Solomon Ekanem

<ul><li>King Salman Humanitarian Aid and Relief Centre raised over USD 1.1 billion to support displaced persons in Africa's Sahel and Lake Chad region</li><li>Donors from over ten countries, agencies, and organizations contributed to the fund</li><li>The relief fund will benefit displaced persons and refugees in Nigeria, Niger, Chad, Burkina Faso, and Mali</li></ul>

Over ten donor countries, agencies, and organizations were responsible for the donations to support displaced persons and refugees across countries in the Sahel and Lake Chad region which includes Nigeria, Niger, Chad, Burkina Faso and Mali.

The Sahel is dotted with camps housing hundreds of thousands people who have fled jihadist violence

The Embassy of Kingdom of Saudi Arabia said the conference was held in collaboration with the Organisation of Islamic Cooperation (OIC), the United Nations Office for the Coordination of Humanitarian Affairs (OCHA), and the United Nations High Commissioner for Refugees (UNHCR).

The Sahel and lake chad region have been seriously plagued with insecurities and acute food shortages over the years.

<a data-link-role-code="open_new_tab" href="https://africa.businessinsider.com/local/lifestyle/thousands-of-kenyans-labeled-as-refugees-in-qatar-due-to-job-promises-by-rogues/vmde3g3">READ ALSO: Thousands of Kenyans labeled as refugees in Qatar due to job promises by rogues </a>

According to <a data-link-role-code="open_new_tab" href="https://reliefweb.int/report/burkina-faso/sahel-and-lake-chad-regions-fao-joins-global-effort-reinforce-response-food">Reliefweb</a>, the countries of the Sahel and West Africa are facing the worst forms of food and nutrition crisis. Between 2019 and 2022, the number of individuals in the region facing acute food insecurity jumped from 10.8 million to 40.7 million, with millions more at risk of slipping into a crisis situation or worse.

Apart form the uncertainties associated with food crisis, the region has also faced one of the worst forms of domestic wars which has given rise to an alarming wave of refugees over the years.

According to the Council on Foreign Relations' (CFR) global conflict tracker, the Sahel is home to over seven and a half million people driven from their homes, including&nbsp;two million&nbsp;refugees while over thirty million require humanitarian assistance.

The Kingdom of Saudi Arabia's pledge showcases its commitment to supporting communities in crisis and advancing global humanitarian objectives through KSrelief, reinforcing its position as a leading force in international humanitarian aid.

5 African countries set to benefit from Saudi's $1.1 Billion fund for refugees, displaced Persons

Displaced persons and refugees cross Africa's Sahel and lake chad region are set to benefit from a relief fund raised through the King Salman Humanitarian Aid and Relief Centre (KSrelief). The fund was made possible via donors who raised over USD 1.1 billion to support displace persons in five African countries.

5 African countries set to benefit as Saudi Arabia raises $1.1 billion to support refugees

<h2>The quest for greener pastures and improved living conditions has led to migration from less developed nations to more developed countries like the United States of America (USA).</h2>

The United States green card, also officially referred to as a permanent resident card, confers on an immigrant's legal status as a permanent resident in the United States as long as certain conditions are met. As of 2023, there were 12.7 million green card holders, of whom nine million passed the eligibility requirements to become United States citizens.

The U.S. Census Bureau data released in April 2024 says the USA hosts about 46.2 million immigrants which make up almost 14% of the U.S. population.

According to estimates by the United Nations Population Division, approximately 28.3 million sub-Saharan Africans were residing outside their countries of birth. Côte d’Ivoire, South Africa, Uganda, Sudan, and Nigeria were the main destinations for 17.8 million (63%) of the migrants within Africa.

Outside the continent, the United States was the top destination for sub-Saharan Africans, followed by the United Kingdom (1.4 million), France (1.1 million), Italy (524,000), and Canada (435,000).

The number of Eastern African immigrants in the US stood at 737,000 representing 35.2% of the total immigrants, Middle Africa stood at 195,000 (9.3%), Southern African immigrants were 116,000 (5.5%) and the number of immigrants from Western Africa was 929,000 (44.2%).

According to data from the Office of Homeland Security, this table ranks the top 10 African countries where citizens gained permanent residency in 2022.

