Reviewing The Roadmap: Feasibility Studies on CCUS Implementation In Nigeria

Abstract

Abstract The Paris agreement in 2015 saw nations agree to a global temperature limit below 2°C above pre-industrial levels. This agreement over time has come under threat as the International Energy Agency reported an increase in global emissions by 0.9%, with Africa contributing only 4% per capita to global emissions, and Nigeria, contributing 0.64 tonnes per capita of the 4%. This explicitly illustrates the imbalance when African countries, who are among the least contributors, have to deal with climate change as they reap its adverse effects. Most African countries, do, however depend on the oil industry, for not just its nations’ economy, but for energy supply. This is why, in ensuring that economies are protected and energy distribution is still held tantamount while protecting the earth, technologies such as CCUS are a necessary option to be considered and incorporated into the energy sector and other heavy industries. CCUS over the years has proven to be the most feasible options for oil producing nations, particularly those with high energy needs. In this paper, the feasibilities of CCUS implementation in Nigeria is explored, its economic and policy implications that follow, in relation to the Paris Agreement in 2015 and the just concluded COP 28. The cost implications for identified sequestration locations such as Port Harcourt and Lokoja and other possible sites in the country, currently hold storage capacities of 100-1000Mt CO2, and an average abatement cost of $42/tonne. This paper explores funding measures for CCUS in-country as well as policy adjustments, utilization of captured CO2 and what this means for multinational and indigenous companies in the country and on the continent, their roles and commitments in the international community and how their investments in emission reductions in Nigeria and other African countries can be a huge step towards achieving the Paris agreement and protecting the earth.