans. They will also receive help in improving product quality and finding market opportunities.
A second EU programme aims to make businesses in West Africa more competitive and help to improve the business and investment climate in the Economic Community of West African States (ECOWAS). Among other things, it will help the region and its countries to adopt policies that can attract investments (EU funding: 20 million).
In the centre of discussions Vice-President Tajani will have during the summit will be sustainable access to raw materials as well as access to high quality and affordable medicines. He will discuss with his counterparts cooperation projects in the fields of space technologies which can play a positive role in the developing world to favour sustainable development, such as food security, health and education. Furthermore, Vice-President Tajani will encourage enterprises in African countries to seize new business opportunities under the COPERNICUS programme allowing the access to its satellite data.
Tajani will highlight the benefits of use of satellite navigation in Africa under the Commission’s EGNOS programme which will help to optimise transport with the use of satellite guidance as well as bring an enormous increase in the safety of the African skies, guiding planes safely to airports along regional and international routes. Benefits associated to this safety increase in Africa are estimated at more than €1,100 million!
The 5th EU-Africa Business Forum takes place on the eve of the EU-Africa Summit. It will be jointly opened by European Commission President, José Manuel Barroso, and African Union Commission Chairperson, Nkosazana Dlamini-Zuma. On 1 April, Trade Commissioner Karel De Gucht will participate and the President of the European Council, Herman Van Rompuy, will give concluding remarks.
The 4th EU-Africa Summit will take place in Brussels on 2-3 April 2014. It will bring together African and EU leaders, as well as the leaders of EU and African Union institutions. Under the theme “Investing in People, Prosperity and Peace”, participants will discuss topics including peace, security, investment, climate change and migration. Previous summits took place in Cairo (2000), Lisbon (2007) and Tripoli (2010).
EU-Africa relations are largely based on the Joint Africa-EU Strategy, adopted in 2007. Alongside this strategy, a 2011-2013 action plan, agreed at the last EU-Africa summit in 2010, sets out concrete targets within specific areas of cooperation, such as peace and security, democratic governance and human rights.
The 2014 summit will be an opportunity to take a fresh look at the EU-Africa partnership, to highlight some of the results that have been achieved, and to explore areas for future cooperation.
Shell will continue to support Nigeria in its efforts to build a secure energy future through investments and efficient delivery of its businesses in Nigeria.
“We continue to invest in Nigeria’s future through our projects, our people, and our enduring confidence in the potential of this nation,” General Manager, Development and Subsurface Shell Nigeria Deepwater, Kun Jiang said today while delivering the sponsor’s remarks at the 49th edition of the Nigeria Annual International Conference and Exhibition of the Society of Petroleum Engineers in Lagos.
Kun highlighted current investments in Bonga North, HI and the advancement of Bonga Southwest as testimonies of Shell’s confidence in Nigeria’s deepwater future. The confidence was further reiterated with the recent launch of a US$3 billion contract financing programme by Shell Nigeria Exploration and Production Company (SNEPCo), which will help Nigerian contractors build capability, create value, and accelerate project delivery.
Shell is a major sponsor of the conference as part of a longstanding support for a professional body which has contributed to the development of the oil and gas industry. Discussing the theme of the conference; “Thriving in the Evolving Global Energy Landscape: Collaborative Growth and Resilience,” Kun said Nigeria had a lot of opportunities despite geopolitical tensions that threaten global supply chains and market volatility and shifting energy dynamics.
“With a population exceeding 240 million people, abundant natural resources, world-class talent, and growing domestic energy needs, Nigeria has all the ingredients to become one of the world’s most attractive energy investment destination,” she pointed out. “But potential alone does not create prosperity. Potential must be converted into progress. Resources must be transformed into value. Opportunity must be matched by action.”
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Nigeria must continue to attract capital, strengthen the business environment, embrace technology to unlock potentials if it will thrive in the global evolving energy landscape. She added: “The future will belong to countries and industries that combine resilience with innovation, ambition with collaboration and investment with execution excellence. Nigeria has the resources. Nigeria has the talent. Nigeria has the opportunity. What is required now is the collective determination to seize it.”
Shell is mounting an exhibition at the SPE conference with SNEPCo’s Senior Production Geologist Abidemi Belgore taking industry leaders and regulators round the stand.
Key areas of interest include technological breakthroughs that have enhanced output at Bonga and facilitated the execution of the Bonga North project. Also highlighted on the stand is the full range of Shell businesses in Nigeria from deepwater oil production and integrated gas to renewables and power solutions as well as social investments across the country.
