The Nation Newspaper

Category: Energy

  • NNPC, Sahara gas vessels leave South Korea

    The  liquefied petroleum gas (LPG) vessels, MT Africa Gas and MT Sahara Gas,   jointly acquired by the Nigerian National Petroleum Corporation (NNPC) and the Sahara Group have left South Korea to begin  operations.

    The vessels will berth in Houston, United States, to convey their first consignment of gas expected to be delivered to the West African coast next month. The vessels’ operations are expected to actualise NNPC’s vision, which harps on boosting the availability of the commodity in Nigeria and the West African sub-region.

    According to Sahara Group spokesman, Bethel Obioma, the two vessels will address the lingering challenges of supply, affordability and fraudulent activities of individuals and organisations seeking to adulterate cooking gas due to scarce supply.

    MT Africa Gas has already taken the lead, commencing its maiden voyage by sailing towards the Caribbean/US Gulf Region. Sahara Gas is due to follow suit in the coming weeks. He said industry stakeholders have commended the Dr. Maikanti Baru led NNPC for taking bold steps at tackling the scarcity of cooking gas nationwide.

    The stakeholders lauded Baru’s giant interventions towards ensuring sustainability, safety and reliability for millions of consumers, who depend on the commodity for their daily energy needs.

    Considered as a cleaner, much safer and more affordable alternative to firewood and kerosene, the acceptability of LPG in the sub-region has been affected by some challenges over the years. These hiccups include low supply, poor logistics and lack of LPG vessels in the region.

    According to him, with the recent unveiling of two LPG vessels, being acquisitions of West Africa Gas Limited, a Joint Venture of NNPC and Sahara Group, there is a renewed optimism for what is popularly referred to as cooking gas in the country.

    The Joint Venture is run by two companies, NNPC LNG Limited, a wholly-owned subsidiary of NNPC and Sahara Energy’s oil and gas trading arm of Ocean Bed Trading Limited.

    Working through the JV, NNPC’s LPG policy will, in addition to improving supply within West African states, check the menace of deforestation in the sub region. “It is expected that in the long run, the growing negative impact of climate change across the globe will be drastically reduced,” Obioma said.

    The NNPC’s chief had at the inauguration of the LPG vessels in South Korea, said it was “an outstanding achievement” for Nigeria, considering the fact “that the Joint Venture between NNPC and Sahara is already recording success stories within a short period having been established in 2013”

  • Malawi to study NEITI implementation in Nigeria

    A high ranking delegation from Malawi is expected to arrive Abuja this week on a study of Nigeria’s implementation of the Extractive Industries Transparency the Initiative (EITI).

    While in Nigeria, the Malawian delegation will undertake a one week study of Nigeria’s implementation by NEITI, of the principles of the global Extractive Industries Transparency Initiative.

    According to NEITI Director, Communications, Dr. Orji Ogbonnaya Orji, the study will examine how NEITI interventions through its reports and advocacy are supporting the on-going reforms in the country’s oil, gas and mining sectors, and how Malawi can benefit from this experience.

    The delegation is to be received on arrival by the Executive Secretary Mr. Waziri Adio at the NEITI Secretariat Abuja.

    Malawi has a population of about 18 million people and is in Southern Africa. It is rich in solid mineral resources such as uranium, coal and gemstones.

    Malawi joined the global Extractive Industries Transparency Initiative on October 22, 2015, while Nigeria has been a founding member of the organisation since 2003.

    While the implementation of EITI in Malawi is currently at its infancy as the country is yet to publish any EITI Reports, Nigeria is a ranking member and attained complaint status in 2012, won the best implementing country at the 6th global conference of the organisation held in Sydney, Australia in 2013, and  has published several independent audit reports in oil and gas industry since 2004 . Nigeria has also published similar reports on solid minerals, fiscal allocation and resource disbursements.

    Besides, Nigeria’s implementation of EITI is supported with a specific law, the NEITI Act of 2007.

    Among the 54- member –country world body, Nigeria through the work of NEITI is largely seen as a model worthy of emulation.

    While in Nigeria, the Malawian EITI team led by the Chairman of the country’s multi-stakeholders group Mr. Kulemeka Crispen Clemence is expected to seek exposure to NEITI processes,its mandates, challenges,and success stories in its operations as an agency.  Other areas of interest to the team will include NEITI relations with its multi-stakeholders group like the civil society, the media, the extractive industry companies, government and other covered entities.