<table><tr><th colspan="null" rowspan="null">Rank</th><th colspan="null" rowspan="null">Global Rank</th><th colspan="null" rowspan="null">Country</th><th colspan="null" rowspan="null">Green Cards</th></tr><tr><td colspan="null" rowspan="null">1</td><td colspan="null" rowspan="null">17</td><td colspan="null" rowspan="null">🇳🇬 Nigeria</td><td colspan="null" rowspan="null">12,385</td></tr><tr><td colspan="null" rowspan="null">2</td><td colspan="null" rowspan="null">28</td><td colspan="null" rowspan="null">🇪🇬 Egypt</td><td colspan="null" rowspan="null">8,348</td></tr><tr><td colspan="null" rowspan="null">3</td><td colspan="null" rowspan="null">32</td><td colspan="null" rowspan="null">🇨🇲 Cameroon</td><td colspan="null" rowspan="null">5,879</td></tr><tr><td colspan="null" rowspan="null">4</td><td colspan="null" rowspan="null">33</td><td colspan="null" rowspan="null">🇪🇹 Ethiopia</td><td colspan="null" rowspan="null">5,720</td></tr><tr><td colspan="null" rowspan="null">5</td><td colspan="null" rowspan="null">35</td><td colspan="null" rowspan="null">🇬🇭 Ghana</td><td colspan="null" rowspan="null">5,451</td></tr><tr><td colspan="null" rowspan="null">6</td><td colspan="null" rowspan="null">37</td><td colspan="null" rowspan="null">🇰🇪 Kenya</td><td colspan="null" rowspan="null">5,014</td></tr><tr><td colspan="null" rowspan="null">7</td><td colspan="null" rowspan="null">40</td><td colspan="null" rowspan="null">🇲🇦 Morocco</td><td colspan="null" rowspan="null">4,756</td></tr><tr><td colspan="null" rowspan="null">8</td><td colspan="null" rowspan="null">41</td><td colspan="null" rowspan="null">🇨🇩 Congo</td><td colspan="null" rowspan="null">4,688</td></tr><tr><td colspan="null" rowspan="null">9</td><td colspan="null" rowspan="null">48</td><td colspan="null" rowspan="null">🇿🇦 South Africa</td><td colspan="null" rowspan="null">3,535</td></tr><tr><td colspan="null" rowspan="null">10</td><td colspan="null" rowspan="null">56</td><td colspan="null" rowspan="null">🇩🇿 Algeria</td><td colspan="null" rowspan="null">3,125</td></tr></table>

Nigeria ranks 17th globally and first in Africa. It remains a significant contributor to U.S. immigration, with 12,385 immigrants receiving the green card.&nbsp;Egypt followed in second position with Cameroon, Ethiopia and Ghana coming behind.

Globally, Mexico ranks first position with 138,772 green cards obtained. India, China, Dominican Republic follow closely with 127012, 67950, 40152 and 36542 respectively.

While there are different reasons for relocation which include reuniting with family, studying, or seeking personal safety, USAFacts notes that work remains the top reason for immigration. The report adds that in 2021, 42% of the 1.5 million people who immigrated to the US came for work.

The quest for greener pastures and improved living conditions has led to migration from less developed nations to more developed countries like the United States of America (USA).

Top 10 African countries with the highest number of US Green card recipients

<h2>There is currently a growing interest in electric vehicles (EVs) across Africa chiefly driven by trends in investment, access to electricity and governmental priorities.</h2>

According to Mordor Intelligence, the size of Africa's electric vehicle market in 2024 is estimated at $15.80 billion and is expected to hit $25.40 billion by 2029.

Globally, China, Europe and the USA lead other countries as the largest markets for electric vehicles and the combined sales of EVs in all three countries accounted for around 95% of all EV sales in 2023.

Despite having the lowest EV adoption rate globally, some African countries boast of some impressive advancements in the adoption of EV with partnership from the government and the private sector.

Africa however, has peculiar problems which may hamper the full adoption of EV in the continent. These issues range from high cost of conversion, lack of adequate enabling infrastructure such as charging points, high cost of capital, competition from second-hand imports, low energy access, poor power grid infrastructure, and a legacy of depending on fossil fuels.

The list below in no particular order, shows African countries that currently have a robust adoption rate for electric vehicles;

South Africa’s infrastructure advancement and developed manufacturing industry makes it an ideal hub for EV manufacturing. As of 2020, there were 6000 EVs in the country.

Morocco's EV fleet as at 2023 was put at 10,000. The country currently produces more vehicles than South Africa while its auto industry accounts for 22% of GDP and $14 billion in exports.

