The African Export Import Bank (Afrexim Bank) has said that divesting from fossil fuel could reduce Nigeria’s total Gross Domestic Product (GDP) by as much as $30 billion and may cost Africa around $190 billion in GDP.
It added that it could reduce GDP by as much $22 billion in Algeria and $19.3 billion in Angola. Afrexim Bank Africa Trade Report 2024 seen by New Telegraph yesterday also decried Africa’s energy poverty.
According to the report, in spite of contributing around 17 per cent of the world’s population, it only expends six per cent of its energy with around 600 million people without access to electricity and around 900 million lacking access to clean cooking fuels.
The report further stated that divesting from fossil fuels could lead to a decline in emissions from Africa. It added that many African countries used fossil fuels to meet their immediate energy needs. It also said that fossil fuel also served as a major source of power generation and supply, exports, foreign exchange, and job creation.