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What Is NNPC’s Exit Strategy Post 2040, When Nigeria’s Crude Oil Shall Be Unwanted In The West ?

The Oasis Reporters

August 17, 2019

Videos surfacing online often show free electric charging points for cars of different brands produced by the very same companies that have led in the production of gas powered cars. This is a sign of the major shift in tomorrow’s energy consumption direction that crude oil shall be worthless in the near future.

At a time that the government of President Muhammadu Buhari is commissioning crude oil exploration in Northern Nigeria, Global Oil Outlook up to 2040 is saying something different.

Nobody would be needing the nation’s prime exports any longer, and with a huge debt overhang, the financial consequences seem dire for Nigeria that exited the debt burden under former President Olusegun Obasanjo.

It has been reported that an EU-wide ban on fossil fuel will take effect after 2040. All the oil majors now have strategic plans to diversify their energy production mix, so that 25% of their sales would come from renewables by 2025, and continually scale this up to 100% by 2050. It thus bears asking if NNPC’s strategy makers are aware of this looming scenario in the business environment, which also means that Nigeria’s major source of foreign exchange earnings would disappear at once.

Tesla electric cars don’t run on gas.

A certain Prof. Posi Tubosun, who is said to be a University lecturer in the UK and resource fellow to many Multilateral Agencies was quoted as having been one of the delegates training some officials of NNPC from Nigeria in the summer of 2018 on Global Oil Outlook up to 2040 said the oil outlook is “one of the reasons the US is aggressively selling its own oil stock based on the 2040-50 deadline date, and it is ready to do so at a discount to the forward or futures price being offered by the OPEC at any point in time.

He went on to add that “it is no longer fashionable for OPEC to cut quota. Every cut in quota is now being met by supply offered by the USA”.

In analysing Nigerian economic matters, a write up attributed to him saw him quoting the views allegedly expressed by Joseph Eugene Stiglitz, a Nobel prize winner, when he visited Nigeria in 1999 that Nigeria is owing over $25 billion dollars in 2019, after the Obasanjo administration worked assiduously to exit the Paris Club Debt obligations, as well as other overhanging debt burdens.

Greg Abolo

Blogger at The Oasis Reporters.

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