$1 Electric Aviation Stock With Tremendous Potential

The electric aviation market is just taking off, and this company is at the forefront. With significant revenue and strategic partnerships, this stock is poised to make a big impact.

Nigeria turns to natural gas as transport prices soar after petrol subsidies were removed

DYEPKAZAH SHIBAYAN
November 23, 2024

ABUJA, Nigeria (AP) -- When Nigeria's President Bola Tinubu ended the costly subsidies that made petrol affordable for many in Africa's most populous country, Ahmed Halilu knew his e-hailing cab business in the capital, Abuja, was about to run into huge losses.

Transportation costs skyrocketed as the price of petrol more than tripled in the months that followed last year's decision, resulting in the country's worst cost-of-living crisis in a generation. That meant a massive drop in the number of Halilu's passengers and ultimately in his earnings.

In what they said would eventually lower transportation costs by almost 50%, Nigerian authorities in August introduced a compressed natural gas (CNG) initiative to tap its huge gas reserves -- Africa's largest -- and roll out CNG buses while switching petrol-powered vehicles to use it.

More than 100,000 vehicles have been adapted to run on CNG or with the hybrid option of CNG and petrol, and at least $200 million has been invested by the government under the initiative, according to its director, Michael Oluwagbemi.

The government aims to convert 1 million of Nigeria's over 11 million vehicles in the next three years, but analysts say the process has been slow, pointing to poor implementation and limited infrastructure.

Although Nigeria is one of Africa's top oil producers, it depends on imported refined petroleum products because its refineries are struggling, with production at its lowest in decades amid massive oil theft.

Together with other reforms introduced by Tinubu after coming to power in May last year, the removal of subsidies was supposed to save the government money and shore up dwindling foreign investments.

However, it has affected the price of just about everything, and soaring transportation costs force people to abandon their vehicles and walk to work.

Switching over to gas is hard. In addition to the lack of an adequate network of CNG conversion and filling stations -- available in 13 of Nigeria's 36 states -- the success of the government's initiative also has been limited by low public awareness.

That has left room for misinformation and hesitancy among drivers.

"People are not keen about it because of a lack of orientation," Halilu said. He converted his vehicle and now saves $240 monthly on petrol costs in his e-hailing business.

Some drivers have expressed fear that their cars could explode with the CNG conversion -- claims that regulatory agencies have said are untrue unless the equipment is installed inappropriately. In southern Edo state, authorities found that a CNG-powered vehicle that exploded had been worked on by an unaccredited vendor.

Even in Abuja and the economic hub of Lagos, filling stations are scarce and the few available conversion workshops are often lined with commercial vehicles waiting for days to switch to CNG at subsidized rates.

Meanwhile, the cost for private vehicles to switch is 20 times Nigeria's minimum monthly wage of $42.

A colleague had to travel about 200 kilometers (124 miles) to Abuja to refill his cylinder, said Abdul Manasseh, an e-hailing taxi driver in Abuja.

Another challenge that has slowed the initiative is Nigeria's limited gas pipeline, which makes supplying stations difficult. As a result, most parts of the northern and eastern states have not been reached.

The challenges echo those for the shift to electric vehicles in Nigeria, where the adoption by private operators has been slow. The power supply remains fitful for most of the country's 210 million citizens, mainly as a result of underinvestment and vandalism.

The government understands there is still "a lot of uncertainty" around the CNG initiative and is working to correct the misconceptions and provide the needed infrastructure, said Tosin Coker, the initiative's head of commercial matters.

"CNG is a cleaner fuel, it is a cheaper fuel and it is a safer fuel compared to the petrol that we are used to," Coker said. "So you will have more money in your pocket and it's cleaner for the environment."

___

The Associated Press receives financial support for global health and development coverage in Africa from the Gates Foundation. The AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.

Continue Reading...

Popular

White House says at least 8 US telecom firms, dozens of nations impacted by China hacking campaign

WASHINGTON (AP) — A top White House official on Wednesday said at least eight U.S. telecom firms and dozens of nations have been impacted by a Chinese hacking campaign.

Wall Street Legend Issues Inauguration Buy Alert - Ad

If you've underperformed this raging bull market, if you've lost money or missed out... this is your final chance to potentially profit.

Warren Buffett Says Parents Should Do This One Thing Before They Die, Whether They Are Rich Or Not

Legendary investor Warren Buffett has a piece of critical advice for parents that he believes they should follow, regardless of their wealth status.

