Continuous energy supply is a crucial issue for all countries because it plays a significant role in their economic growth, advancement, development, as well as poverty eradication and security. Fossil fuels remain the most important source of energy with oil and gas accounting for 34% of energy usage globally but also the major contributors to global climate. Climate change affects the social and environmental determinants of health (WHO). Whereas it is trait the role of health as a determinant of production and economic survival across the ages, no event in recent memory has proven this than the novel Corona Virus (CoVID-19) pandemic which has caused a major disruption in the energy landscape.
The unprecedented CoVID-19 pandemic caused the price of oil to go negative for the first time in history. It has pushed down the net incomes of most oil companies with the smaller ones facing bankruptcy coupled with the lower oil price resulting from the hostilities between Russia and Saudi Arabia leading to applications of quota to increase oil prices. The pandemic has affected Nigeria more profoundly considering the country has been overwhelmed by energy crisis for over 30 years which has enormously contributed to the incidence of poverty by paralyzing industrial and commercial activities.
Consequently, the current situation presents the perfect opportunity for Nigeria to put things right. Energy transition offers a real opportunity to diversify into a more sustainable paradigm because of her enormous renewable energy potential and the global campaign to zero carbon emissions. How does Nigeria as a country overcome the challenges posed towards achieving her full economic potential while at the same time enhancing her resource base? How do we get our people and institutions to start the process of planning for and adapting to climate change or risk further catastrophe and tragedy? New technologies and adapted behavior will have a structural impact on energy consumption, how will these be harnessed to achieve energy security and sustainable development?