How COVID-19 is Accelerating Energy Transition in Developing Oil-Rich Countries: Nigeria as a Case Study
The spread of the COVID-19 pandemic has created a lot of challenges as well as opportunities. In oil-rich countries that are considered to developing countries, governments have typically subsidized consumption of electricity and petrol. With dwindling government revenues to low oil prices and the COVID-19 pandemic, renewable energy is gaining more attention as a considerable alternative. In this article, the author examines the impact of COVID-19 on reduction in fossil fuel consumption; the acceleration of access to electricity through use of solar home systems and mini-grids; the reduction of environmental pollution; and the ultimately the reduction of energy poverty. The analysis highlights the opportunities for renewable energy businesses to re-assess their business models to ensure that they survive the temporary economic challenges and are better positioned for a post COVID-19 world.