‘Africa must shape the energy world order’

Adeoye

One African bright boy who’s really shining presently is Nigeria’s Zion Adeoye.

An oil and gas specialist and senior associate at trending law firm, Centurion Law Group, he was recently awarded with the prestigious Nigerian Rising Stars ESQ 40 under 40 Lawyer award.

And in a recent interview, he didn’t hold back on his views regarding Africa’s energy standing to the rest of the world, views which are strongly similar to that of his boss, NJ Ayuk, who’s been agitating that Africa has to break free of the yoke the west has over it.

And like Ayuk, Adeoye says Africa has the ability to be the world’s trendsetter, especially in the face of the disruption going on in the world oil market presently which Africa won’t be a victim of only if it steps up its game.

Excerpts of the interview:

Do you think the current African oil market is adjusting to or keeping up with the modern world enough to play in the same field as America and the UAE? 

Markets, including the oil market, are significantly driven by demand, and holding a sizable supply profile. The modern world is in a state of flux in terms of energy demand and supply, whether we’re speaking of hydrocarbons or other energy sources.  Africa has the ability, more than ever, to shape the energy world order rather than merely keeping up. With the US increasing its production profile, the inevitability of scientific breakthroughs in shale within the next decade for other regions of the world which are currently major hydrocarbons markets for Africa, and the potential significant shift from fossil fuels in Europe,  there’s a risk that many out-bound African projects might be in limbo. Unlocking the African market is therefore not just a nice-to-have, it’s a necessity.

What would your advice for African markets be?

Africa must bring the strength of its population to bear on the global market. Through centralised and regional efforts, Africa must diversify its economies and empower its people, creating alongside a demand base to be reckoned with globally. While achieving this, Africa must begin to look inwards, create and power industries through its own energy. The population of Nigeria alone is more than a quarter of the entire Europe. There is therefore a potentially viable market within Africa which we must begin to unlock as a priority and intra-African trade must become a top burner to sustain this. The African Continental Free Trade Agreement is a statement in the right direction, but we must begin to see concrete steps that match this statement.

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