Africa.com

Stay Smart About Africa

Is Nigeria Ready to Leave Fossil Fuels and Go Green?

Worries over the future value of crude oil are particularly acute in Nigeria, where over 90% of export value is generated by fuels, oils, and distillation products. Policymakers fret that a rise in the sales of electric vehicles (EVs) across Europe and Asia will undermine its most valuable export. In its Global EV Outlook 2020, the International Energy Agency (IEA) reported that sales of electric cars topped 2.1m globally in 2019. The agency said about 17,000 EVs were on the world’s roads in 2010, compared with 7.2m today, as the price of EVs and batteries falls. Coincidentally, Europe and Asia, where demand for EVs is increasing, are also the leading destinations for Nigerian crude oil. According to Statista, during the third quarter of 2020, the export value of crude oil to Europe amounted to around $2.7bn. Asia was the second largest market, amounting to around N910bn.

SOURCE: AFRICAN BUSINESS

We are committed to Africa
Will You Support Us?

Unlike many global publications, for nearly a decade we have been committed to showing a complete picture of Africa – not just a single story.  Offended by one-sided coverage of wars, disasters and disease, the founders of Africa.com created a website that provides a balanced view of Africa – current events, business, arts & culture, travel, fashion, sports, information, development, and more.
%d bloggers like this: