Somalia prepares oil sector bidding as World Bank invests in Jumia

Somalia is preparing to launch an open and competitive bidding process for companies interested in investing in its oil sector. Abdulqadir Aden, president of the Somali Petroleum Authority (Spa), announced that officials have undergone training, supported by the Canadian government, to manage competition and ensure transparency in the upcoming public tenders. Aden noted that improvements in maritime security, political stability, and reduced insurance costs have made the country a more attractive emerging market for international investors.

In separate news, the World Bank Group, through the International Finance Corporation (IFC), is investing $25 million in venture capital into Jumia Technologies AG. This investment aims to expand digital trade infrastructure across Africa and support small businesses. The funding is expected to assist approximately 60,000 local sellers and support thousands of jobs and independent sales agents across Jumia’s eight operating markets.