Climate Change: Profitable Oil Wells Threaten Nigeria's Switch To Clean Energy

This dilemma is thickened by the fear of the
unknown. Crude oil accounts for over 95 per
cent of Nigeria's export earnings and about 40
per cent of government revenues, according to
the International Monetary Fund. Despite
attempts at diversifying the economy to areas
such as agriculture and entertainment, the
country still depends on it's oil wells for
sustenance.

As the world seeks cleaner alternatives to fossil fuel with the
aim of halting climate change in its tracks, Nigeria's
contemplation flickers, torn between giving up the stupendous
fortunes of the liquid gold and charting a new path for a
sustainable future.
This dilemma is thickened by the fear of the unknown. Crude
oil accounts for over 95 per cent of Nigeria's export earnings
and about 40 per cent of government revenues, according to
the International Monetary Fund. Despite attempts at
diversifying the economy to areas such as agriculture and
entertainment, the country still depends on it's oil wells for
sustenance.
Will Nigeria lose it's coveted revenue source by phasing out
the production and use of fossil fuel?
Nigeria's oil according to BudgIt is set to run out in 45 years.
Based on proven oil reserves of 37 billion barrels and daily oil
production of 2 million barrels, Nigeria's oil will run out.
This coming apocalypse presents the country of 200 million
people with the opportunity to create what climate activist,
Peter Thorley, describes as "a model 360 turnaround" which
can serve as a template for transition from fossil fuel to
cleaner and climate friendly alternatives.

"Nigeria is a unique situation because it has a young
population in tune with the times, the geography is friendly for
creating sustainable alternatives and my projection is that
Nigeria can make N11trn from solar energy and wind farms
alone," says Thorley.
He adds that Nigeria, "Has a large population and economy
run on generators which pollutes the environment with carbon
monoxide and noise.
"Imagine what people will pay for a cleaner and more quite
alternative. And this does not even include mini grids which
locals can use to sell power to neighbouring countries like
Benin Republic or Cameroon."
For Ummi Dadi, who owns a solar business, expected revenue
from greener sources peaks at N14trn.
"I say Nigeria will make nothing less than N14trn yearly from
renewables.
"All we need is the political will to start exploring this fallow
Eldorado," he said.
The numbers are high, compared to the N9.4trn Nigeria made
in 2018 from crude oil sales.
Beyond the numbers, projected revenue and possibilities for
Nigeria, the country's fingers still drips in unsustainable use
and sale of oil. In order to tap into the possibilities, Nigeria
must show real commitment in planning a sustainable yet
profitable future for its 200 million citizens.
This article was written with the support of Climatetracker.org
as part of the 2019 Climate Tracker Data Journalism Fellowship.