Kenya currently hosts the continent’s largest e-mobility start-up ecosystem with an investment ecosystem that shows increasing interest in e-mobility. The country’s EV registration (3,753)&nbsp;however, accounted for just 1.7% of new vehicle sales in the country.

Tanzania has fast become a force in Africa's EV market. A 2023 report by the Africa E-mobility alliance put the number of EVs in Tanzania at 5000 vehicles.

Angola also boasts of having one of the largest EV adoption in Africa with 1000 units according to the Africa E-Mobility Alliance with an additional 2000 EV imports from the United States in 2024.

Ghana recorded an impressive 17,000 EV units including two and three-wheelers according to government data. The country also has one of the largest EV four-wheeler fleets in Africa, with about 1,000 tracked in the Africa E-mobility Alliance's 2023 report.

As at 2022, Rwanda had about 900 EVs listed in its database. This number has sharply risen to about 1,182 include two, three and four wheelers.

There has been a sharp rise in the number of EVs in Egypt rising from 1800 recorded in 2021, to between 3500 and 4000 EVs in 2023.

The growth of EVs in Ethiopia has been linked to favourable government policies. According to estimates from Cleantechnica.com, there were about 5000 to 7000 EVs&nbsp;plying Ethiopian roads

Benin is also emerging as a force in EV adoption with the presence of&nbsp;over 3000 electric vehicles, mainly electric motorcycles.

The data on Nigeria’s EV market is currently not available but sales data from one of the top automobile companies, Stallion Motors showed it had only sold 120 units of Kona, (Nigeria’s first EV) since its launch in 2020.

Nigeria is yet to make its presence felt in the EV market despite its large population and large tech market base although some indigenous companies like Innoson, have made some advanced progress with their EV manufacturing plant.

According to&nbsp;Cornel Osigwe, the company's Head of Corporate Communications, Innoson is in the process of releasing the first set of its EVs which are currently still undergoing final certification and approval tests by the company’s quality control department for sales.

10 African countries with highest electric vehicle adoption

There is currently a growing interest in electric vehicles (EVs) across Africa chiefly driven by trends in investment, access to electricity and governmental priorities.

An airport has the "international" tag when it has the designated facilities and infrastructure to manage customs, immigration, and quarantine procedures for inbound and outbound passengers and cargo.

According to Globeair.com, there are three key features of an international airport which are; Customs and Immigration Facilities, International Flight Operations, and Global Connectivity.

Airports are key to the global logistics chain and play an important role in facilitating global trade as they enable the rapid movement of goods and services across continents.

Analysts have made a connection between airports and regional development based on the associations between airport passengers, population, and employment growth.

Countries with many international airports enjoy a substantial source of revenue from various streams, including airline fees, passenger charges, parking fees, retail rentals, and advertising.

<h2>10 countries with the most international airports</h2>

This list sourced from various aviation data shows the top 10 airports with the highest number of international airports:

<table><tr><th colspan="null" rowspan="null">Rank</th><th colspan="null" rowspan="null">Country</th><th colspan="null" rowspan="null">International Airports</th></tr><tr><td colspan="null" rowspan="null">1</td><td colspan="null" rowspan="null">United States</td><td colspan="null" rowspan="null">137</td></tr><tr><td colspan="null" rowspan="null">2</td><td colspan="null" rowspan="null">China</td><td colspan="null" rowspan="null">88</td></tr><tr><td colspan="null" rowspan="null">3</td><td colspan="null" rowspan="null">Russia</td><td colspan="null" rowspan="null">68</td></tr><tr><td colspan="null" rowspan="null">4</td><td colspan="null" rowspan="null">Mexico</td><td colspan="null" rowspan="null">40</td></tr><tr><td colspan="null" rowspan="null">5</td><td colspan="null" rowspan="null">India</td><td colspan="null" rowspan="null">39</td></tr><tr><td colspan="null" rowspan="null">6</td><td colspan="null" rowspan="null">France</td><td colspan="null" rowspan="null">34</td></tr><tr><td colspan="null" rowspan="null">7</td><td colspan="null" rowspan="null">Spain</td><td colspan="null" rowspan="null">34</td></tr><tr><td colspan="null" rowspan="null">8</td><td colspan="null" rowspan="null">Columbia</td><td colspan="null" rowspan="null">32</td></tr><tr><td colspan="null" rowspan="null">9</td><td colspan="null" rowspan="null">Italy</td><td colspan="null" rowspan="null">30</td></tr><tr><td colspan="null" rowspan="null">10</td><td colspan="null" rowspan="null">Iran</td><td colspan="null" rowspan="null">29</td></tr></table>

The data shows that the United States has the most international airports in the world (137). China comes in second position with 87 airports, followed by Russia (68) and Mexico (40).

