Climate Change? Africa Needs a Different kind of Oil.

Introduction

COVID-19 has caused significant harm to global manufacturing supply chains and industrial activity, halting transport, and global travel in the process. As global economic and human activity was brought to a grinding halt, African economies felt the brunt with rising current account and fiscal deficits and debt sustainability concerns reemerging ever more strongly. Indeed, 38 out of 53 African countries are currently net oil importers (African Development Bank, (2020)), exposing them to lower oil prices which are poised to recover as vaccines rollout and the…