Nigeria’s Minister of Power, Joseph Tegbe, said on Monday that recent electricity supply disruptions in parts of the country had been resolved, assuring consumers that the government was working to maintain grid stability.
Tegbe said on November 7 that planned maintenance at the Egbin power station, gas supply constraints and the sabotage of transmission lines had contributed to power outages in four states, including Lagos and Kwara, as well as the Federal Capital Territory (FCT).
He said the maintenance work at Egbin and limited gas supplies to some thermal power plants had reduced the amount of electricity available on the national grid.
Speaking on the TVC programme on Monday, Tegbe said the disruptions had been addressed and the planned maintenance completed.
“Number one, we’ve sorted out this little challenge we had in the last few days. It was painful for most of you. But look, we fixed it. And we will ensure that that stability remains. My focus is to ensure grid stability,” he said.
Addressing outages in the Lagos corridor, the minister said electricity had been restored to several areas by Sunday night.
“I’m sure in Lagos, I confirm as at last night because I made personal calls, Ajah, Lekki, Ikoyi, Magodo, Ikeja, lights are back,” he said.
“People have attested to it, people have sent me messages. Nigerians, again, I appeal to you, just bear with us, we’ll get there.”
Tegbe also said Nigeria could achieve a more stable electricity supply within the next three to five years, citing plans to strengthen the country’s power infrastructure and expand grid capacity.
“Honestly speaking, you already see some visible improvement despite the challenge we have had. By the time we fix the grid… I’ll look at the horizon of about three to five years from now,” he said.
“Infrastructure build-out is not done overnight. Even when we fix some of the challenges, we have today, we need to build the capacity.
“Everybody’s building capacity for AI, for data. Most young people work from home, and because of that, there’s a need for bandwidth and for electricity supply.”
The minister said the federal government was planning to invest $2 billion in an east-west super grid to strengthen the country’s electricity transmission network and increase its capacity to 19,000 megawatts.
He said the proposed transmission network would complement existing infrastructure rather than replace it, improving the resilience and stability of the national grid.
The project would traverse the country, linking Funtua, Gwagwalada, Ikot Ekpene, Benin, Epe and Ilorin, Tegbe said.
The government has begun the procurement process for the project, which could be completed within two years, he added.
Tegbe said the initiative was expected to increase grid capacity from about 4,000 megawatts to 19,000 megawatts.
He also said the government expected private-sector participation in electricity transmission within the next two to three years.
“So give me a time horizon of three to five years. Nigeria will enjoy stable life. And as demand improves, it will get better,” he said.
Tegbe said the government’s immediate priority was to optimise existing electricity infrastructure to improve the reliability of power supply.
He appealed to Nigerians to be patient, acknowledging the difficulties households and businesses face because of inadequate electricity supply.
Liberian President Joseph N. Boakai Sr. over the weekend broke ground on the Gbarpolu and Grand Cape Mount Counties Electrification Expansion Project, which will connect Bopolu City, the capital of Gbarpolu County, as well as Lofa Bridge, Sawmill, and Kinjor in Grand Cape Mount County, to the national electricity grid.
The project, being implemented by the Liberia Electricity Corporation (LEC), will extend a 33 kV distribution line from Tubmanburg to Bopolu City, providing electricity to towns along the route.
It will also extend the national grid to Kinjor and communities along the Kinjor corridor in Grand Cape Mount County, with an additional line running from Sawmill in Gbarpolu County to Lofa Bridge in Grand Cape Mount County.
LEC will construct approximately 101 kilometres of 33 kV primary overhead distribution lines and 86 kilometres of 0.4 kV secondary distribution lines. The project is expected to serve 18 towns and 7,033 households, as well as schools, clinics, and businesses, including Emirates Hospital.
The project is being financed entirely through LEC’s own resources and will be implemented by 12 Liberian contractors across 14 contract lots.
Managing Director of LEC Mohammed M. Sherif.
Speaking at the groundbreaking ceremony, LEC Managing Director and Chief Executive Officer Mohammed M. Sherif described the project as a promise fulfilled.
“Today, we are not cutting a ribbon on something finished. We are breaking ground on a promise.
