By Omodele Adigun and Isaac Anumihe

Nigeria may likely be in deeper economic trouble with the recent verdict Standford University economist that leading automobile manufacturers in Asia, Europe and the United States, to discontinue the manufacture of petrol-powered cars, buses and trucks in the next eight years.

After eight years, he said that the entire market for land transport will switch to electronic powered transport system. According to him, this will lead to the collapse of oil prices and the demise of the petroleum industry, Nigeria’s key foreign exchange earner.

In a futuristic forecast by Standford University economist, Tony Seba, people will switch en masse to self-drive electric vehicles (EVs) that are 10 times cheaper to run than fossil-based cars, with a near-zero marginal cost of fuel and an expected lifespan of 1 million miles (1.6 million kilometres).

Seba, however, said that only nostalgics will cling to the old habit of car ownership whereas the rest will adapt to vehicles on demand.

He observed that it will become harder to find a petrol station, spares, or anybody to fix the 2000 moving parts that bedevil the internal combustion engine and dealers will disappear by

2024.

“Cities will ban human drivers once the data confirms how dangerous they can be behind a wheel. This will spread to suburbs, and then beyond. There will be a “mass stranding of existing vehicles”. The value of second-hand cars will plunge. You will have to pay to dispose of your old vehicle. It is a twin “death spiral” for big oil and big autos, with ugly implications for some big companies on the London Stock Exchange unless they adapt in time” he said.

According to him, the long-term price of crude will fall to $US25 a barrel while most forms of shale and deep-water drilling will no longer be viable.

“Assets will be stranded. Scotland will forfeit any North Sea bonanza. Russia, Saudi Arabia, Nigeria, and Venezuela will be in trouble. It is an existential threat to Ford, General Motors, and the German car industry.

They will face a choice between manufacturing EVs in a brutal low profit market, or reinventing themselves a self-drive service companies, variants of Uber and Lyft. They are in the wrong business. The next generation of cars will be “computers on wheels”. Google, Apple, and Foxconn have the disruptive edge, and are going in for the kill.

Silicon Valley is where the auto action is, not Detroit, Wolfsburg, or Toyota City. The long-term price of crude will fall to $US25 a barrel. Most forms of shale and deep-water drilling will no longer be viable. Assets will be stranded. Scotland will forfeit any North Sea bonanza. Russia, Saudi Arabia, Nigeria, and Venezuela will be in trouble. The shift, according to Mr Seba, is driven by technology, not climate policies. Market forces are bringing it about with a speed and ferocity that governments could never hope to achieve.

“We are on the cusp of one of the fastest, deepest, most consequential disruptions of transportation in history,” Seba said.

“Internal combustion engine vehicles will enter a vicious cycle of increasing costs.” The “tipping point” will arrive over the next two to three years as EV battery ranges surpass 200 miles and electric car prices in the US drop to $US30,000 ($40,600). By 2022, the low-end models will be down to $US20,000. After that, the avalanche will sweep all before it.

“What the cost curve says is that by 2025 all new vehicles will be electric, all new buses, all new cars, all new tractors, all new vans, anything that moves on wheels will be electric, globally,” Seba said.

http://sunnewsonline.com/nigeria-in-trouble-as-production-of-gasoline-cars-ends-2025/

and buhari is still wasting billions of borrowed money searching for oil in the north.

Nice development.

Ok

I DON'T THINK NIGERIA WILL SUFFER JUST YET. PRODUCTION OF PETROL 4 CARS WILL STOP, BUT LIQUID GAS PRODUCTION WILL START. N I HEARD DAT NIGERIA HAS MASSIVE QUANTITIES OF LIQUID GAS. UNFORTUNATELY 4 ND PPLE, DER PROBLEM ISN'T GOING AWAY VERY SOON.

buchilino:
I DON'T THINK NIGERIA WILL SUFFER JUST YET. PRODUCTION OF PETROL 4 CARS WILL STOP, BUT LIQUID GAS PRODUCTION WILL START. N I HEARD DAT NIGERIA HAS MASSIVE QUANTITIES OF LIQUID GAS. UNFORTUNATELY 4 ND PPLE, DER PROBLEM ISN'T GOING AWAY VERY SOON.

we don't sell gas and instead we flare it away, besides i think world design for gas is also falling drastically because of technological advancements.

I doubt this claim though self driving cars are still in the growing...not enough to even take a 10% share of petrol vehicles in 8 years time......its just his ideology and he is selling it to the world..

I just don't believe it...

niger delta oil will be useless

When we get to the bridge, we go cross, today's troubles are enough for today for us to start worrying abt how we would fare in 2025...

E don tey wey them dey tell us say robot go take over... wld u put ur life in the hands of a robot entirely


I actually love the feel of holding the wheels while I cruise down the streets

Unfortunately our past leaders did not prepare ahead for this while d current leaders can't even get their feet yet.

Anyway we will go back to production and agriculture which is best suit us in the first instance. Not everybody has the wisdom, self-control and disciple to manage fast and free money crude oil brings, African leaders are not one of them.

Let it end first before shouting .. Are we not presently in trouble? Which 2025 problem wan pass d one we r presently in..

Nigerians always adjust to any problem jare, it's inbuilt already since 1960


.

Fellow Nigerians...get ready.

Let me go and book a white horse bicycle IDC.

Thank God... Finally we will rest from all the oil money noise. We'll need mostly just gas to power electric plants and do you know that anambra state has the largest gas reserve in Nigeria?

This is just a futuristic view that will take decades to come to past.
Nigerians will not feel it. Where is the electricity to power electric cars in Nigeria? What will car owners do with their current gasoline-powered cars? Dispose them?
Even around Nigeria's oil exports, several nations around the world including the mentioned ones will still need gasoline for at least the next 2 to 3 decades.

no probs, we will start trekking...

good..at least the nigerdelta people and yeebos go get sense small

Yinmu. The proponents of fossil fuel ending have never been right. Basically, gasoline is combustible and produces rapid energy that even coal plants cannot produce compared to gas plants. Gas and Gasoline would forever be good sources of fuel except the technology for Solar energy advances extremely fast in the next couple of years.

One chance coubtr

Awa oyel

LO

No problem,nuclear powered cars and bicycles will thrive by 2025

I see Opportunities

PERFECT.

By 2025, would have changed my citizenship status to Canadian.

Like I always say, the era of oil is over. The era of datais here.

By then Nigeria would have split into 3 entities

Chai ,awa oyel moni!

we don't even have electricity to power light bulbs, what will now happen to us when all cars depend on electricity to move?
leave matter for Mathias, gas would still be used to fire power plants and produce electricity since demand for electricity would increase. petroleum products would still be relevant.

Obascoetubi:
niger delta oil will be useless

If dem Biafra catch you ehn?

mgbadike81:
and buhari is still wasting billions of borrowed money searching for oil in the north.

Who is Buhari pls