Nigeria: Oil vs. Renewable Energy Sector

The collapse of oil prices could prove to be more of a boon than a bane for Nigeria. That may not be far-fetched, given that the global price dropped below $35 per barrel range last year.

Like most oil producing nations, Nigeria has not been shielded from the impact of failing prices. The economy has been shaken by devaluation of the naira currency, low employment opportunities, job cuts, inflation, and project delays in the oil and gas sector. Despite these numerous problems, a surprising number of economists and business owners see a golden opportunity for diversifying Nigeria’s economy and reforming its public finances.

“Perhaps, more attention will be paid to agriculture, gas and solid minerals,” said Kayode Omosebi, an energy and industrial analyst with United Capital Plc., a financial and investment management company based in Lagos. Omosebi says some oil companies have started diversifying into other sectors. That in turn is increasing the pressure on the government to invest in the power sector, which remains a major barrier to economic growth. Click here to read the full article

Jennifer Ehidiamen founded RuralReporters.com in 2014. She is actively exploring the intersection between storytelling, tech and development. She has reported on global health and development issues in Africa for Voice of America (VOA News), Global Press Institute, Ventures Africa, The Nation etc. A 2016 Foreign Press Scholarship award recipient, 2013 Innovative Young Journalist Award recipient, 2013 New Media Fellow for International Reporting Project, and 2010 LEAP Africa Award recipient, Jennifer runs the Rural Reports project with a team spread across different regions in Africa. The news portal is dedicated to covering issues around rural development. Jennifer graduated from the Nigerian Institute of Journalism with a degree in Mass Communication and earned a Master of Arts degree from Columbia University. She has published three books: "In Days to Come" (2004), "Preserve my Saltiness" (2011) and "Half A Loaf And A Bakery" (2013). Jennifer currently serves as a full-time writer and communications consultant. Follow Jennifer on Twitter @Disgeneration

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