Although richer nations continue to push for the abandonment of fossil fuels, the demand for energy in Africa will grow by at least 30 per cent in Nigeria and other African countries, as against 10 per cent in other parts of the world, a report by McKinsey and Company has revealed.
McKinsey, a global management consulting firm in the report tagged: “The Future of African Oil and Gas: Positioning for the Energy Transition,” stated that a number of Africa’s oil producers are highly exposed to the global energy transition, as their economies depend on oil and gas revenues.
“McKinsey modelling estimates that African energy demand in 2040 could be around 30 per cent higher than it is today, compared with a 10 per cent increase in global energy demand,” it stated.
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