The Nigeria Natural Resource Charter has said that Nigeria is fast losing its competitiveness in the global oil market due to new hydrocarbon discoveries in new jurisdictions within the African continent.
George-Ikoli, explained that these countries and their offerings were threats to Nigeria’s competitiveness. “This raises further questions about the long-term structural implications of two ‘revolutions’ in the world of energy: shale as a new source of supply, and the gathering implications of clean energy transitions on the demand side, including improvements in fuel efficiency and the rise of electricity as an alternative to oil in parts of the transportation sector,” George-Ikoli, explained.
“Still, even with those losses, the discovery of crude oil in many African countries in the last few years erodes Nigeria’s competitive advantage further.
Source: News Formal (newsformal.com)
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