Why Gulf War Could Hurt Africa More Than COVID Ever Did: Ethiopian Economist
Why Gulf War Could Hurt Africa More Than COVID Ever Did: Ethiopian Economist
"An increase in energy prices will increase industrial products, transport and everything connected with energy," Costantinos Berhutesfa told Sputnik Africa.
Countries like Ethiopia may have to source fuel from Nigeria rather than the Gulf — upending long-term supply systems, the speaker added.
"These agreements are not just one-day, two-day agreements; these are agreements that are done on a futuristic basis," he added.
With many African countries struggling to absorb the economic shock, youth-led unrest and military coups — already commonplace across the continent — risk intensifying further, the speaker noted.
"On the flip side, what I see is this might encourage countries to go to alternative sources of green energy, solar, wind, geothermal, hydropower," Berhutsefa said.
African countries must move quickly to be able to use capital they have at hand to purchase these alternative forms of green energy to break a fossil fuel dependency, he emphasized.
"Otherwise it will be very difficult to sustain their economies."
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