Editor’s Comment

Africa STAND UP!

“We have to be impatient in moving Africa forward.” This powerful quote by Akinwumi Adesina, president of the African Development Bank, seems even more fitting for the African continent than ever before.

One of the speakers at Mining Indaba mentioned that when major events take place around the world, Africa is one of the first continents to experience the effects. Sadly this is true. Russia’s invasion of Ukraine provides a prime example.

Russia is a powerhouse when it comes to oil and gas. So, naturally, an impact on the global supply and demand of oil was to be expected, especially considering Russia’s position as a critical supplier to many countries in Europe. The world witnessed developments of the invasion that included Russia restricting its oil and gas supply to some European countries and sanctions that banned Russian oil imports.

An increase in global oil prices was inevitable, as the world scrambled to secure this precious commodity. This then led to an increase in fuel prices and, although this was to be expected, nobody could predict the extreme extent of the price increases. Another rather unanticipated impact of the Russo-Ukrainian War was the increase in the price of cooking oil. Just like the rest of the world, Africa is feeling the impacts of the war. And, as a developing continent, these impacts hit Africa particularly hard.

Africa’s time to rise

The conflict in Europe has highlighted the need for the African continent to become more self-sufficient – and it is indeed possible. A continent rich in many minerals and other critical resources should not be at the mercy of the rest of the world to such a vast extent.

Countries such as Algeria, Nigeria, Libya, Egypt and others have both natural gas and oil reserves. As such, Africa should at the very least be exempt from extreme fuel price increases. In addition, there’s an opportunity for these countries to become major players in the global supply of oil and gas.

NJ Ayuk, executive chairman at the African Energy Chamber, believes that the war in Ukraine could open many doors for Africa’s oil and gas supply. He has shared strong beliefs that the world can rely on Africa to help with the oil and gas supply. In one of his opinion pieces, Ayuk writes, “African countries can help fill the gap. They can provide the ‘Freiheits Gas’ that will wrest Europe from its dependence on Russian pipelines.”

In addition to oil and gas, the continent is endowed with many mineral resources. There is no denying that the natural resources sector has positively contributed to Africa’s economic and social development; however, there is still room for improvement, especially when it comes to beneficiation. Mining Indaba 2022 proved once again that Africa continues to be an attractive investment for the mining industry.

Legislation, conflict and infrastructure development are among the main challenges standing in the way of Africa reaching its full potential. For example, the continent’s oil and gas sector is still in its infancy and requires massive investment to get it on par with global competitors. Another burning issue is that of the responsible sourcing of minerals and the mining of conflict minerals in Africa. If these and other issues are adequately addressed, all that will be left is for Africa to rise. Dineo

EDITOR Dineo Phoshoko (dineo.phoshoko@3smedia.co.za) HEAD OF DESIGN Beren Bauermeister DESIGNER Janine Schacherl CHIEF SUB-EDITOR Tristan Snijders CONTRIBUTORS NJ Ayuk, Bwalya Chilufya-Musonda, Athi Jara, Wilbert Kapinga, Kelvin Mosha, Joshua Mwamulima, Paul Sinclair PRODUCTION & CLIENT LIAISON MANAGER Antois-Leigh Nepgen GROUP SALES MANAGER Chilomia Van Wijk PRODUCTION COORDINATOR Jacqueline Modise DISTRIBUTION MANAGER Nomsa Masina DISTRIBUTION COORDINATOR Asha Pursotham BOOKKEEPER Tonya Hebenton SUBSCRIPTIONS subs@3smedia.co.za ADVERTISING SALES Amanda De Beer Tel: +27 (0)72 600 9323 / +27 (0)87 802 5466 Email: amanda.debeer@3smedia.co.za

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