Despite the absence of <a data-link-role-code="open_new_tab" href="https://www.pulse.ng/business/domestic/top-10-airports-in-africa-with-the-best-staff-in-2024/403455b">African countries in the list</a>, the continent is fast emerging as a preferred destination for travellers due to its dynamic tourism potential and booming business sector.

According to Skytrax’s 2024 report on Best Airports in Africa, South African airports dominated the list with three international airports (Cape Town International Airport, King Shaka International Airport, and Johannesburg International Airport).

Other entries include Morocco (Two airports), Kenya, Rwanda, and Mauritius among others.

Countries with the most international airports [Luxury Experts]

An airport has the "international" tag when it has the designated facilities and infrastructure to manage customs, immigration, and quarantine procedures for inbound and outbound passengers and cargo.

10 countries with the most international airports

Gold has come to stay as a major commodity amid its rising significance as a safe haven asset with prices skyrocketing globally, climbing to US$2,468.40 per troy ounce in June 2024.

According to the World Gold Council (WGC), the volume of gold produced globally has steadily increased in the last four years, rising by 12%. The US Geological Survey put the <a data-link-role-code="open_new_tab" href="https://www.pulse.ng/business/domestic/countries-with-the-largest-gold-reserves/ybz95hj">volume of global gold</a> production at 3,000 metric tons (MT) last year (2023) with a contribution of about US$38.0bn directly and indirectly to host nations.

Africa is not left out of the global gold production venture as West Africa is said to be one of the world's fastest-growing regions in terms of gold production and is currently the source of around half the gold produced in Africa.

<h2>Top 10 gold-producing countries in Africa</h2>

Data from the WGC council highlights the African countries that have produced the most gold from 2010 till date:

<table><tr><th colspan="null" rowspan="null">SN</th><th colspan="null" rowspan="null">Country</th><th colspan="null" rowspan="null">Tonnes</th></tr><tr><td colspan="null" rowspan="null">1</td><td colspan="null" rowspan="null">Ghana</td><td colspan="null" rowspan="null">135.1</td></tr><tr><td colspan="null" rowspan="null">2</td><td colspan="null" rowspan="null">Mali</td><td colspan="null" rowspan="null">105</td></tr><tr><td colspan="null" rowspan="null">3</td><td colspan="null" rowspan="null">South Africa</td><td colspan="null" rowspan="null">104.3</td></tr><tr><td colspan="null" rowspan="null">4</td><td colspan="null" rowspan="null">Burkina Faso</td><td colspan="null" rowspan="null">98.6</td></tr><tr><td colspan="null" rowspan="null">5</td><td colspan="null" rowspan="null">Sudan</td><td colspan="null" rowspan="null">72.5</td></tr><tr><td colspan="null" rowspan="null">6</td><td colspan="null" rowspan="null">Guinea</td><td colspan="null" rowspan="null">64.9</td></tr><tr><td colspan="null" rowspan="null">7</td><td colspan="null" rowspan="null">Tanzania</td><td colspan="null" rowspan="null">52</td></tr><tr><td colspan="null" rowspan="null">8</td><td colspan="null" rowspan="null">Côte d'Ivoire</td><td colspan="null" rowspan="null">51.5</td></tr><tr><td colspan="null" rowspan="null">9</td><td colspan="null" rowspan="null">Zimbabwe</td><td colspan="null" rowspan="null">46.6</td></tr><tr><td colspan="null" rowspan="null">10</td><td colspan="null" rowspan="null">Dem. Rep. of the Congo</td><td colspan="null" rowspan="null">45.4</td></tr></table>

After oil, gold is Africa’s second-largest export and the role the continent plays in global gold production is very significant as evident in the input the region made between 2010 and 2018 when gold production increased by 22%.

The Social and Economic Contribution of Gold Mining report published by the WGC says the growth witnessed during the period was primarily a result of the production growth in Africa and the Commonwealth of Independent States (CIS).

The absence of Nigeria (with a share of about 0.5% of global gold production) from the list is a fallout of the government's late entrance into the regulated mining market. According to Agusto Research, the Nigerian government started major developments in the gold mining industry in 2009.

