The governments of Lesotho and Bayelsa State have engaged in talks on areas of economic cooperation, including agriculture, oil and gas, tourism, cold water development, and textile warehousing. The bilateral meeting between Lesotho's Prime Minister, Rt. Honourable Ntsokoane Samuel Matekane, and Bayelsa State's Governor, Senator Douye Diri, took place at the State House in Maseru, Lesotho's capital city.
Governor Diri recalled an earlier meeting with Prime Minister Matekane in Abuja, Nigeria, and expressed Bayelsa's interest in exploring economic benefits, particularly where it has comparative advantages. He highlighted Bayelsa's rich crude oil and large gas deposits, as well as its strategic location in the Gulf of Guinea with the longest coastline in Nigeria.
Lesotho, one of the world's smallest and landlocked nations in Southern Africa, is rich in diamonds and a leader in cold water production and export, as well as textile production. Governor Diri noted that Bayelsa was the first place in Nigeria where oil and gas was found in commercial quantities in 1956 by the British during colonial rule.
The Bayelsa Governor stated that his state is looking at exporting industrial starch from its cassava processing factory and exploring collaboration in rice production, as Bayelsa is a massive wetland and a rice belt. He also emphasized the need for inter-African trade, noting that countries on the continent do business more with those outside the region and that it is time for this to change.
The Director-General of the Bayelsa Investment Promotion Agency (BIPA), Patience Abah, presented the state's investment opportunities, following the general framework of the African Continental Free Trade Area (AfCFTA). Abah highlighted Bayelsa's coastal assets, including its longest coastline and proven gas reserves exceeding 18 trillion cubic feet.
Prime Minister Matekane stated that Lesotho is interested in any economic relationship and investment that is mutually beneficial. He emphasized the importance of African countries deriving benefits from their natural resources rather than relying on imported finished products. Matekane also mentioned Lesotho's target of 100 percent renewable energy and its potential for hydropower.
The meeting between Lesotho and Bayelsa State aims to foster economic cooperation and partnership in various sectors. Governor Diri's visit to Lesotho also included participation in the Diamond Independence Jubilee celebrations, where he joined the King of Lesotho and representatives of other governments and international organizations.
Key points
- Lesotho and Bayelsa State discuss economic cooperation in areas such as agriculture, oil and gas, and tourism.
- Bayelsa State highlights its investment opportunities, including its coastal assets and gas reserves.
- Lesotho aims to achieve 100 percent renewable energy and explore partnership opportunities with Bayelsa State.
