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Nigeria’s Oil Faces Threat As Electric Vehicle Sales Rise
The rising number of countries gradually shifting from fossil fuels and encouraging the adoption of electric vehicles may pose a major threat to Nigeria’s crude oil exports.
Sales of electric cars topped 2.1 million globally in 2019, surpassing 2018 – already a record year – to boost the stock to 7.2 million electric cars, with China leading the charge, according to the International Energy Agency.
It said nine countries had more than 100,000 electric cars on the road while at least 20 countries reached market shares above one per cent.
“In 2019, electric vehicles in operation globally avoided the consumption of almost 0.6 million barrels of oil products per day,” the IEA said.