With Nigeria’s gold reserves estimated at 757,000 oz, and worth up to $1.4 billion, there are hopes of revitalising the industry and increasing the global production market share as the government moves to increase investment in the Industry.

Top gold producing countries in Africa [Bitcoin Magazine]

Gold has come to stay as a major commodity amid its rising significance as a safe haven asset with prices skyrocketing globally, climbing to US$2,468.40 per troy ounce in June 2024.

Top 10 gold-producing countries in Africa

Whatsapp is currently the most used messaging app globally with over two billion monthly active users. The messaging platform is also available in over 180 countries and in 60 languages with 100 billion messages sent on the platform daily.

Despite boasting of a massive global user base, popular messaging app WhatsApp is still facing restrictions in some countries following regulatory flaws.

News filtered in recently that <a data-link-role-code="open_new_tab" href="https://www.pulse.ng/news/local/is-whatsapp-about-to-leave-nigeria-fg-agency-responds/09f5yn6">WhatsApp may be exiting Nigeria</a> due to violations in the Federal Competition and Consumer Protection Commission (FCCPC)’s laws.

The FCCPC slammed a $220 million penalty on the messaging platform for data privacy violations following allegations of user data violations.

According to a report by Techcabal, WhatsApp responded that it may consider “withdrawing certain services” in Nigeria due to the FCCPC’s penalty.

<h2>8 countries where WhatsApp is either blocked or restricted</h2>

With the development, this report presents eight other countries that have either banned Whatsapp operations in their countries or restricted certain features of the app:

<table><tr><th colspan="null" rowspan="null">S/N</th><th colspan="null" rowspan="null">Country</th><th colspan="null" rowspan="null">Whatsapp Status</th></tr><tr><td colspan="null" rowspan="null">1</td><td colspan="null" rowspan="null">China</td><td colspan="null" rowspan="null">Banned</td></tr><tr><td colspan="null" rowspan="null">2</td><td colspan="null" rowspan="null">North Korea</td><td colspan="null" rowspan="null">Banned</td></tr><tr><td colspan="null" rowspan="null">3</td><td colspan="null" rowspan="null">Syria</td><td colspan="null" rowspan="null">Banned</td></tr><tr><td colspan="null" rowspan="null">4</td><td colspan="null" rowspan="null">Iran</td><td colspan="null" rowspan="null">Banned</td></tr><tr><td colspan="null" rowspan="null">5</td><td colspan="null" rowspan="null">Qatar</td><td colspan="null" rowspan="null">Restricted</td></tr><tr><td colspan="null" rowspan="null">6</td><td colspan="null" rowspan="null">Saudi Arabia</td><td colspan="null" rowspan="null">Restricted</td></tr><tr><td colspan="null" rowspan="null">7</td><td colspan="null" rowspan="null">Egypt</td><td colspan="null" rowspan="null">Restricted</td></tr><tr><td colspan="null" rowspan="null">8</td><td colspan="null" rowspan="null">Uae</td><td colspan="null" rowspan="null">Restricted</td></tr></table>

For China, North Korea, Syria and Iran, WhatsApp’s operations have been totally blocked in the country as residents don't have any access to send messages from the app.

For the other countries which include Qatar, Saudi Arabia, Egypt and the UAE, audio and video calls have been restricted in the country while messaging is still allowed.

According to some of the countries that have outrightly banned WhatsApp, the reason has been centered on the need to regulate information flow and to promote the local telecommunication companies in the country.

In Nigeria, the FCCPC in a statement said WhatsApp was investigated for allegedly violating the Consumer Protection Act and the Nigeria Data Protection Regulation (NDPR).

FCCPC further explained that WhatsApp pre-ticked terms and conditions for Nigerian users, prevented them from opting out of data sharing, and shared their data without explicit consent. The body noted that this was different from the platform's rules in other jurisdictions with comparable data protection standards and laws.

WhatsApp is still facing restrictions in some countries [Zee News]

Despite boasting of a massive global user base, popular messaging app WhatsApp is still facing restrictions in some countries following regulatory flaws.

8 countries where WhatsApp is blocked or restricted

The growing internal and regional crises across the globe caused by political instability and terrorism have created the need for most countries to place more emphasis on improving their security.

According to the Military Expenditure Database released by the Stockholm International Peace Research Institute (SIPRI), there was a spike in military expenditure across the globe with the United States, China, Russia, India, and Saudi Arabia emerging as the five biggest spenders in 2023 and accounting for 61% of world military spending.