The Nigerian naira recorded further gains against the United States dollar on Monday, appreciating to N1,408 per dollar in the parallel market, compared to N1,415/$ recorded at the close of trading last weekend.
The local currency also strengthened in the Nigerian Foreign Exchange Market (NFEM), where it appreciated to N1,365 per dollar, up from N1,368/$ at the end of last week.
According to data released by the Central Bank of Nigeria (CBN), the indicative exchange rate improved by N3, reflecting sustained appreciation of the naira in the official market.
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The latest gains also narrowed the gap between the parallel and official exchange rates to N43 per dollar, down from N47 per dollar recorded on Friday, indicating a gradual convergence between both markets.
Meanwhile, activity in the official foreign exchange market increased significantly, with interbank turnover surging by 132.3 per cent to N137.05 million, compared to N58.99 million recorded last weekend.
The improved performance of the naira across both markets comes amid continued efforts by monetary authorities to stabilise the foreign exchange market and enhance liquidity.
With a view to improving operational efficiency, safety, compliance and service delivery across its operations, Pinnacle Oil & Gas Limited has reaffirmed commitment to building stronger relationships with its vendors.
The company made the commitment at its 2026 Vendors’ Forum held in Lagos under the theme, “Partnering for Operational Excellence,” with the sub-theme, “Strengthening Partnerships Through Compliance, Safety, Performance and Innovation.”
The forum brought together more than 100 existing and prospective vendors as well as key stakeholders, both physically and virtually, to strengthen collaboration and align suppliers with the company’s operational standards and growth strategy.
Speaking at the event, Managing Director and Chief Executive Officer of Pinnacle Oil & Gas, Adenike Labinjo, described vendors as strategic partners whose commitment to quality, innovation, safety and compliance is critical to the company’s success.
She said as Pinnacle continues to expand its operations, it has become increasingly important for the company and its vendors to share a common understanding of expectations, responsibilities and performance standards.
Labinjo stressed that safety, regulatory compliance and ethical business practices remain non-negotiable in all engagements with suppliers.
She noted that stronger collaboration with vendors would help the company deliver greater value to customers and other stakeholders while supporting sustainable business growth.
The forum featured technical presentations by senior executives from the company’s Procurement, Engineering, Compliance, Finance, Legal, Health, Safety and Environment (HSE), and Sales and Marketing departments.
Participants received guidance on Pinnacle’s procurement procedures, vendor onboarding and prequalification processes, Know Your Customer (KYC) requirements, tax invoicing, payment processes, contractual obligations, technical specifications, contractor responsibilities, supplier performance expectations and Service Level Agreements.
The company also unveiled improvements to its Purchase Order (PO) process aimed at improving efficiency, transparency and ease of doing business with vendors.
A major highlight of the event was an interactive question-and-answer session where vendors engaged directly with the company’s leadership on procurement procedures, compliance requirements, project execution, HSE standards and areas for continuous improvement.
According to Pinnacle, the session reinforced its commitment to transparency, open communication and stronger collaboration with suppliers.
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The company also recognised outstanding vendors whose contributions have supported its operational performance over the past year. Five companies received Certificates of Recognition for exceptional service delivery, innovation and partnership.
The award recipients were Great Grace Enterprise for Outstanding Delivery Performance, Cevets Nigeria Limited for Excellence in Project Delivery, Ceezik Projekts for Outstanding Quality, Diadco Nigeria Limited for Outstanding Responsiveness, and Sephill Innovative Solutions Limited for Best Commercial Value.
On the significance of the forum, Head of Procurement and Administration, Oluseyi Ogunfowora, said the initiative reflects Pinnacle’s determination to build stronger partnerships through transparency, collaboration and shared accountability.
She explained that the procurement function coordinates the requirements of Engineering, Operations, Marine, Compliance, Legal, Finance, HSE and other business units to ensure a fair, efficient and transparent procurement process.
Ogunfowora urged vendors to submit complete and compliant documentation, communicate proactively and seek clarification whenever necessary.
“The success of our business depends on the strength of our partnerships,” she said. “When vendors clearly understand our expectations and we work together with transparency, compliance and open communication, we create a high-performing vendor ecosystem that benefits everyone.”
She added that the 2026 Vendors’ Forum forms part of Pinnacle’s broader strategy to strengthen supplier engagement, improve operational efficiency and reinforce a culture of compliance, safety, innovation and continuous improvement throughout its value chain.
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