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Nigeria: Will oil investors return despite uncertain policy and rise of electric vehicles?

By Ruth Olurounbi
Posted on Thursday, 15 July 2021 09:27

A gas flaring furnace is seen in Ughelli, Delta State, Nigeria 16 September 2020. REUTERS/Afolabi Sotunde

As countries around the world are ‘feverishly attempting to adapt to the rapidly changing dynamics in the energy industry’ to ease impact of climate change as per OPEC Secretary General Mohammad Sanusi Barkindo, there are concerns that the push for net-zero emissions could prove turbulent rather high-yielding for the global economy. This is especially worrisome in oil-dependent economies, such as Nigeria, that are contributing significantly less to global carbon dioxide emissions.

Global oil companies, including those operating in Nigeria, are dialling down their investments and developing more green-energy projects, following calls from the International Energy Agency (IEA) to stop investments in new oil and gas wells to hit ambitious climate goals by 2050. The target is net-zero carbon emissions.