Covid 19 disrupted the status quo in the global economy shaking up how economic sectors operate.
According to Worldbank.org, African (Nigeria in focus) economies are still struggling to recover from consistent negative impacts of Covid 19 Pandemic, and with the never ending discovering of new variants (e.g. Omicron Varient) across the globe, one can hardly tell when this nightmare will end especially when current strategies and measures recommended by WHO continue to work against virus variants identified since the start of the pandemic.
A 2020 Worldbank.org statistics projects Nigeria’s economy (Africa’s largest with a GDP of about $432.3 billion, a population of about 201 million with about 90 million people living in extreme poverty) to be heavily reliant on the exportation of about 1.8 million barrels of oil per day, making it Africa’s leading oil producer.
This however hasn’t solved the heavy challenges burdening the citizens and it neighboring countries (Countries that open arms to assist citizens in need- example Ghana, one of the most peaceful countries and fast growing economy’s in West Africa) hence giving opportunity’s to investors to create solutions and make profits.
With the resolution from the just concluded UNFCCC – Cop26 conference held at Glasgow to cut down emissions to achieve net zero by mid-century- 2050, there is an increased call on global economies for less funding and cutting down demands for fossil fuel production.
Despite its good intentions, this decision has created some levels of uncertainty for African economies reliant on large exportations of oil and may shake the very livelihood for many citizens over the coming decades if proper strategies and funding are not put in place.
The very big questions racing on a lot of people minds is ‘Will Nigeria oil and gas industry survive the test of time? Which strategies are needed to achieve economic diversification; and, will Technological advancement save the day?
What then could be the fate of African countries heavily reliant on exploration and exportation of oil?
Eric Osiakwan (Chanzo Capital), Olumide Soyombo (Bluechips Technologies) and Kola Karim of Shoreline Energy shares their opinions with Edem Farrie on the prospects and chances of survival of the Nigerian economy moving away from oil exportation
As an African entrepreneur, a foreign investor, or just an ordinary citizen contributing to the success of the Nigerian economy and Africa as a whole, these answers gives you the guide map and tools to equip yourself for uncertain days ahead.
Understanding the impact of human activity on our climate is a complex problem; we are all responsible for climate change and are tasked to be environmentally conscious in our actions.
Every investment attracts risks hence the need to be thorough before investing. The big question is, will returns be worth it?
I leave that to your discretion.
Click on link below to watch full footage of the exclusive interviews with Edem Farrie.