The SIPRI report further noted that in 2023, the military expenditure in sub-Saharan Africa rose to $23.1 billion which is about 8.9% higher than the total expenditure in 2022.

<h2>Top 5 African countries spending the most on their military</h2>

Below are the top five African countries with the highest military expenditure in 2023. Their positions <a data-link-role-code="open_new_tab" href="https://www.pulse.ng/news/world/10-strongest-african-military-powers-by-country-in-2023/pfpkz0t">in terms of military might</a> is also highlighted:

Algeria’s military expenditure in 2023 was recorded as&nbsp;$18.3 billion, which indicated a 76% increment. This was recorded as the highest level of expenditure ever recorded by the country.

According to Statista, Algeria is the second strongest military in Africa.

Morocco's military expenditure in 2023 was recorded as $5.1 billion, indicating a 2.5% decline. Despite the drop in military expenditure, Morocco was ranked the second largest military spender in Africa.

The country has the 7th strongest military in Africa.

Nigeria came in third position with a military expenditure of $3.2 billion in 2023. Nigeria's internal terrorism crisis has put the country on its toes for over a decade and this has created the need for more spending on military hardware.

The country’s military spending spiked 20% to $3.2 billion in 2023, also making it the biggest spender on defence in sub-Saharan Africa. Nigeria's military might is ranked 4th in Africa.

<h3>4. South Africa</h3>

South Africa came next with a military expenditure of $2.7 billion in 2023. This also indicated a 10% decline from its military spending in 2022 ($3.00B).

South Africa’s military is ranked 3rd in Africa in terms of military might.

Angola's military spending in 2023 which stood at $1.2 billion places it in 5th position.

Angola’s military is currently ranked 6th in Africa in terms of military might.

Top 10 African countries with the weakest military power in 2024

The growing internal and regional crises across the globe caused by political instability and terrorism have created the need for most countries to place more emphasis on improving their security.

Top 5 African countries spending the most on their military

For years, gold has been a valuable asset countries have held as a means to boost their foreign exchange reserves and stabilise the national currency.

During political and financial uncertainty, most governments depend on their gold reserves as the most reliable investment in securing assets. As of March 2024, gold hit a record high after the precious metal scaled to $2,100 per ounce.

<h2>10 countries with the largest gold reserves</h2>

According to Insidermonkey, a financial publishing firm, here are the ten countries that have the largest gold reserves in the world;

<h3>1. United States</h3>

As of Q4 2023, the United States held the largest gold reserves in the world with a total of 8,133.46 tonnes representing 69.89% of its central bank reserves

Germany followed the US with gold reserves capacity of 3,352.65 tonnes accounting for 69.06% of gold holdings in its Central Bank.

Italy has the third-largest gold reserves in the world with total reserves of 2,451.84 tonnes. The country holds 65.89% of gold holdings in its Central Bank.

France has 2,436.97 tonnes of gold reserves and its Central Bank reserves hold 67.28% of gold holdings.

Countries with the largest gold reserves [Gold Reserve]

Russia’s Central Bank has 26.05% of total gold holdings and 2,332.74 tonnes of gold reserves, as of Q4 2023.

China has 2,235.39 tonnes of gold reserves and holds 4.33% of gold holdings in its Central Bank.

Switzerland has 1,040 tonnes of gold reserves and 7.64% of gold holdings in its Central Bank.

Japan has 845.97 tonnes of gold reserves and holds 4.37% of gold holdings in its Central Bank.

India’s total gold reserves stand at 803.58 tonnes accounting for 8.54% of gold holdings in the country’s Central Bank.

<h3>10. Netherlands</h3>

The Netherlands has 58.34% of gold holdings in its Central Bank and 612.45 tonnes of gold reserves.

As several governments seek to capitalise on their natural resources to drive economic growth and reduce dependency on volatile commodities, Nigeria and a couple of other African countries have also followed through with their inclusion in the gold reserves ranking.

According to Forbes, Nigeria is ranked in sixth position among the top ten <a data-link-role-code="open_new_tab" href="https://www.pulse.ng/lifestyle/food-travel/top-10-diamond-producing-countries-in-africa/zgbz1bv">African countries</a> with the most substantial gold reserves with 21.37 metric tons of gold reserves, valued at $1 billion.

Gold, unlike fiat currencies, is not affected by inflation and other market tensions and this makes the commodity retain its value against all the odds in the market.