    In this direction, the team is scheduled to meet with Dr. Kayode Fayemi, Minister of Mines and Steel Development and the Chair of National Stakeholders Working Group (NEITI Board).

  • NLNG boosts supply of cooking gas for market stability

    NLNG boosts supply of cooking gas for market stability

    The Nigeria Liquefied Natural Gas Limited (NLNG) has increased the supply of liquefied petroleum gas (LPG), commonly called cooking gas, to ensure market stability and reduce the commodity’s price.

    NLNG General Manager, External Relations, Kudo Eresia-Eke, said the commodity’s availibility   would bring down price and also enhance energy security. “Energy is important to Nigerians and the economy. Bringing stability to the product Nigerians use is important to us as a company. We are passionate about what concerns Nigerians,” he noted.

    Eresia-Eke noted that the price of the product has started coming down and assured that with more supplies the price will further drop. A survey by The Nation also confirmed that the price has gone down by N500 and more, per a 12.5 kg, depending on the area of purchase. In some LPG filling plants in Ikeja, a 12.5kg cylinder sells for N4,500 or less as against N5,000. In some NNPC retail outlets, however, a 12.5kg cylinder still goes for N4,800.

    Nevertheless, Eresia-Eke said NLNG has chartered a vessel dedicated to bringing the product from its Bonny Island plant in Rivers State to terminals in Lagos until it floods the market with the product.

    The chartered vessel, Gaz Providence, has the capacity of 13,126.6 metric tons, which equals 1,000,040 of 12.5kg cooking gas cylinders. “The vessels discharged in January and could have done more if not for delays at the terminals in Lagos,” the NLNG spokesman said.

    He continued: “The delays to vessel discharges at the receiving facilities (terminals) in Apapa, Lagos, is as a result of its multi-use nature with berthing priority accorded to vessels discharging other oil products such as petrol, kerosene and diesel.

    “For instance, NLNG’s dedicated LPG vessel was unable to discharge LPG at Apapa port between December 29, 2016 and second weekend in January 2017 due to jetty unavailability. This was what resulted in the temporary product shortages in the market and consequent high price.

    “We are, however, glad that the media took the opportunity of the scarcity period to stress the need for the provision of enabling facilities such as landing jetties in other parts of the country like Port Harcourt and Calabar, among others, to support NLNG’s commitment to supply of LPG to domestic market.”

    Eresia-Eke noted that on their part as a company, they are also working with relevant stakeholders to eliminate bottlenecks and improve operational efficiencies to ensure product availability and help correct market price distortions.

    He stressed that while NLNG was committed to the supply of LPG, it was instructive to note that the issue of pricing was based on an international price index plus 50 per cent of the shipping cost of delivering the product to receiving facilities in Apapa, Lagos. That price was invoiced in naira at the prevailing official interbank exchange rates.

    “The reality is that LPG is produced and consumed locally, but like crude oil, it is an internationally traded commodity with an international price benchmark that is open to global demand and supply pressures.

    “NLNG has, however, over the years, made efforts to soften the impact of price variations by subsidising the cost of transporting about 40 per cent of total domestic market share, which it supplies from its production facility on Bonny Island and increased supply from 250,000mt to 350,000mt,” he added.

  • Transfer of Mobil shares to NIPCO nearing completion, says MD

    Transfer of Mobil shares to NIPCO nearing completion, says MD

    The transfer of shares and other liabilities of Mobil Oil Nigeria (MON) Plc to the Nigerian Independent Petroleum Company (NIPCo) Plc will soon be completed, NIPCO’s Managing Director Mr. Venkataraman Venkatapathy has said.

    Venkatapathy told The Nation, that NIPCO’s acquisition  of the Mobil shares would bring economy of scale to the firm, benefit Nigerians and the economy. NIPCo is an efficient oil trading and distribution company.

    NIPCO’s acquisition of mobil, he said, has expanded the Group, adding that the firm is adding new businesses such as the lubricant production unit to the system to make it bigger.

    On whether he foresees more acquisitions or mergers in the downstream sub-sector, the NIPCo chief said he could not say because the economy is going through difficult times.

