End of fossil fuel economy: weathering the storm of transition to post-fossil society in Nigeria

Abstract

Nigerian economy built on petroleum faces a carbon catch-22. Exit from fossil fuels in proliferation of electric vehicles is inevitable hence will impede Vision 20: 2020 and Economic Recovery and Growth Plan (ERGP). Despite this, there is no concrete fossil fuel exit strategy (FES) to surmount the gathering storm when the petroleum bubble burst. Using quantitative date, the study finds that power generation would be reliant on fossil fuels due to its cost effectiveness in the advent of FES imposed availability. Hence holistic smart energy system; large-scale biomass production targeted at feedstock exports, improvements in agriculture, massive renewable energy generation in wind, solar, hydropower and increased off-grid power generation would reinvigorate the economy in the post-carbon era. The study concludes that large-scale bamboo cultivation can provide energy and generate additional income with the private sector providing new investments in other renewables capable of leveraging enormous natural resources to generate revenue.