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. This bilateral meeting took place between Lesotho's Prime Minister, Ntsokoane Samuel Matekane, and Bayelsa State's Governor, Senator Douye Diri, at the State House in Maseru, the capital city of Lesotho. The meeting explored potential economic benefits, particularly where Bayelsa has comparative advantages.
Bayelsa State is rich in crude oil and large gas deposits, with the longest coastline in Nigeria, placing it strategically in the Gulf of Guinea. Lesotho, a landlocked nation 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.
Governor Diri expressed interest in collaborating with Lesotho in areas such as oil and gas, tourism, and rice production. He mentioned that Bayelsa's cassava starch extraction factory is now functional and aims for international exports. The state is also looking at exporting industrial starch and exploring possibilities for collaboration in rice production, given its massive wetland and rice belt.
On inter-African trade, Governor Diri noted that countries on the continent do business more with those outside the region and that it is time for this to change. He emphasized the importance of intra-country trade and the potential for mutually beneficial partnerships between Lesotho and Bayelsa State. The Director-General of the Bayelsa Investment Promotion Agency (BIPA), Patience Abah, presented Bayelsa's framework for the African Continental Free Trade Area (AfCFTA).
Abah highlighted Bayelsa's potential in oil and gas, as well as its coastal assets, including the longest coastline in Nigeria and proven gas reserves exceeding 18 trillion cubic feet. She also mentioned possibilities for collaboration in cold water production, fish processing, and hydro energy. Lesotho's Prime Minister, Ntsokoane Matekane, expressed interest in any economic relationship and investment that is mutually beneficial.
Prime Minister Matekane emphasized the importance of African countries deriving benefits from their natural resources rather than relying on imported finished products. He mentioned that Lesotho is targeting 100 per cent renewable energy and export it to the Southern African region. The country also has potential for setting up data centres for digitised businesses, taking advantage of its cool temperatures and abundant water supply.
After the meeting, Governor Diri participated in the Diamond Independence Jubilee celebrations of Lesotho at the National Stadium in Maseru. The event was attended by the King of Eswatini, representatives of the government of Botswana, Zambia, and heads of diplomatic missions and international organisations.
Key points
- Lesotho and Bayelsa State discuss economic cooperation in areas such as agriculture, oil and gas, and tourism.
- Bayelsa State aims to collaborate with Lesotho in areas such as rice production and industrial starch export.
- The partnership between Lesotho and Bayelsa State aims to promote intra-African trade and mutually beneficial economic relationships.