“This is a Liberian project: Liberian money, Liberian hands, Liberian light,” he said.
The project is expected to unlock new economic opportunities across both corridors, including agro-processing and cold storage facilities for farmers, small-scale manufacturing and workshops, value addition in the mining sector, fish storage and ice production, as well as tourism and hospitality development around Grand Cape Mount County’s lakes, beaches, and forests.
The expansion is also expected to facilitate the growth of banking, mobile money, and digital services.
Reliable electricity supply will further strengthen healthcare delivery, educational services, and county administration while creating an enabling environment for investment, job creation, and sustainable economic development.
“For years, when we asked why the factory was not built, why the harvest was sold raw, and why the investor went elsewhere, the answer was always the same: there is no electricity,” Mr. Sherif said.
“From today, that excuse begins to disappear. Gbarpolu and Grand Cape Mount are open for business.”
Mr. Sherif further emphasised that the arrival of electricity also places a responsibility on LEC and the Government to ensure a reliable power supply, facilitate timely customer connections, and deliver quality services to beneficiary communities.
“The grid and the mini-grid are not rivals; they are partners in the same mission,” Mr. Sherif said.
He noted that LEC would collaborate with Energicity and the Liberia Electricity Regulatory Commission (LERC) to ensure that both electricity supply systems complement each other and provide improved services to customers in Gbarpolu County.
LEC currently serves more than 400,000 customers and adds approximately 15,000 new electricity connections every quarter.
The national grid now extends to towns and communities in Nimba, Bong, Rivercess, Grand Bassa, Maryland, Grand Gedeh, River Gee, Grand Cape Mount, Bomi, and Margibi Counties.
The African Development Bank (AfDB), a co-leader of Mission 300, was particularly recognised for financing the regional Côte d’Ivoire–Liberia–Sierra Leone–Guinea (CLSG) electricity interconnection project and its continued support for rural electrification and last-mile electricity access.
QatarEnergy has signed an agreement to acquire a stake in an offshore exploration licence off the coast of Namibia, currently held by Chevron Exploration Company, a subsidiary of Chevron, the company announced.
The agreement is subject to customary regulatory and other formal approvals.
Upon completion of the transaction, QatarEnergy will acquire a 25% stake in the PEL82 exploration licence, which includes the 2112B and 2212A fields.
Chevron, which operates the licence, will retain a 55% stake, while Namibia’s state-owned oil company, Namcor, and Custos Energy will each retain a 10% stake.
QatarEnergy’s Minister of State for Energy Affairs, Deputy Chairman and CEO, Saad bin Sherida Al-Kaabi, said the agreement would strengthen the company’s relationship with Chevron and expand and diversify its presence in Namibia.
“We would like to thank the Namibian authorities for their cooperation and support. We look forward to working with our partners to advance exploration activities and achieve positive results that benefit all parties involved,” he said.
The PEL82 exploration licence covers an area of approximately 11,444 square kilometres in offshore Namibian waters, with water depths ranging from 350 metres to 2,300 metres.
Nigeria’s Minister of Power, Joseph Tegbe, has assured residents of Lagos, Abuja, Kwara and other areas experiencing outages of improved electricity supply within the next 48 to 72 hours.
In an update on the power situation, Tegbe said his team was working to restore affected generating units to service in phases, with the first set expected back online within that period.
He acknowledged the difficulties the outages have caused households and businesses in the affected areas, including Lagos State and the Federal Capital Territory.
According to Tegbe, planned maintenance at Egbin Power Station and gas supply constraints at some thermal power stations have reduced the amount of electricity available on the national grid.
Grid operators have consequently introduced load shedding in some areas to manage the shortfall, he said.
Tegbe said sabotage of key transmission lines had also limited the use of alternative routes to supply electricity to some locations, particularly Lagos.
He added that the ministry was working with operators to improve gas supply and accelerate repairs to damaged infrastructure.
Residents of the affected areas have taken to social media to express their frustration, with some accusing the minister of failing to fulfil his responsibilities.
Ghana Grid Company Ltd. (GRIDCo) has assured residents of Kumasi and northern Ghana of improved power supply by December, when ongoing infrastructure upgrades are expected to be completed.
