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Nigeria, Other Oil Countries at Serious Risk as Energy Transition Bites
Nigeria, Other Oil Countries at Serious Risk as Energy Transition Bites
With the reluctance of the Buhari administration to yield to the quest of the Nigerian people for restructuring, what is Nigeria’s exit plan from fossil fuel?
The COVID-19 pandemic opened the underbelly of the country’s economy and its poor health facilities. While the country is still battling at recovery, the worsening security situation has been compounding matters.
Now, Nigeria is at a very big risk. The gushing oil wells will not sustain the economy any longer without restructuring and some radical reforms.
The global government income from oil and gas taxation fell to a multi-year low in 2020 of around $560 billion, as production and prices shrunk. Before Covid-19, oil and gas taxes usually exceeded the trillion-dollar mark. Petrostates will miss these former glories, a Rystad Energy report projects.