    He said: “The acquisition of Mobil shares is good for the company. There is a synergy between NIPCo and Mobil Oil Nigeria in the sense that both are engaged in oil distribution, so there is economy of scale. Nigerians and the nation will benefit from the acquisition because NIPCo is efficient in the industry.

    “We are also bringing a new business into the system – the lubricant business. The Group is becoming bigger not just because of the acquisition, but the additional new business areas. The transition is ongoing and will soon be completed and we will do the announcement at the right time.”

    In October, last year, NIPCo bought ExxonMobil’s 60 per cent equity in Mobil Oil Plc and added to the seven per cent equity it previously held in Mobil Oil, raising its total equity holding in Mobil Oil to 67 per cent.

    The Manager, Media and Communications, Mobil Producing Nigeria Unlimited, Mr. Oge Udeagha, told The Nation that the transaction was transparently carried out. He also stated that the two firms reached far-reaching agreements, especially in protecting the welfare of Mobil Oil Plc workers that would be inherited by NIPCo, adding that the divestment was in line with ExxonMobil’s business plan.

    According to him, the choice of NIPCO was made on a commercial basis, considering price, transaction terms, long term strategic perspective and a number of other factors, including its commitment to Mobil Oil Nigeria’s employees.

    He noted that ExxonMobil carefully evaluated opportunities across a wide range of market conditions and only advance projects generating long-term shareholder value. “Following these assessments, we sometimes find that it makes greater business sense to divest when the businesses are estimated to have higher value to others.

    “This decision is in no way a reflection of our view on the local business climate, financial results or the workforce,” he added.

    Udeagha said: “ExxonMobil has reached an agreement with the Nigerian Independent Petroleum Company for the sale of its 60 percent share in its downstream Mobil Oil Nigeria affiliate. Mobil Oil Nigeria comprised 250 company-owned and dealer-owned Mobil-branded retail stations, a fuel terminal and a lubricant plant in Apapa, and interests in two aviation fuel joint ventures in Lagos.

    “We have also reached accompanying agreements for the continued import, blending and distribution of Mobil-branded lubricants and marketing of Mobil-branded fuel. These agreements will ensure the continued presence of the Mobil brand in Nigeria and position the brand for future growth.

    “Subject to regulatory approval, change-in-control is anticipated by mid-2017. The Mobil Oil Nigeria Board, Ministry of Petroleum, Nigeria Stock Exchange and other relevant statutory agencies have been notified of the transaction.

    “This share-sale agreement does not involve ExxonMobil’s upstream production operations in Nigeria or lubricant supply to Caterpillar dealer, Mantrac Nigeria. ExxonMobil regularly evaluates its global portfolio of businesses and opportunities for growth, restructuring or divestment depending on fit with strategic business objectives. Mobil Oil Nigeria will be renamed after the sale is completed. It is expected that Mobil Oil Nigeria’s employees will continue to be employed following change-in-control.”

  • OPEC, non-OPEC Joint committee praised for output cut

    The Joint Organisation of Petroleum exporting Countries (OPEC), and the non-OPEC Ministerial Monitoring Committee (JMMC) have commended members’ compliance with the oil production cut that has boosted price.

    At its inaugural meeting at the OPEC Secretariat in Vienna, Austria, chaired by the Minister of Oil, Electricity and Water, Kuwait, Issam A. Almarzooq, the JMMC agreed to facilitate the exchange of joint analyses and outlooks, which will provide valuable input to the evaluation of the conformity.

    The JMMC comprises three OPEC-member-countries – Algeria, Kuwait and Venezuela – and two non-OPEC countries – the Russian Federation and Oman. OPEC’s Research Division briefed the Committee on oil market developments that have occurred since the Declaration of Cooperation was approved last December 10.

    The JMMC discussed the framework for the realisation of the voluntary production adjustments on the Declaration of Cooperation.

    Russian Energy Minister, Alexander Novak, who is the Committee’s Alternate Chairman, and Khalid Al-Falih, President of the OPEC conference spoke at the event.

    The JMMC was established, following OPEC’s 171st Ministerial Conference decision of November 30 and the declaration of Cooperation made at the joint OPEC-non-OPEC ministerial meeting held last December 10.

    At the December meeting, 11 non-OPEC oil producers cooperated with the 13 OPEC member countries to accelerate the rebalancing of the global oil market through an adjustment in combined production of 1.8 million barrels per day.

