Economic Community of the West African States (Ecowas) chairman and Nigerian President Goodluck Jonathan said at the Ecowas-Brazil Summit held in Cape Verde that a special fund had been created to increase the base capital of the West African bank.
Ecowas and Brazil agreed on new initiatives that will boost their economic and political cooperation focusing on various issues including the environment and renewable energy. Discussions continued on new investment opportunities through partnerships between Ecowas members and Brazilian businesses highlighting areas such as the biofuel sector.
The South American nation farms crops for biofuel on only 1% of its arable land, but produces about 50% of the nation’s fuel needs. Gasoline in Brazil must contain 22% bioethanol which helped the industry become one of the world leaders in the biofuel sector (Brazil’s Biofuel Example). Last July, former Nigerian president, Umaru Yar’Adua, traveled to Brazil to discuss the possibility of a partnership in order to implement reforms in Nigeria’s energy sector.
In September, Brazil’s Executive Secretary of Mines and Power, Dr. Marcio Zimmerman said Brazil was prepared to work closely with Nigeria to pass on its experience in the power and oil and gas sectors, which could lead to future investment opportunities through Petrobras and Electrobras. The Minister of Power of Nigeria at that time, Dr. Lanre Babalola, expressed particular interest in Brazil’s huge hydro-electric generation capacity, admitting that Nigeria’s energy potential is yet to be fully harnessed in terms of arriving at a sustainable energy mix. He said that Nigeria’s reform program in the power sector started as far back as 2000 but had not made substantial progress due to a number of factors.
And while Jonathan had dismissed his ministerial cabinet since formally taking presidency after Yar’Adua died on May 6, it seems this is one of the former President’s initiatives that Jonathan is willing to continue.
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