Top 10 African countries with the largest gold reserves

For years, gold has been a valuable asset countries have held as a means to boost their foreign exchange reserves and stabilise the national currency.

10 countries with the largest gold reserves

Over the years, the volume of oil reserves owned by different countries has solidified their presence as major players due to the importance of oil and gas in the global economy.

The Society of Petroleum Engineers define oil reserves as the amount of crude oil that can be technically recovered at a cost that is financially feasible using the current oil price.

<h2>10 countries with the largest oil reserves</h2>

According to a ranking by World Atlas, using 2024 data by the Organization of Petroleum Exporting Countries (OPEC), out of the 43 countries, the top 10 countries that boast of oil and gas production have been highlighted and they include:

Venezuela, with a population of around 33 million residents has the largest proven oil reserves in the world totalling 303 billion barrels and accounting for approximately 17% of global reserves.

<h3>2. Saudi Arabia</h3>

Saudi Arabia comes second behind Venezuela with a total of 267 billion barrels in its reserves. The country accounts for about 16.9% of the world’s petroleum reserves.

Iran came in third position with 208 billion barrels in its reserves. Iran, with a population of about 85.69 million people makes up about 24% of oil reserves in the Middle East and 12% in the world according to a report by the US Energy Information Administration.

Although not originally included in the OPEC report, Canada’s oil fields have been noted to have one of the largest oil and gas deposits although this oil is notoriously hard to access and even more difficult to process. Canada holds about 163 billion barrels in its reserves.

Iraq has been long plagued with conflicts since the early 2000s and this has made oil production in the country difficult. The country is still a&nbsp;<a data-link-role-code="open_new_tab" href="https://www.pulse.ng/business/domestic/nigeria-iraq-lead-as-opec-oil-production-output-increases-in-may/tp26096">major player in the industry</a> as a founding OPEC member, and analysts have estimated the total oil reserves at anywhere between 112 and 300 billion barrels.

Countries with the largest oil reserves [Business Post Nigeria]

<h3>6. United Arab Emirates</h3>

The United Arab Emirates (UAE) can be described as one of the wealthiest Middle Eastern countries, a development which can be traced to its rich oil reserves. The UAE holds about 113 billion barrels in its reserves.

Kuwait holds about 6% of the world's oil reserves including half of the reserves in the Neutral Zone that is shared with Saudi Arabia. The country is a long-standing OPEC member and holds 101 billion barrels in its reserves.

Russia’s oil reserves hold about 80 billion barrels and this made the country the main source of energy for many of Europe's economies until the war with Ukraine started. According to World Atlas, Russia's reserves are yet to be fully explored.

<h3>9. United States of America.</h3>

The US holds about 55 billion barrels in its oil reserves. Despite the low reserves, the US still produces the highest volume of oil currently at 12 million barrels per day.

As of 2021, Libya was the 7th largest crude oil producer in OPEC and the 3rd largest total petroleum liquids producer in Africa, after Nigeria and Algeria. Libya currently holds 48 billion barrels of oil&nbsp;accounting for 3% of the world’s proven oil reserves and 39% of Africa’s proven oil reserves.

Over the years, the volume of oil reserves owned by different countries have solidified their presence as major players due to the importance of oil and gas in the global economy.

10 countries with the largest oil reserves

The global economy has been influenced by the role played by Oil and gas companies due to its importance.

The importance of offshore drilling companies in the global economy is due to their role in the exploration, extraction, refining, transportation, and marketing of hydrocarbon-based commodities used mainly as energy sources, fueling most of the planet’s power and electricity needs.

<h2>Top 10 biggest offshore drilling companies in the world by revenue</h2>

Here is the list of the global top 10 offshore oil and gas companies according to their <a data-link-role-code="open_new_tab" href="https://www.pulse.ng/business/domestic/top-banks-hit-naira951-trillion-annual-revenue-in-the-2023-financial-year/c3jsxk8">revenue earned in 2023</a>;

<h3>1. Schlumberger</h3>

The company is headquartered in Paris, France and has branch offices in Houston, London and the Hague.

Schlumberger has a worldwide presence in more than 120 countries and has been operating in Nigeria for around 60 years.&nbsp;It generated $33.14 billion in revenue in its 2023 financial year.

<h3>2. Baker Hughes</h3>

Headquartered in Houston, US with about 54,000 professionals in its employ, BH&nbsp;operates in more than 120 countries.

The company recently announced its readiness to invest in Nigerian refineries, as well as participate in the forthcoming bid round for marginal oil fields in Nigeria.

