At an all-time high of 34.2 per cent, Nigeria’s inflation’s effect on fuel price volatility is one that cannot be overemphasised. But it’s high time we acknowledged that our addiction to fossil fuels is no longer sustainable – especially in a fast-evolving world.
Although many factors—including the fluctuations in global oil prices have left our fuel prices skyrocketing, this crisis presents an opportunity for innovation—only if government would see beyond the present.
No progressive country in the world would turn a blind eye to the potential of technology in transforming its mobility landscape and reducing its dependence on fossil fuels. Electric vehicles, alternative fuels, fuel efficiency technologies, mobility-as-a-service, and smart traffic management are no longer futuristic concepts; they’re viable solutions Nigeria, too, needs to start embracing on a large scale.
When you look at how countries like Norway have strategically transitioned to electric vehicles, how Sweden has pioneered biofuel initiatives, and how Singapore facilitated intelligent transportation systems, then one would realise that these demonstrate that technology can liberate Nigeria too from the shackles of fuel dependency.
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So, then, the question arises: what’s holding Nigeria back? Our government’s hesitation to invest in alternative energy sources and transportation infrastructure is staggering. The Innoson CNG buses (some of which are already on the roads in Lagos and Abuja) are worthy of commendations, but it’s just like rotating in a circle. It’s not really the solution. The most effective solution would have been that the 36 state governments and FG invest heavily in technology and develop a comprehensive national electric vehicle policy. This would undoubtedly reduce the demand for fuel, and as such, the hike in price would fall drastically.
That fossil fuels pose existential risks to the planet and climate change is another reason the Nigerian government needs to transit from them and encourage public-private partnerships for mobility-as-a-service and smart transportation systems.
The benefits to be cupped from this are numerous, some of which are reduced fuel imports and increased foreign exchange savings, improved air quality and public health, enhanced economic productivity and competitiveness, and even, creation of new industries and job opportunities.
Nigeria’s future depends on our willingness to embrace technological disruption. We must seize this moment to redefine our mobility landscape and secure a sustainable future. Whether we will continue to perpetuate our fossil fuel addiction or will we choose the path of innovation is a choice we need to make for the progress of this country.
Yusuf Babatunde is the CEO of Mapleby Autos
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