Nigeria is the biggest economy in Africa, with GDP of $432.3bn in 2020, according to the World Bank, and home to one of the largest proven oil reserves on the continent. The country has developed an investment-friendly business climate over two decades of civilian rule and in the nearly 60 years since independence, boosted by its oil and gas wealth, and the entrepreneurial spirit of its young popu
Interview: Mele Kolo Kyari What was the impact of the Covid-19 pandemic on oil and gas production in Nigeria? MELE KOLO KYARI: Before assessing the effects of the pandemic, it is necessary to consider the state of the industry in the years leading up to the health crisis. Even before 2020, the country’s energy sector was going through a transition. There was more of an emphasis on green and sustainable…
Nigeria is Africa’s top oil producer and possesses the largest proven gas reserves on the continent, making it a key player in the global energy market. However, despite its wealth of resources, the country has been unable to meet domestic demand and has one of the lowest net electricity generation rates per capita in the world. The pandemic aggravated this trend, as 2020 saw a steady decline in…
The year 2020 was a dramatic one for the global energy sector, with the Covid-19 pandemic slashing demand for hydrocarbons and upending market norms. Seeing that investment in oil took a hit while renewable energy remained resilient, some stakeholders expect the pandemic to result in a permanent realignment of the international energy market. Oil Crisis The energy sector was dramatically affected…
In late September 2020 President Muhammadu Buhari submitted the Petroleum Industry Act (PIA) to the National Assembly, breathing new life into the stalled legislation. Both chambers of Parliament passed the then-bill on July 1, 2021, and it was signed into law the following month. The PIA aims to overhaul the oil industry, focusing on its organisational structure and fiscal terms, with an eye to increasing…
Nigeria is Africa’s top oil producer and possesses the largest proven gas reserves on the continent, making it a key player in the global energy market. However, despite its wealth of resources, the country is unable to meet domestic demand and has one of the lowest net electricity generation rates per capita in the world. The nationwide electrification rate stood at nearly 60% in 2020, while 39%…
– The global nuclear power industry is growing and modernising rapidly – Emerging economies are increasingly looking to nuclear to meet energy needs – Many emerging nations are developing capacity, or will do so in coming years – While some misgivings have been voiced, nuclear appears to be growing The ongoing UN Climate Change Conference (COP26) in Glasgow has underlined how increased…
– Leading insurers are moving to net-zero greenhouse gas emissions policies – Companies are increasingly turning their backs on coal in particular – Emerging markets are shifting to renewables, with potential to leapfrog fossil fuels As environmental, social and governance (ESG) concerns become increasingly important in the corporate world, insurance companies are emerging as potentially…
On the impact of Covid-19 and falling oil prices on Nigeria’s economy How is Nigeria’s oil and gas industry faring in the face of the current pandemic? AUSTIN AVURU: The combination of the current pandemic and the rapid decline in demand for crude oil globally is reflected in current oil prices. In real terms, we are expecting to end 2020 with an aggregate price that is half of what our original…