Growing electric vehicle adoption threatens Nigeria’s oil exports

The future looks bleak for Nigeria’s oil exports as its biggest crude oil buyer and three major European customers are poised to do away with petrol and diesel-powered vehicles from 2025.

India, China, France, Netherlands and the United Kingdom bought a total of 24.4 million barrels of crude oil from Nigeria in May this year, almost half of the nation’s total exports for the month, the latest data from the Nigerian National Petroleum Corporation showed.

But the countries are now pushing ahead with plans to stop the use of oil-powered vehicles as part of efforts to reduce pollution and carbon emissions, a development that could spell trouble for Nigeria’s oil exports in the coming decades.

According to the NNPC, India bought 7.673 million barrels of Nigerian crude in May; France imported 4.783 million barrels; the UK bought 6.016 million barrels; Netherlands, 3.96 million barrels; and China, 1.95 million barrels.

UCJ, UNILORIN.