Baker Hughes reported some $25.5 billion of revenue in 2023.

The company has a diverse workforce representing over 140 different nationalities in more than 75 countries across the globe.

Halliburton generated $23.02 billion in revenue in 2023.

Halliburton Testing and Subsea (TSS) Nigeria recently celebrated significant milestones which include the processing of its 10-millionth barrel of oil by an early production facility (EPF).

<h3>4. Fluor Corporation</h3>

Fluor Corporation is one of the world’s biggest offshore drilling companies and a major producer of anti-pollution products.

Fluor had a revenue of $15.5 billion in 2023 and is ranked 303 among the Fortune 500 companies.

<h3>5. China Oilfield Services Limited (COSL)</h3>

As of March 2019, COSL had a total of 51 operating drilling rigs. According to the company’s latest financial reports, it generated $6.39 billion as revenue in 2023.

Top offshore drilling companies [Marine Insight]

Weatherford’s portfolio includes well construction, formation evaluation, well completion, and artificial lift.

Weatherford generated a total revenue of roughly $5.1 billion in 2023.

<h3>7. Nabors Offshore</h3>

Nabors, an oil, natural gas, and geothermal drilling contractor based in Bermuda provides drilling technology and equipment, offshore platform workover and drilling rigs, and comprehensive oilfield services.

Full-year 2023 operating revenue was $3.0 billion.

Switzerland-based oil giant, Transocean is present in more than 30 countries across the world with major offices located in the United States, Scotland, Brazil, Malaysia, Indonesia, Norway and Nigeria.

In 2023, the Switzerland-based company reported $2.8 billion in revenues.

Petrofac offers offshore drilling services which include deep-water drilling; coiled tubing drilling; extended reach drilling; high-pressure, high-temperature (HPHT) drilling; hydraulic workover operations (HWU); and multilateral wells.

Petrofac registered revenue of $2.5 billion in 2023 compared to $2.6 billion in 2022.

<h3>10. Ensco Plc&nbsp;(Valaris)</h3>

Valaris, formerly known as Ensco Plc owns a diverse fleet consisting of 39 oil rigs, 13 ultra-deepwater drillships, semisubmersibles and modern jack-ups. According to Macrotrends, Valaris’ annual revenue for 2023 was $1.784 billion, a 11.34% increase from 2022.

The global economy has been influenced by the role played by Oil and gas companies due to its importance.

Top 10 biggest offshore drilling companies in the world by revenue

The indebtedness of African countries to the International Monetary Fund (IMF) has grown over the years as the body continually supports the continent's economic growth by providing financial aid.

This data shows the top 10<a data-link-role-code="open_new_tab" href="https://www.pulse.ng/business/domestic/top-countries-with-the-worst-inflation-rates/sx5fzk6" title="10 most indebted African countries to the IMF"> African countries</a> most indebted to the IMF. It was compiled using the IMF report on Total IMF Credit Outstanding Movement and the latest debt data for each country, accurate from May 1, 2024, to May 15, 2024.

<h2>10 most indebted African countries to the IMF</h2>

Here are the top 10 countries in Africa that are most indebted to the IMF:

Egypt came tops as it owed the highest debt figure to the IMF.

As of April 30, 2024, Egypt’s indebtedness to the IMF stood at $11.2 billion. The country made a repayment of $418 million bringing the total debt to $10.8 billion as of May 15, 2024.

Angola came in second position as the most indebted country in Africa to the IMF.

The country’s debt to the international lender stood at $3 billion as of April 30, 2024. The amount remained the same as of May 15, 2024, since no repayments were made.

The Kenyan government's indebtedness to the IMF as of April 30 2024, stood at $2.5 billion. No repayments have been made.

Ghana came in fourth position with a debt of $2.1 billion as of April 30, 2024. A repayment of $13 million was made thus bringing the total debt to $2 billion as of May 15, 2024.

<h3>5. Côte d'Ivoire</h3>

Côte d'Ivoire came in fifth place with a debt of $1.94 billion. No repayment has been made as of May 15, 2024.

<h3>6. South Africa</h3>

In the sixth position is South Africa with an IMF debt of $1.9 billion as of April 30, 2024. No repayments have been made so far.

The indebtedness of African countries to the International Monetary Fund (IMF) has grown over the years as the body continually supports the continent's economic growth by providing financial aid.

Solomon Ekanem

Articles written by the author

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