The removal of fuel subsidy by the President Bola Ahmed Tinubu-led government has no doubt caused untold hardship for many Nigerians. However, clean
The removal of fuel subsidy by the President Bola Ahmed Tinubu-led government has no doubt caused untold hardship for many Nigerians.
This surge in fuel prices caused significant pain for Nigerians, as prices for food and services skyrocketed, and businesses, Small and Medium-scale Enterprises , are struggling to stay afloat due to the increased operating cost. Some of the environmentalists that spoke to DAILY POST said the high cost of fossil fuel has led to a surge in biofuel popularity. They argued that the increased demand reflects a growing recognition of the urgent need to combat climate change and reduce greenhouse gas emissions.
“But the hike in the price of fuel because of subsidy removal has created an opportunity for biofuels to thrive as a better and cheaper option.” Oye said, “Nigerians spend over 5 billion dollars annually on fossil fuel. And burning these dirty fuels, plus charcoal and firewood causes grievous impacts on the environment and our health.
Speaking further on other low-hanging fruits of the increase in fuel prices, Philip Etukudo, an environmentalist said: “It is true that Nigerians love cheap fuel, but that does not automatically mean that there is no good that can come from higher energy prices. Markets are made up of multiple independent agents and what constitutes a challenge for one can be an opportunity for others.
“Many Nigerians are beginning to understand the need to protect our environment and reduce pollution. So people are now actively seeking out and advocating for biofuel options. Ukpa in a chat with DAILY POST also stressed that the subsidy removal and the resultant increase in fuel prices will not only lead to the conservation of natural resources, and environmental protection, but will boost investments in alternative energy sources, and could lead to development of public transportation and infrastructure.
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