In August 2022, Nigeria launched its Energy Transition Plan to achieve net-zero emissions by 2060, targeting key sectors like oil and gas, power, cooking, transport, and industry, responsible for 65% of the nation’s total greenhouse gas emissions. Acknowledging the need for sustainable energy due to climate change and volatile oil prices, the plan emphasizes a shift away from fossil fuels. Recent surges in international oil prices, breaching $94 per barrel, further underscore the urgency of this transition. The evolving energy landscape will demand adaptive decisions from industries, stakeholders, and policymakers, significantly impacting the economy. Investments are already redirecting towards emerging energy production areas, affecting labor markets. The energy transition will also reshape various industries, notably the oil and gas sector, presenting an exciting yet challenging shift with potential economic ramifications.
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