Leoncio Amada Nze, Executive President of the African Energy Chamber for CEMAC will explore regional investment opportunities and the role of enabling business environments during the Invest in African Energy Forum in Paris.
Leoncio Amada Nze, as the Executive President of the African Energy Chamber (AEC) for the Central African Economic and Monetary Community (CEMAC) region, will lead discussions on the importance of creating an enabling business environment, implementing local content regulations, and promoting free-market policies to boost investment and stimulate economic growth in the CEMAC region during the Invest in African Energy Forum in Paris – taking place 1 June at the Westin Paris Vendome. During the forum, Amada Nze is expected to advocate for the need for a collaborative effort from various stakeholders to attract investment and establish a competitive market in the CEMAC region.
As an accomplished professional in the energy sector, Amada Nze drives sustainable growth in the African energy industry, ensuring resource efficiency and fostering collaboration among stakeholders. As the Founder and Chairman of APEX INDUSTRIES SA, he showcases entrepreneurial spirit and leadership in successful business ventures. Previously, he held the position of Director General of State’s Petroleum Assets, optimizing Equatorial Guinea’s petroleum resources. In these roles, he has and continues to be a respected figure and a driving force behind the sustainable growth of the CEMAC energy industry.
Comprising Cameroon, Chad, the Central African Republic, Equatorial Guinea, Gabon and the Republic of Congo, the CEMAC region possesses abundant natural resources and a potential productive workforce of around 59 million people. Despite challenges associated with ineffective monetary and fiscal policies – which have been contributing factors to reduced investment in the region – CEMAC oil-producing countries have witnessed notable developments in their oil and gas markets. Oil production currently sits at 700,000 barrels per day and Liquefied Natural Gas (LNG) production at 5 million tons annually.
Gabon, for example, has experienced improvements in oil production and aims to attract foreign investment and expand offshore exploration. Chad, on the other hand, is driving new E&P activities and remains committed to pipeline projects that will reduce its reliance on petroleum imports. Similarly, Congo has attracted major global energy companies, recently signing a significant deal with Perenco for a large-scale LNG project, a development which holds substantial potential for ushering in regional energy security. Meanwhile, Equatorial Guinea has also made progress with its Gas Mega Hub – a comprehensive roadmap for monetizing domestic and regional gas resources -, signing three production-sharing contracts with Panoro Energy and Africa Oil Corporation in February 2023, marking a new phase of exploration and production for the country. These countries are actively working to enhance their oil and gas industries, positioning themselves for further growth and development.
Despite this, bureaucratic red tape, restrictive monetary policies, and burdensome regulations impede market entry and hinder investment opportunities. The high petroleum tax and other unfavorable policies act as a barrier, restricting investments and slowing down project developments. Fixed exchange rate regimes and exchange controls further limit the ability of individuals and businesses in the region to engage in international trade and investments, making it challenging for the oil and gas sector to flourish. These factors adversely affect economic growth and development within the CEMAC region, hindering its full potential from being realized.
Stepping into this picture, Amada Nze’s presence at the Invest in African Energy Forum in Paris will be instrumental in advocating for favorable investment climates within the energy sector to unlock the full oil and gas potential of the CEMAC region. He will emphasize the importance of attracting foreign investments and promoting infrastructure developments that will maximize the benefits derived from the region’s abundant oil reserves. Through his participation at the Forum, Amada Nze aims to foster dialogue, collaboration, and forge new relationships with stakeholders from Europe and Africa, ultimately driving sustainable growth and development in Equatorial Guinea and the broader CEMAC region.
“Leoncio Amada Nze’s presence at the Forum is a testament to his unwavering commitment to making a compelling case for the CEMAC region as an attractive investment destination in the energy sector,” states NJ Ayuk, the Executive Chairman of the AEC, adding that, “His experience and expertise offer valuable insights, enabling stakeholders to grasp the region’s vast potential. His advocacy seeks to drive sustainable growth in Equatorial Guinea and the broader CEMAC region, unlocking abundant opportunities within the energy sector.”