GRIDCo Chief Executive Frank Asirifi Otchere gave the assurance during a briefing to the Ashanti Regional Minister on projects aimed at improving electricity supply in Greater Kumasi.
“We intended to improve and expand the capacity of our existing infrastructure to serve Kumasi and the rest of the nation. There is a lot of demand in the north of Ghana and most of that power comes through Kumasi to go to the north,” he said.
As part of the upgrades, Otchere said GRIDCo had replaced a 66 MVA transformer at the Ridge substation with a larger 145 MVA unit, which had been in service since June.
He said the company was also adding a fifth feeder to the existing four supplying the Electricity Company of Ghana (ECG).
GRIDCo is upgrading the Kumasi–Anwomaso transmission line, including the Anwomaso-to-Ridge section, to increase its capacity from about 360 megawatts to 1,000 megawatts.
Work on the line is expected to be completed by the end of November.
Otchere said the contractor had dismantled the old conductor and towers, completed new foundations and installed replacement towers. Work was now focused on stringing the new conductor.
He explained that the higher-capacity line required new towers to support the additional weight.
“We have engaged the contractor and given them the support to make sure that by the end of November they have to complete. When it is completed, we are expecting to see increased capacity to serve demand in Kumasi,” he said.
The upgrades are expected to improve grid reliability, accommodate growing residential and industrial demand, and ease concerns over persistent outages in the region.
“What we want to say is that all the projects are important, but these ones are critical. We cannot wait to complete them. That is why we have prioritised these projects to ensure they are all completed by December,” he said.
In December 2025, the Ministry of Energy and Green Transition assured residents of Kumasi and the wider Ashanti Region of improved power supply following the addition of generation capacity linked to the AKSA Energy project at Anwomaso.
The ministry also apologised for outages that had plunged parts of the region into darkness.
The Electricity Company of Ghana (ECG) will begin a nationwide revenue mobilisation exercise on Monday, November 9, to recover unpaid electricity bills, a company official has said.
The exercise, which will run until Friday, November 27, 2026, will cover all categories of customers with arrears, including residential, commercial and industrial customers, as well as ministries, departments and agencies (MDAs).
Dr Charles Nii Ayiku Ayiku, ECG’s General Manager for External Communications, announced the exercise on behalf of the company.
He urged customers with outstanding bills to settle them to avoid disconnection and additional reconnection fees.
He said the exercise was aimed at improving revenue collection and strengthening the company’s financial position, adding that prompt payment supports ECG’s operations and electricity service delivery.
Dr Ayiku said special teams would monitor the exercise to identify illegal connections, interference with the exercise and unauthorised reconnections after disconnection. Customers found engaging in such activities could face arrest and prosecution, he warned.
Customers who are unable to access their bills should visit the nearest ECG office for assistance, he said.
He encouraged customers to use their usual payment channels, particularly the ECG Mobile App, which is available on the Google Play Store. Customers requiring assistance can call the ECG Contact Centre on 0302 611611 or contact the company through its social media channels.
Dr Ayiku said ECG remained committed to providing reliable electricity services. He appealed to customers with arrears to honour their payment obligations and cooperate with ECG staff during the exercise.
Customers’ support would help the company improve its services, he added.
Malawi has launched a net-metering programme allowing households, businesses and industries generating electricity from renewable sources to feed surplus power into the national grid, as the country seeks to address inadequate electricity supply.
Energy Minister Dr. Jean Chifuniro Mathanga launched the rules governing the programme on Wednesday at the Bingu International Convention Centre in Lilongwe, urging eligible consumers to participate.
The framework allows consumers with renewable energy systems, particularly solar installations, to use the electricity they generate and export surplus power to the grid through bidirectional meters.
“Despite the progress made in expanding our generation capacity, electricity supply remains inadequate to meet the country’s growing demand. We must, therefore, explore innovative and complementary approaches to increase electricity generation and improve access to reliable power,” Mathanga said.
She said 34 customers had been identified as eligible to connect to the grid during the programme’s pilot phase, with nine already connected.
The 34 customers have the potential to supply a combined 3.9 megawatts to the grid, providing an initial contribution that could grow as participation expands.
Secretary for Energy Elvis Thodi said the framework would enable consumers to help address the country’s electricity supply challenges by providing surplus power to serve schools, hospitals, businesses and homes.
Mathanga thanked the United Nations Development Programme for supporting the development of the rules.
She urged consumers generating surplus renewable electricity to work with the Electricity Supply Corporation of Malawi (ESCOM) to participate in the programme.
She also called on ESCOM to install bidirectional meters and connect applicants who meet the requirements without delay.
A 39-year-old scrap dealer, Amon Nkhata, sustained serious injuries after suffering an electric shock while allegedly attempting to vandalise an Electricity Supply Corporation of Malawi (ESCOM) transformer at St. John of God in Chibanja, Mzuzu, on Thursday, 5 November 2026.
According to ESCOM, Nkhata was found trapped inside the transformer cage after allegedly attempting to cut an electrical cable.
The power utility said he sustained severe injuries to one hand and one leg and was taken to Mzuzu Central Hospital by police.
Police are investigating the incident.
The incident comes amid growing concerns over vandalism and theft of electricity infrastructure in Malawi.
Energy Minister Dr Jean Chifuniro Mathanga recently told Parliament that at least 100 areas had reported cases of stolen or damaged electricity equipment. She described the vandalism as a major setback to the government’s efforts to expand electricity access.
Mathanga said the ministry was working with law enforcement agencies, local leaders and communities to strengthen surveillance and encourage the reporting of suspected offenders.
ESCOM board member Welford Sabola also expressed concern over increasing vandalism of the corporation’s infrastructure, saying it continued to undermine efforts to improve electricity supply and expand access across the country.
ESCOM warned that tampering with transformers, substations and other electrical installations could cause severe burns, permanent injuries or death.
The utility urged the public to avoid accessing electricity installations without authorisation and to report suspicious activities to ESCOM or police.
It said vandalism endangered lives, disrupted electricity supply and increased the cost-of-service delivery, adding that protecting infrastructure serving homes, businesses and essential services was a shared responsibility.
Gas supply constraints, reduced hydroelectric output and maintenance problems have curtailed electricity generation in Nigeria, triggering outages in several areas, including Abuja, Lagos and Kwara, the power ministry and the Nigerian Independent System Operator (NISO) said on Thursday.
The outages have angered consumers, with many taking to social media platform X, formerly Twitter, to express frustration over the lack of electricity.
The Ministry of Power acknowledged the disruption to households, businesses and public institutions, particularly in areas that had recently recorded improvements in supply.
“We recognise what every hour without power means for individuals, families and businesses, and we do not take it lightly,” it said in a statement signed by Adeola Adelabu, special adviser on media and publicity to the minister.
Preliminary assessments indicated that the outages were not caused by a major or systemic failure of the national grid, the ministry said.
“They stem from maintenance and operational issues on parts of the power ecosystem, together with a decline in generation caused by constraints in gas supply to thermal power stations and reduced output from hydroelectric stations due to lower water inflows into reservoirs.”
Relevant operators were addressing the problems, it added.
Power Minister Joseph Tegbe was working with the Transmission Company of Nigeria, NISO and electricity distribution companies to accelerate the restoration of supply, the ministry said.
Tegbe had urged the operators to resolve operational constraints, expedite maintenance and provide regular updates to consumers.
“Nigerians deserve better power, and this administration is working to deliver it,” the ministry said.
The minister thanked consumers for their patience and pledged further updates as restoration efforts progressed.
In a separate statement, NISO said the generation shortfall had reduced the electricity available for allocation to distribution companies, resulting in shorter supply hours and increased load shedding.
The impact varied across distribution networks, depending on available generation and allocations to individual companies, it said.
“NISO acknowledges the impact of the current generation shortfall on electricity consumers nationwide and appreciates the concerns expressed by members of the public and other stakeholders.”
The operator said it was working to diversify the national grid’s energy mix to strengthen supply security while maintaining grid stability and making the best use of available generation within existing operational constraints.