    The resulting declaration, which came into effect on January 1, 2017, is for six months, and is extendable for an additional six months pending the status of supply and demand, as well as global inventories.

    The JMMC is chargd with ensuring that the objectives of OPEC’s 171st Ministerial Conference decision and the declaration of cooperation are achieved through successful implementation of voluntary adjustments in production.

    Reaffirming its commitment to joint cooperation for the achievement of a lasting stability in the oil market in the interest of oil producers and consumers, the Committee agreed to full and timely conformity to the agreement with the following stipulations:

    The OPEC Secretariat will present a monthly production data report on OPEC member countries’ crude oil and of the participating non-OPEC oil liquid production to the JMMC by the 17th of each upcoming month. Evaluation of conformity to the respective country production adjustment will be based on production data only.

    Each of the five member-countries of the JMMC will nominate one technical person, to form a Joint Technical Committee (JTC), which shall include the Presidency of the OPEC Conference and shall assist the Ministers.

    The JTC will cooperate with the OPEC Secretariat to prepare the monthly report for the JMMC and meet monthly before submitting their report to the JMMC.

    The JMMC will communicate monthly, after the 17th of each upcoming month, to consider the reports presented by the JTC and the OPEC Secretariat, as well as meet after the 17th of March 2017 and before the OPEC Conference in May 2017.

    The JMMC will issue a monthly press release on the progress towards the implementation of the OPEC 171st Ministerial Conference decision and the declaration of Cooperation.

    The JMMC will report to the Conference on the effect of the implementation of the OPEC 171st Ministerial Conference Decision and the Declaration of Cooperation on the market.

    The JMMC expressed its satisfaction regarding the strong level of commitment to the agreed framework.

    The Committee expressed its appreciation to OPEC’s host country, the Government of the Republic of Austria, as well the City of Vienna, for their excellent arrangements made for the meeting.

  • NCDMB, Total, others praise EWT for completion of Egina OLT piles

    Energy Works Technology (EWT), a subsidiary of Obijackson Group, has been praised for the completion of the fabrication of nine Oil Loading Terminal (OLT) buoy anchor mooring piles, for the Egina F1ield development.

    Speaking during the load-out of the piles at Nestoil Industrial Area, Abuloma in Port Harcourt, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, hailed the performance of Nigerian service firms on the scope of the Egina deepwater project, noting that they demonstrated their engineering prowess and compliance with the Nigerian Oil and Gas Industry Content Development Act.

    He said Egina was the first major project executed under the Nigerian Content Act and the Board’s strategy ensured the utilisation of the in-country capacity, upgrade of facilities to meet the targets specified in the Nigerian Content Act and Capacity Development Initiatives (CDIs) where local capacities did not exist.

    Wabote assured that the CDIs would bring down the cost of  projects, stressing that the Nigerian Agip Oil Company’s “Zabazaba and Etan Deepwater Project must not only utilise capacities and facilities developed on past projects but also exceed the Nigerian Content performance achieved on Egina.”

    He praised Total Upstream and Saipem Contracting for their Nigerian Content credentials on the Egina Project and for supporting EWT to deliver on the OLT project, advising other international operating companies and Engineering, Procurement, Construction and Installation (EPCI) contractors to emulate the feat.

    Wabote praised the Obijackson Group, recalling that the company started to build capacity over 20 years ago. “They took serious investment risks and we now have a manifestation of that focus, tenacity and belief in the development of the Niger Delta.They believed that this is where the activities are and put this massive structure here, employing about 2,500 persons, even more than most multinationals you know about in Nigeria,” he said.

    Obijackson Group Managing Director, Dr. Ernest Azudialu-Obiejesi said the Local Content Act was a success because Nigerian companies, technicians and engineers have acquired expertise and built capacity that have increased indigenous participation in the sector.

    He said: “With the Local Content Act, we have made significant progress as a nation and assumed a position of dignity amongst International Oil Companies (IOCs) and other players in the sector who are the beneficiaries of our first-rate services. EWT took advantage of the opportunity created by the Local Content Act to nurture our skills to the point we are.”

    EWT Group Chief Operating Officer, Mr. Gabriel Oramasionwu also said the company spent 400,000 man-hours on the project with zero loss time injury. “This is actually local content in action because every single thing that was done here was done in Nigeria by Nigerian experts with diverse experience. More than 98 per cent of the resources used here are all local content,” he said.

