The global energy market is being reshaped by conflicts, climate transitions, and competition among world powers, creating deep uncertainty for developing economies like Nigeria.

This was the warning from Professor Adeola Adenikinju, Immediate Past President of the Nigerian Economic Society and former Head of the Department of Economics, University of Ibadan, who delivered a keynote address at the 18th Annual International Conference of the Nigeria Association for Energy Economics (NAEE) and the International Association for Energy Economics (IAEE) in Abuja.

Professor Adenikinju said the world is witnessing a “confluence of powerful geopolitical forces” that are redefining the global energy order.

These, he noted, include the Russia–Ukraine war, the U.S.–China rivalry, and the rapid but uneven shift toward renewable energy.

According to him, Russia’s invasion of Ukraine and the resulting weaponization of energy shattered long-standing partnerships between Europe and Russia, force countries into a global race for alternative energy sources.

He added that this disruption caused energy prices to spike and restructured global gas trade routes.

The economist further identified the energy transition and climate commitments as major contributors to global volatility. He explained that while the shift to clean energy is necessary, it has introduced new uncertainties as countries race to meet net-zero targets and compete for access to critical technologies like hydrogen, solar, and battery storage.

Professor Adenikinju also highlighted the growing competition between the United States and China for technological and energy dominance.

He observed that China currently controls more than 80% of global supply chains for solar panels and battery storage, while Western nations are working to build alternatives, creating a divided energy market.

He warned that this fragmentation, along with persistent geopolitical tensions, has turned uncertainty into “the new normal” in global energy markets.

The consequences, he said, are being felt most by developing nations that depend heavily on energy imports and global investments.

Professor Adenikinju emphasized the need for African economies to understand and respond strategically to these global shifts.

He called for stronger local policies, investment in innovation, and regional cooperation to protect energy security and economic stability in the face of global turbulence