Nigerian billionaire Aliko Dangote and Namibian President Netumbo Nandi-Ndaitwah on Wednesday broke ground on the construction of the $2.5 billion Dangote Namibia Tank Farm and Regional Pipeline Project at Farm 58 in Walvis Bay.
The project will include a petroleum storage facility with a capacity of 600 million litres and a planned regional pipeline network spanning approximately 1,700 kilometres.
The infrastructure is expected to improve fuel supply and distribution while positioning Namibia as a key energy and logistics hub for Southern Africa, particularly for landlocked countries.
Speaking at the groundbreaking ceremony, Dangote reaffirmed his confidence in Namibia’s investment potential and commended President Nandi-Ndaitwah for her leadership and commitment to advancing the project.
“Africa must industrialise Africa,” he said, adding that the continent had the resources, talent, markets and entrepreneurial capacity to build the infrastructure needed to drive its economic transformation.
Dangote said the investment was not solely about generating profits but also about creating long-term economic opportunities, developing local skills and reinvesting in the countries where the group operates.
“Whenever we enter another African country, we are coming home,” he said, adding that the Dangote Group intended to explore further investment opportunities in Namibia.
Describing the $2.5 billion project as only the beginning, Dangote said the group was willing to expand its investments into other sectors of the Namibian economy.
“We will not disappoint you. We will deliver as promised,” he told the president, adding that trust was the foundation of long-term investment partnerships.
President Nandi-Ndaitwah said the groundbreaking marked the culmination of engagements that began with her first meeting with Dangote, chairman and chief executive of the Dangote Group, in June 2025.
Recognising the strategic importance of the investment, the president said she had placed the project under the oversight of the Office of the President to ensure that administrative delays did not hinder its implementation.
Reflecting on challenges encountered during the process, she urged government institutions to act with urgency, accountability and a shared commitment to national development.
“This project will remain a presidential project until it is completed,” Nandi-Ndaitwah said.
She said the value of the investment should be measured by the opportunities it created for ordinary Namibians, calling for greater participation by local businesses, skills development, job creation and opportunities for young people.
The president also highlighted the importance of value addition, industrialisation and partnerships that would enable Namibia to make better use of its natural resources and strategic geographical position, in line with the priorities of the Sixth National Development Plan (NDP6).
Beyond its economic significance, Nandi-Ndaitwah described the investment as an example of African cooperation and the continent’s growing confidence in its capacity to drive its own development.
“As Africans, we are beginning to believe in ourselves,” she said, calling for stronger partnerships based on mutual trust and shared prosperity.
Erongo Regional Governor Dr. Nathalia /Goagoses welcomed the investment, highlighting the region’s strategic position as a gateway for trade, logistics and industrial development.
The project aligns with Namibia’s NDP6 priorities and the African Union’s Agenda 2063, particularly in the areas of industrialisation, regional integration, economic growth and job creation.
As the project moves towards implementation, Nandi-Ndaitwah urged all stakeholders to translate their commitments into tangible results for Namibia and the wider region.
“Today we have spoken, and now we must act,” she said.
By: Yassir Ghiyati
Energy resilience is a priority at both governmental and boardroom level. Geopolitical shocks, volatile prices, shifting regulations, and fragile supply chains are testing the assumptions behind long-term investment and risk assessment.
Fuel and chemical producers are seeking to protect their investments while positioning their businesses for a changing energy landscape. What is developing is not a binary choice between security of supply and energy transition, however. It is rather a strategic imperative to strengthen both simultaneously through diversification.
That means diversifying feedstocks, products and markets. Dependence on a narrow set of feedstock sources, production routes, and regions leaves countries and companies exposed to disruptions often beyond their control. A broader portfolio reduces that exposure and creates strong alternative options if and when conditions change. The winners will be those that build flexibility into their assets and supply strategies, rather than wait for certainty that may never arrive.
Responding To Shifting Markets, Boosting Security
For refiners, flexibility means looking beyond a single feedstock and product slate. Conventional fuels remain essential, but they need not be the only output. Some refineries have already expanded revenue streams by repurposing hydroprocessing units or developing greenfield facilities to produce sustainable aviation fuel (SAF) and renewable diesel via feedstocks such as used cooking oil and biomass.