    He said the project required investments and infrastructural enhancements at the company’s facilities like the dredging of the Abrutu River channel to the Bonny River, producing a uniform draft of 5 meters to enable a smooth sail-away of the fabricated structures as well as the strengthening the jetty to bear 3000 Tons of load.

    The General Manager, Egina Project Control, Partners and Authorities, Mr. Felix Akan, said the Egina field, when completed, would add 200,000 barrels of crude oil per day to the national production by 2018.

    He said the project had the highest level of Nigerian Content compared to other oil and gas projects. He noted that the project’s management team and  the main contractors’offices are in the country.

    “About 94 per cent of the project’s Basic Engineering was performed in Nigeria by Nigerian companies. Detailed engineering represented about 85 percent of engineering man-hours spent in Nigeria. The project’s in-country fabrication activities represent about 60,000 tons of equipment,” he added.

    Petroleum Technology Association of Nigeria (PETAN) Chairman Mr. Bank-Anthony Okoroafor described the feat by EWT as a confirmation that indigenous companies could handle complex projects.

  • Ikeja Electric, landlords’ row over wires’ re-routing deepens

    Ikeja Electric, landlords’ row over wires’ re-routing deepens

    The row between Ikeja Electric (IE) and some landlords at Abule-Egba, a surburb of Lagos, over the re-routing of high tension wires, has deepened.

    The landlords in support of one of their own Mr Godfrey Iriogbe, over whose property IE re-routed the wires, said the firm was wrong.

    Speaking to The Nation, the landlords urged IE to return the wires to their original place, adding that they would ensure the firm returns the wire wto here it was to prevent a repeat of similar act in the future.

    One of the landlords, Mrs. Queen Osagie, urged IE to be fair to its customers, claiming that the action of the company towards Iriogbe smacks of injustice.

    “It is obvious that Ikeja Electric deliberately put the wire on Iriogbe’s property. For years, the wire was over the mosque in the neighbourhood. Why is it now that the firm changed the location of the wire?’’ she asked.

    She added that the firm should listen to opinions of others and remove the wires from Iriogbe’s property.

    Another landlord, Mr. Sylvester Arovo, said the community has expressed its disapproval to the issue by advising IE to route the wire properly. He said many of the landlords after visiting the building at No 5, Abiodun Onitiri Street, Abule Egba, condemned the IE, warning that if the wires were not removed, they could lead to the building’s demolition in future for being under electric cable.

    Another landlord, who identified herself as Mrs. Odigbe, said the landlords expected the Abule-Egba unit of IE to retain its original position.

    She said: “Why other landlords and I in the area are not happy is that we discovered that the Abule-Egba unit was erecting the wires on top of Iriogbe’s property. Why should the firm do this to him? The company is setting a bad precedence. The implication is that any of the landlords can be a victim in future. That is the reason landlords are appealing to IE management to be fair on the issue.’’

    Iriogbe,  a member of staff of The Nation, said he had met town planning rules and regulations, including providing 30 centimetres setback to the road before building his house, wondering what the firm was after.

    According to him, IE is playing politics with the issue, adding that the firm was not making any move to resolve the issue.

    He said though IE, in a letter dated November 28, 2016 and signed by its Hea d of Legal Department, Mr. Babatunde Osadare, promised to address the matter, it had not done so.

  • How investors’ll gain from sector’s $12tr, by LADOL chief

    How investors’ll gain from sector’s $12tr, by LADOL chief

    Investors  stand to benefit from  the opportunities in the oil and gas sector worth $12trillion, the Chief Executive Officer, Lagos Deep Offshore Logistics base (LADOL), Dr Amy Jadesinmi, has said.

    Presenting a paper titled: “Business leaders to promote $12 trillion global economic development target,”at a conference organised by the Business and Sustainable Development Commission (BSDC) in London, Jadesinmi said the investments spaned  oil and gas, agriculture, maritime, Information Technology (IT), industry, and banking.

    Areas affected by environmental pollution during exploration and production, she said, would also benefit from the investments, adding that carbon emissions and pollution have compounded the woes of operators in the sector, thereby making it difficult for the industry to record the desired growth.

