Nigeria’s energy transition: reforming fossil fuel subsidies and other financing opportunities
Nigeria’s energy future is at a crossroads. Despite its longer-term net zero climate goals, Nigeria remains reliant on the oil and gas industry. At the same time, the country continues to grapple with major development challenges, including improving access to healthcare, education, basic services and infrastructure. This latest research with WRI finds that the Nigerian National Petroleum Corporation’s (NNPC) investments have led to taxpayer-borne losses of nearly $2 billion between 2017 and 2018. The Nigerian government has also provided at least $1.7 billion of consumption subsidies for oil in 2019, mostly directed at Premium Motor Spirit (PMS), used to power vehicles and generators.