Others are co-processing, using existing refinery units to make both conventional and renewable fuels. It can help fuel producers to respond to shifting markets and, at the same time, strengthen energy and fuel security.
The same principle applies across the energy system. Demand for power is growing, and businesses need reliable, affordable energy, even as they reduce emissions. Recent disruptions in the Strait of Hormuz have highlighted supply chain dependencies. They have also made the case for deploying proven solutions now, across energy efficiency, biofuels, e-fuels, low-carbon hydrogen, and ammonia. It becomes more relevant to the resilience and competitiveness of the system we are building.
Advancing Technologies, Catalyst Solutions
Technology is a constraint. Solutions exist today to produce clean fuels at scale, and innovation continues to improve their efficiency, performance, and cost. At Topsoe, we are advancing technologies for SAF, e-SAF, clean hydrogen, ammonia, and methanol, while continuing to innovate and deliver catalyst solutions that support the most energy efficient conventional fuel production. The strategic question is how quickly proven solutions can become attractive investments for investors as well as assets operating at scale.
The answer to that question depends on policy stability, investor confidence, and offtake agreements that are price realistic. Unclear policy, changing regulations, and uncertain returns make capital harder to commit. Projects need to factor in permits, infrastructure, financing, dependable energy, and raw materials. Above all, they need credible offtake and risk-sharing.
Without buyers prepared to commit, first-of-a-kind projects can fail to reach final investment decision – even when the technology is ready.
Our Global Hydrogen Presence
Topsoe helps customers who seek to make that transition with minimised risk when it comes to technology. Roughly one in every three hydrogen molecules worldwide is produced using Topsoe solutions. That installed base gives us a platform to support the scale-up of low-carbon hydrogen and ammonia.
Proven commercial references, technology validation and performance guarantees strengthen project fundamentals from planning through operation. As a science-based company, we continue to invest in research and innovation to advance catalysts and technologies that deliver ever-more efficient production.
No single fuel or technology alone will prove to be the future of our energy system. Resilience will be a core characteristic and come from developing and maintaining a broad portfolio of options and from the ability to adapt to changing needs and disruptions. Companies and countries that diversify will be better positioned to withstand market uncertainty, compete as markets evolve, and meet future demand.
The opportunity is clear; the technologies are here. Now industry, policymakers and buyers must provide the certainty, investment, and offtake that allow the energy landscape to move forward.
Topsoe is a leading global provider of advanced energy transition solutions for producing clean and conventional fuels and chemicals.
Zambia has reaffirmed its commitment to advancing its nuclear energy programme as part of efforts to ensure long-term energy security and diversify its electricity generation mix, Electricity Minister Peter Kapala said.
Speaking during a courtesy call by an International Atomic Energy Agency (IAEA) delegation led by John Haddad at his office on Tuesday, Kapala said the government was encouraged by progress made so far and was expecting a report next week.
He said Zambia remained committed to achieving its target of 10,000 megawatts of electricity generation capacity within four years, bringing forward the initial five-year timeline.
Kapala said nuclear energy was being considered as a reliable long-term baseload power source to reduce the country’s dependence on hydropower.
Zambia’s installed electricity generation capacity increased to 4,722 megawatts from 3,777 megawatts in 2024, with solar power accounting for about 1,000 megawatts.
The expansion of solar capacity followed a 2023 drought that reduced hydropower generation and triggered widespread electricity load-shedding.
The IAEA said it was ready to support Zambia in assessing its preparedness to host a nuclear power plant, including evaluating potential sites and the country’s human resource capacity.
The agency, which has been working with Zambia on the programme since 2022, said strong government commitment was essential to advancing the initiative.
Nigeria’s Economic and Financial Crimes Commission (EFCC) has uncovered an illegal oil refinery allegedly operated by Chinese nationals in Ogere, Ogun state, the agency said.
In a statement, EFCC spokesperson Dele Oyewale said the refinery was discovered during an operation conducted by operatives of the agency’s Lagos Zonal Directorate 2 on October 31.
Oyewale said the operation followed intelligence gathering and surveillance on the activities of suspected illegal sludge oil refiners.
He added that the facility had been deserted when operatives arrived.
