With Nigeria’s inflation rate reaching an all-time high of 34.2%, the impact of Nigeria’s inflation on fuel price fluctuations cannot be overstated. But the time has come to recognize that our reliance on fossil fuels is no longer sustainable, especially in a rapidly evolving world.
Fuel prices are rising due to many factors, including fluctuations in global oil prices, but this crisis presents an opportunity for innovation, but only if FG can see beyond its existence.
No developed country in the world is turning a blind eye to the potential of technology to transform the mobility landscape and reduce dependence on fossil fuels. Electric vehicles, alternative fuels, fuel efficiency technologies, mobility as a service, and smart traffic management are no longer futuristic concepts. These are viable solutions that Nigeria needs to start implementing at scale.
Learn how countries like Norway have strategically transitioned to electric vehicles, how Sweden has pioneered biofuel initiatives, and how Singapore has promoted intelligent transportation systems. This push shows that technology can also free Nigeria from the shackles of fuel dependence.
The question then arises, what is holding Nigeria back? Our government’s reluctance to invest in alternative energy sources and transportation infrastructure is astonishing. Innoson CNG buses (some of which are already plying the roads of Lagos and Abuja) are commendable, but they just seem to be spinning in circles. That’s not a real solution. The most effective solution would have been for the 36 state governments and the FG to invest heavily in technology and develop a comprehensive national electric vehicle policy. This will undoubtedly reduce fuel demand and, as a result, significantly reduce price increases.
The existential risks that fossil fuels pose to the planet and climate change make it imperative that the Nigerian government transition away from fossil fuels and encourage public-private partnerships for mobility-as-a-service and smart transportation systems. That’s one reason.
The benefits of this are numerous, including reducing fuel imports and increasing foreign exchange savings, improving air quality and public health, increasing economic productivity and competitiveness, and even creating new industries and employment opportunities. and so on.
Nigeria’s future depends on its willingness to embrace technological disruption. We must seize this moment to redefine the mobility landscape and ensure a sustainable future. Whether we continue to perpetuate our addiction to fossil fuels or choose the path of innovation is a choice we must make for the progress of this country.
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