Africa's Oil Economies Amidst the Energy Transition: Nigeria

Nigeria’s hydrocarbon sector remains the cornerstone of Nigeria’s economy, driving both economic growth and serving as the main source of hard currency. However, the country’s heavy reliance on oil also exacerbates its vulnerability. Nigeria has grappled with poor governance, weak institutions, deteriorating security conditions, spiraling economic decline, and uninspired leadership. There was optimism President Bola Tinubu’s contentious election in 2023 would usher in political and economic change in Nigeria. Still, a year after his inauguration hope has dwindled as the political and economic situation remains largely unchanged, evidenced by the withdrawal of Western companies, including oil majors from the Nigerian market. 

One year into President Tinubu’s term, it is crucial to evaluate the reforms he has initiated, their impact on the economy and what we can expect going forward. As Western companies have withdrawn from Nigeria, questions arise on whether local entrepreneurs will step into the gaps left and if they will fare better in navigating Nigeria’s many structural and institutional challenges. 

The CSIS Africa Program will host a panel discussion with Fadekemi Abiru, Head of Insights at Stears Inc., and Amaka Anku, Africa Director and Practice Head at Eurasia Group, to discuss the findings in Cameron Hudson’s new report: Nigeria’s Evolving Outlook: New Politics, Old Outcomes. This is one of a two-part series on African oil economies. 

This event is made possible by the generous support of Chevron Corporation