The discovery followed an earlier operation in which the commission shut down four illegal lithium processing plants in the area.
“However, waste products from the refining process were discovered at the location,” the statement said.
“During the raid, underground tanks believed to have been used for heating and processing the sludge oil were also discovered.
“Two of the underground tanks inspected contained substances suspected to be Automotive Gas Oil (AGO), otherwise known as diesel.”
According to Oyewale, preliminary investigations showed that the operators sourced sludge oil, also known as black sludge, from Warri in Delta state and Port Harcourt in Rivers state before transporting it to the facility in Ogere for processing.
He said the operators subjected the sludge oil to intense heat, allowing lighter petroleum components to pass through a series of chambers and filters in a process believed to produce diesel for sale in the Nigerian market.
Oyewale said security personnel at the facility told investigators that the Chinese operators had not disclosed their identities or the name of the company behind the refinery.
He added that EFCC operatives had taken over the premises as investigations continued to establish the identities of the operators, ownership of the facility and the extent of the suspected illegal activities.
Crude oil prices fell sharply on Wednesday morning following the release of U.S. midterm election results, with West Texas Intermediate (WTI) trading at $87.17 a barrel and Brent crude at $94.26 a barrel.
The decline came amid political developments in the United States, where Democrats won control of both chambers of Congress in the midterm elections.
According to Reuters, investors are awaiting Washington’s next move in the U.S.-Israeli war against Iran after President Donald Trump’s Republican Party lost control of Congress.
On Wednesday, Trump said the war with Iran may have contributed to the Republican Party’s electoral defeat.
Vice President JD Vance also wrote on X that the war was responsible for the losses, adding that “any honest conversation about where we go from here must start there.”
Trump had earlier told the Financial Times that Washington had no immediate plans to strike Iran.
In a written statement, Iran’s Supreme Leader Ayatollah Ali Khamenei said U.S. hostility towards Iran would persist regardless of which political party was in power in Washington.
“The U.S. sees the end of its hegemony as distant; we see it as near,” he said.
A senior Iranian official told Reuters on Tuesday that Iran and the United States remained far from reaching an agreement to end the war.
With diesel prices remaining elevated, Washington is also taking steps to ease pressure on fuel markets.
The U.S. Department of Energy said it would loan 300,000 barrels from the Northeast Home Heating Oil Reserve to four companies, representing nearly a third of the stockpile.
The move follows pressure from senators from both parties after diesel prices surged above $6.50 a gallon.
Heating oil futures subsequently fell by around 7%.
President Nandi-Ndaitwah said the groundbreaking marked the culmination of engagements that began with her first meeting with Dangote, chairman and chief executive of the Dangote Group, in June 2025.
Recognising the strategic importance of the investment, the president said she had placed the project under the oversight of the Office of the President to ensure that administrative delays did not hinder its implementation.
Reflecting on challenges encountered during the process, she urged government institutions to act with urgency, accountability and a shared commitment to national development.
“This project will remain a presidential project until it is completed,” Nandi-Ndaitwah said.
She said the value of the investment should be measured by the opportunities it created for ordinary Namibians, calling for greater participation by local businesses, skills development, job creation and opportunities for young people.
The president also highlighted the importance of value addition, industrialisation and partnerships that would enable Namibia to make better use of its natural resources and strategic geographical position, in line with the priorities of the Sixth National Development Plan (NDP6).
Beyond its economic significance, Nandi-Ndaitwah described the investment as an example of African cooperation and the continent’s growing confidence in its capacity to drive its own development.
“As Africans, we are beginning to believe in ourselves,” she said, calling for stronger partnerships based on mutual trust and shared prosperity.
Erongo Regional Governor Dr. Nathalia /Goagoses welcomed the investment, highlighting the region’s strategic position as a gateway for trade, logistics and industrial development.
The project aligns with Namibia’s NDP6 priorities and the African Union’s Agenda 2063, particularly in the areas of industrialisation, regional integration, economic growth and job creation.
As the project moves towards implementation, Nandi-Ndaitwah urged all stakeholders to translate their commitments into tangible results for Namibia and the wider region.
“Today we have spoken, and now we must act,” she said.