Delaware judge reaffirms ruling that invalidated massive Tesla pay package for Elon Musk

DOVER, Del. (AP) — A Delaware judge has reaffirmed her ruling that Tesla must revoke Elon Musk’s multibillion-dollar pay package

A Huge Crack Is Forming in the US Economy - Ad

A former Trump Advisor has uncovered alarming information that could impact your financial security over the next few months. These new stock market highs are built on shaky foundations. A huge crack is forming in the American economy. The elites know all about it, but most ordinary citizens have no idea.

Here's How Ray Dalio Thinks Trump's Second Term Could Reshape the US and the World

Donald Trump's second term as president is expected to bring about a significant shift in the global and domestic order, with Trump's selections for key posts set to aid in this transformation.

Tesla Cybertruck Crash In California Claims 3 Lives, Leaves 1 Seriously Injured

In a tragic incident early Wednesday, a Tesla Cybertruck crashed in Piedmont, California, resulting in three fatalities and one serious injury.

Debts, Deficits & Destruction of the US Dollar - Ad

The economist Time Magazine called "out of step with economic reality" for predicting the U.S. economy would implode in his 2005 best-selling book Empire of Debt over two years before the Financial Crisis tore America and the global economy apart... is back to issue his next warning. Before you invest a single dollar in the markets -- or make any investment decisions -- it's critical you see this alarming video right away.

Why retailers still see Black Friday as the high point of the holiday shopping season

NEW YORK (AP) — After weeks of plugging increasingly inviting discounts, retailers in the United States and several other countries are preparing for prime time: , the bargain bonanza that still reigns as the unofficial kickoff of the holiday shopping season even if it's lost some luster.

Trump's Energy Policies Poised To Reshape Oil & Gas Market: Winners And Losers Revealed

Trump's energy plans could reshape US markets with potential tariffs, increased production, and LNG exports. Goldman Sachs breaks down winners and losers.

Single Stock Blueprint Available Now - Ad

Market Wizard Larry Benedict is one of the most successful traders you'll ever meet...But he doesn't make money the traditional way. In short: It's a way to trade just one stock...And potentially make all the money you need to fast-track your retirement -- no matter what happens in the stock market.

Honeywell Stock Slides After Hours On Updated 2024 Outlook

Honeywell International Inc (NASDAQ:HON) shares are trading lower in Monday's after-hours session after the company announced a strategic agreement with Bombardier and cut its near-term 2024 outlook.

"This Will Be Worse Than the Great Depression, the Dot-Com Crash, and the 2008 Crisis Combined" - Ad

According to Dan Ferris, who has predicted nearly every major market crisis of the last 25 years, a new crisis in the US economy could soon cost you 50% of your portfolio or more if you don't prepare your wealth now. Especially if you're sitting on large gains.

The IRS is at risk of losing $20 billion in funding without legislative intervention

WEST PALM BEACH, Fla. (AP) — Already bracing for funding cuts under a new Trump administration, U.S. Treasury officials are calling on Congress to unlock $20 billion in IRS enforcement money that is tied up in legislative language that has effectively rendered the money frozen.

Oil field owner sues California over law that would end its Los Angeles-area operations

LOS ANGELES (AP) — The owner of an oil field in Los Angeles County is suing the state of California over a law that will require it to stop production and plug its wells or face costly fines.

The Single Best Electric Aviation Stock to Keep an Eye on Today - Ad

Looking for the next big EV opportunity? The market is expanding rapidly, and one stock is standing out with its innovative approach and strong industry partnerships. Find out more about this potential game-changer.

Mississippi Gulf Coast restaurant and its co-owner are sentenced for mislabeling seafood

GULFPORT, Miss. (AP) — A Mississippi Gulf Coast restaurant and its co-owner it were sentenced Monday on federal charges of as local premium fish.

Google Hit With Groundbreaking Antitrust Lawsuit In Canada Over Ad Tech Tools

Canada's Competition Bureau has filed an antitrust lawsuit against Google, demanding the sale of key ad tech tools and penalties for alleged anti-competitive practices, echoing similar U.S. actions.

Rogue Economist Comes Out of Shadows to Issue Shocking Warning - Ad

The man who correctly predicted the 2008 Financial Crisis two years before it unfolded... Now says that by the end of 2025 the US dollar could lose its status as the world reserve currency. In his new presentation, he'll show you how you can avoid the fallout and possibly even profit from it.

China's aging population fuels 'silver economy' boom, but profits can prove elusive

HONG KONG (AP) — Every Wednesday, retiree Zhang Zhili travels an hour by bus to an education center, drawn by the pulsing rhythms of the African drum she plays there in a classroom filled with fellow retirees whose hands move in unison, every beat lifting her spirits.

