Nigeria may need to look inwards, utilize oil for other uses as electric cars take hold

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The Vice President/Head, Energy Research, Ecobank, Mr. Dolapo Oni has said that while the shift to electric/hybrid cars casts a major cloud over an already challenged crude oil market, the impact on oil producing countries such as Nigeria in middle Africa could be much worse, The Punch reports.

He said in an interview that “Countries like Nigeria and Angola, which have paid lip service to diversification, will either have to credibly implement structural reforms or be forced to take action as government’s income dwindles.” He said middle African countries could look inwards for demand as vast opportunity would continue to exist in the domestic markets. According to Oni, if Nigeria refines all its crude oil, it can comfortably supply the entire West Africa and wider Gulf of Guinea countries.

The Group General Manager, Group Public Affairs Division, NNPC, Mr. Ndu Ughamadu, also said the development would force Nigeria to look more inwards into utilisation of crude oil for the production of other products. Ughamadu noted that Netherlands was in the NNPC headquarters a few weeks ago in connection with petroleum resources, saying, “They want to collaborate with the NNPC towards utilising petroleum products for the production of animal feeds. So, more innovations will come up towards utilising the raw materials.”