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...
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...
With a population of over 200m, Nigeria is a large and diversified economy, despite the government’s reliance on oil and gas revenue. While the Covid-19 pandemic and subsequent oil price crash caused a contraction in economic growth in 2020, it also led to rapid digitalisation across commerce, education and communication. This shift is expected to put Nigeria in a favourable position for recovery in the medium term.
The shift away from hydrocarbons and towards sustainable forms of energy continued in 2021, with new renewable generation capacity set to reach an all-time high and the international community committing to reduce carbon emissions at the latest UN Climate Change Conference (COP26). For emerging economies, this transition heralds a specific set of challenges – as well as potential benefits.
Amid pledges to phase out the use of coal and reduce methane emissions, world leaders at the recent UN Climate Change Conference (COP26) in Glasgow also agreed to reform global carbon markets and improve rules about carbon trading, seen as key tools in the transition towards decarbonisation.
The ongoing UN Climate Change Conference in Glasgow has underlined how increased adoption of low-carbon energy sources will be key to reducing global emissions. While it is not without its detractors, many agree that nuclear power has a role to play in this.
Stay updated on how some of the world’s most promising markets are being affected by the Covid-19 pandemic, and what actions governments and private businesses are taking to mitigate challenges and ensure their long-term growth story continues.
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