Synopsis:

Climate change has taken on a new urgency as severe weather becomes recurrent. Consequently, a wide range of political and environmental leaders have become wary of the future role of oil and gas and are now advocating for the complete removal of fossil fuels from the energy system. In turn the financial markets have dwindled, as investors have become uncertain about the future growth case for oil and gas. There has been a surge in renewables because of the rapid expansion of wind and solar power capacity albeit not enough to reflect a shift. The world’s leading oil and gas companies are responding and rapidly mobilizing over the past years to prepare for a lower carbon economy. Global demand for decarbonization is now the new normal. Therefore, the international oil and gas companies operating in Nigeria are divesting their assets. What does the current global shift portend for Nigeria?