For as long as any Nigerian can remember, the campaign for economic diversification has almost been eternal and transformed into an anthem of sorts. Expectations have always been that government, with near-absolute control of the economy and state resources, will spearhead such revolution away from sole dependence on crude oil. But what do we have in reality? Diversification has emerged just a nice-to-have that should be left to someone else to implement.
At the global level, coal was the engine of the world economy, contributing enormously to meeting energy needs. It still powers some sectors among the major economies. It also had its hazards. Then the tide turned. Issues around environmental concerns and the discovery of new technologies gained ascendancy at the turn of the century. Beginning from the late 30s, hydrocarbons was discovered in commercial quantities across the world.
But in a twist of fortunes, the fate, which befell coal five decades ago now stares oil in the face. The combustion of petroleum has become a major emitter, contributing to high levels of carbon dioxide that propels global warming. The Intergovernmental Panel on Climate Change , in a report, stated that global warming is causing increased changes to rainfall patterns, oceans and winds in all regions of the world and some of these trends are irreversible.
Against this evolving trend, what has been Nigeria’s policy on energy transition? At present, the country lacks a coherent strategy. What we hear are intermittent pronouncements about oil demand not abating any time soon. Officials of the incumbent government, just like others before it, are mostly indifferent. Their attitude is informed by an unverifiable confidence that oil will remain in high demand over the next 40 years.
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Source: DailyPostNGR - 🏆 11. / 59 Read more »