Canada is already examining tariffs on certain US items following Trump's tariff threat

TORONTO (AP) — Canada is already examining possible retaliatory tariffs on certain items from the United States should President-elect Donald Trump follow through on his threat to impose sweeping tariffs on Canadian products, a senior official said Wednesday.

Watch Jeff's New Demo: Elon Musk's New $9 Trillion AI Product - Ad

Why is Jeff Brown blindfolded and with his hands tied behind his back? It's all part of a crazy experiment involving a Cybertruck. See this demo because if Jeff is right... Elon Musk could make a lot of people rich with his new AI technology.

What will happen to CNBC and MSNBC when they no longer have a corporate connection to NBC News?

Comcast's means that there will soon be two television networks with “NBC” in their name — CNBC and MSNBC — that will no longer have any corporate connection to NBC News.

Macy's says employee hid up to $154 million in expenses, delays Q3 earnings

Macy's reported weaker-than-expected preliminary sales for the fiscal third quarter and said it's delaying the release of its quarterly earnings results after it discovered an up to $154 million accounting-related issue.

Elon Musk Is in Trump's "Inner Circle" - Ad

Elon Musk is one of Donald Trump's closest allies. James Altucher says that what Elon has planned next could lead to the world's first "Super-IPO" -- creating $100 billion on the first day it goes public! This "backdoor" play could be the best way to profit before the IPO...Starting with as little as $50.

What Trump's DOT Pick Could Mean For EVs, Airlines, Railroad Stocks

President-elect Donald Trump announced Sean Duffy as his pick for secretary of the Department of Transportation (DOT) on Monday. Here's a look at how the latest Trump selection could affect companies in the transportation sector:

India's Adani says his group is committed to compliance after US bribery and fraud charges

NEW DELHI (AP) — Indian tycoon Gautam Adani said his conglomerate is committed to “world-class regulatory compliance” after being indicted and an alleged bribery scheme worth millions of dollars, his first remarks since the accusations surfaced.

Crypto Stocks Are Heating Up - Ad

At the center of this transformation is a game-changing platform that's experiencing explosive growth with $41 million in revenue in just nine months. The stock has doubled in the last 45 days, but this is only the beginning.

What to know about Scott Bessent, Trump's pick for treasury secretary

WASHINGTON (AP) — has chosen money manager Scott Bessent, an advocate for deficit reduction and deregulation, to serve as his next treasury secretary.

Tech Funds Are Hemorrhaging Cash: Sell This Stock Now - Ad

U.S. technology funds are HEMORRHAGING cash. It's the biggest selloff since the 2022 bear market. A 50-year Wall Street veteran just explained everything you need to know. For now, he's pounding the table on the No. 1 tech stock to BUY before 2024 comes to an end... And the No.1 tech stock Wall Street says to sell NOW.

Australian Senate begins debate on world-first social media ban for children under 16

MELBOURNE, Australia (AP) — The Australian Senate on Thursday began considering a from social media after the House of Representatives overwhelmingly supported the age restriction.

Stock market today: Asian shares are mixed after Big Tech losses pull Wall Street lower

BANGKOK (AP) — Shares were mixed Thursday in Asia after stocks on Wall Street retreated, weighed down by losses for technology shares.

Top Choice for Tech-Savvy Investors - Ad

Exploring the next wave of electric aviation stocks? This company is leading the charge with its innovative approach to electrification and strong industry ties.

Alaska political leaders hope to see Trump undo restrictions on oil drilling

JUNEAU, Alaska (AP) — President-elect Donald Trump during his campaign to expand oil drilling in the U.S., which is good news for political leaders in Alaska, where oil is the economic lifeblood and many felt the Biden administration has obstructed efforts to boost the state's diminished production.

From yuck to profits: Some Zimbabwe farmers turn to maggots to survive drought and thrive

NYANGAMBE, Zimbabwe (AP) — At first, the suggestion to try farming maggots spooked Mari Choumumba and other farmers in Nyangambe, a region in southeastern Zimbabwe where wiped out the staple crop of corn.

Crypto Stocks Are Heating Up - Ad

At the center of this transformation is a game-changing platform that's experiencing explosive growth with $41 million in revenue in just nine months. The stock has doubled in the last 45 days, but this is only the beginning.

Joby's Electric Air Taxi Lands In Microsoft Flight Simulator 2024, Here's How You Can Fly It

Joby Aviation, Inc. has integrated its electric air taxi into Microsoft Flight Simulator 2024, allowing aviation enthusiasts worldwide to experience the future of urban air mobility.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright systemtrading.ca
Privacy Policy | Terms of Service