Nigerian economy in trouble as China plans to ban petrol, diesel cars
- There is trouble looming on the horizon for Nigeria as China is set to ban fossil fueled vehicles
- China, which is one of Nigeria's biggest customers will drastically cut down on oil if the ban goes through
- The ban will lead to less dependence on oil and a big dent on Nigeria's revenue from crude
China which is currently the world’s biggest car market has made plans to ban the production and sale of diesel and petrol vehicles.
This ban will threaten Nigeria’s major revenue source - crude oil. Other countries, like the United Kingdom, Germany, France, India, Norway and Netherlands have also revealed plans to ban fossil fuel-run vehicles, as part of efforts to reduce air pollution.
A major consequence of this is reduction in the demand for oil in China, a country which is currently the world’s second-largest oil consumer after the United States.
According to BBC, China wants electric battery cars and plug-in hybrids to account for at least one-fifth of its vehicle sales by 2025.
China’s vice industry minister, Xin Guobin, said it had started “relevant research” but that it had not yet decided when the ban would come into force.
“Those measures will certainly bring profound changes for our car industry’s development,” Guobin told Xinhua, China’s official news agency.
Chinese-owned car maker Volvo said in July that all its new car models would have an electric motor from 2019 and Geely, Volvo’s Chinese owner, aims to sell one million electric cars by 2025.
Also, other global car firms including Renault-Nissan, Ford, and General Motors are all working to develop electric cars in China.
Meanwhile on the home front, dailyvives.blogspot.com earlier reported that a coalition of 10 militant groups in the Niger Delta region have threatened to resume fresh attacks on oil installations across the region which could pose serious problems for the county’s economy.
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