    She urged the Federal Government to leverage the opportunity to develop critical sectors of its economy, especially petroleum.

    A member of the 36-member Commission drawn from petroleum, business, finance, civil society, labour, and international organisations across the world, Jadesinmi believed that the initiative would bring about more opportunities for countries.

    Citing the report of the Commission, Jadesinmi said: “Beyond the $12 trillion estimated, conservative analysis shows potential for an additional US$8 trillion of value creation across the wider economy, if companies in the oil sector and others embrace the idea.

    She said at the heart of the Commission  are the Sustainable Development Goals ’s 17 goals of eliminating poverty, improving education and health outcomes, creating better jobs and tackle oil pollution and other  key environmental challenges by 2030.

    She said: “The Commission believes the Global Goals provide the private sector with a new growth strategy that opens valuable market opportunities, while at the same time, creating a world that is both sustainable and inclusive. And the potential rewards for doing so are significant. We need to show these ideas work not just in a report but on the business frontline.’’

    She noted that last year the Commission tackled questions, such as How to address challenges facing the oil, banking and other sectors of the economy globally, and what will it take for business to be central to building a sustainable market economy?

  • ‘Abuja Airport closure’ll not affect NOG 2017’

    The Federal Ministry of Transportation has said the closure of Nnamdi Azikiwe International Airport for repairs will not affect the Nigeria Oil and Gas (NOG) conference slated for February 27  and to end on March 2.

    In a notice to industry stakeholders, the Permanent Secretary, Ministry of Transportation, Alh. Sabiu Zakari, said the essential maintenance works would commence on March 8, 2017, one week after NOG 2017 closes.

    Over 1500 government representatives and industry players have already confirmed their attendance to the 2017 NOG, including the Federal Ministry of Power, Arco, Century Group, Delta Afrik, Exxon, Honeywell and Oando.

  • Govt woos foreign investors under fuel import model

    To boost fuel supply, the Federal Government is wooing foreigners to invest in its refineries under the Direct Sale and Direct Purchase (DSDP) Import model.

    The Nigerian National Petroleum Corporation (NNPC) introduced the DSDP in its dertermination to ensure uninterupted fuel supply.

    Under the arrangement, it will allocate crude tos elcet foreign refineries in exchange for fuel.

    In the past, the government adopted the conventional crude for products (known as swap), to bring fuel into the country. Under it, notable world oil marketing firms, such as Transfigura, and Vitol, were given crude in exchange for fuel.

    NNPC’s spokesman Ndu Ughamadu, told The Nation on phone that bringing in foreign  firms was in tandem with the government’s policy to grow the economy.

    Ughamadu said: “If, in the long run, crude oil refiners from developed economies, which would operate under the Direct Sale and Direct Purchase import model, wish to invest in Nigeria, they are welcomed. The more investors invest in refineries in Nigeria, the better for the country.”

    He said the government had been calling for more local and foreign investments, to promote growth.

    “Earlier, the Minister of State for Petroleum Resources, Dr Emmanuel Kachikwu, travelled to India to invite investors into the country to encourage the growth of the sector and the economy. The Direct Sale and Direct Purchase import is in the right direction as it is capable of improving the growth of the industry,” he added.

    He said besides Transfigura, there were other firms refining crude oil for Nigeria.

    International Institute of Energy and Law Vice President, Prof Wunmi Iledare, said the Direct Sale and Direct Purchase import model is a temporary measure to ease fuel supply.

    He said the government’s ultimate goal was to bring in foreign investors that would invest in the refineries. He said the long-term plan, which the government has for the sector, was to bring in foreign investors to invest in refineries.

    The government, Iledare said, was not ready to tamper with the plans in view of the strategic importance of the sector to the economy.

    Iledare said: “For me, the DSDP model will be a temporary initiative when one considers the fact that the Federal Government has been looking for ways to end the lingering fuel crisis and related problems with products supply and distribution. The model is a stop-gap measure introduced by NNPC to address the problems in the downstream sub-sector of the petroleum industry.”

    Iledare, also President, International Association of Energy Economist (IAEE), said DSDP import model was better than swapping because it would pave way for more refineries to emerge.

    He said the government could bring foreign investors, since it was unable to fix its own refineries, adding that Nigeria has no reason to import fuel being one of the largest energy entrepreneurs in the continent.