Energy Transition and its Implications on Energy Security in the Major Oil Producing Gulf of Guinea Countries: Nigeria and Angola Case Study

Abstract

The transition to renewable energy sources is creating a profound transformation in the world energy landscape, presenting both obstacles and potentials for the Gulf of Guinea oil-producing countries. This paper discusses the economic implications of diminishing global oil demand and the transition to renewables, highlighting potential for economic diversification, job creation, and sustainable development. The paper also looks at the consequences for energy security of reduced reliance on oil exports, as well as the need to increase resilience to external shocks through renewable energy promotion, energy efficiency measures, and infrastructure investment. Furthermore, it discusses the environmental implications of the transition, emphasizing the importance of mitigating environmental and social impacts while harnessing renewable energy resources. The energy transition will provide the Gulf of Guinea countries with benefits such as economic diversification, energy efficiency improvement, energy infrastructure strengthening, international cooperation, social equity, technology transfer, and environmental sustainability. The Gulf of Guinea policymakers can seize the prospects by harnessing renewable energy to build resilience and sustainable economic growth in the region.