A $50 Backdoor Play On Elon's Next "Super-IPO"?

Elon Musk has become Trump's most trusted advisors. According to one legendary investor... We are leading up to the world's first "Super-IPO" -- a company creating over $100 billion on the first day it goes public! Knowing about this "backdoor" play could be the best way to profit before the IPO...Starting with as little as $50.

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

Drone operators worry that anxiety over mystery sightings will lead to new restrictions

Drones for commercial and recreational use have grown rapidly in popularity, despite restrictions on who can operate them and where they can be flown.

Senate begins final push to expand Social Security benefits for millions of people

WASHINGTON (AP) — The Senate is pushing toward a vote on to millions of people, setting up potential passage in the final days of the lame-duck Congress.

Caught On Camera (Shocking New AI Tech) - Ad

AI has already made 500,000 new millionaires over the past two years... The new AI tech you'll see in this video footage will change your life for the better, sooner than you might expect. It will have a bigger impact than the invention of the automobile, personal computer and iPhone, combined...

Edmunds: The best midsize SUVs for families in 2025

Along with smartphones and streaming subscriptions, the three-row SUV is now a staple of American family life. And since nearly every automaker sells one, choosing the right one can feel overwhelming.

Amazon Shareholders Propose Adding Bitcoin To Treasury For 'Best' Long-Term Interest, Cite Michael Saylor's MicroStrategy As Example

Following in the footsteps of other Wall Street giants, shareholders of online retail giant Amazon.com Inc. (NASDAQ:AMZN) urged the firm Sunday to consider a Bitcoin (CRYPTO: BTC) treasury strategy to enhance shareholder va

The Next Big AI Opportunity Is Here - Ad

AI stocks are revolutionizing public safety with cutting-edge technologies, and one company is leading the charge. With game-changing advancements in robotics and high-profile contracts already signed, this could be the next big winner. Want to know which AI stock could soar?

Trump on Assad's Fall: Putin 'Was Not Interested In Protecting Him Any Longer'

President-elect Trump weighed in on the fall of Bashar Assad after a rebel group seized control of Damascus, ending five decades of Assad family rule.

Google Quantum AI's New Willow Chip Can Do in Minutes That Supercomputers Would Take 10 Septillion Years

Google Quantum AI announced its latest quantum chip Willow that can reduce errors exponentially, a significant milestone in its decade-long journey.

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.

Why December 18th Will Impact Stocks More Than The Election - Ad

A man from a completely different government branch is going to stand up, say a few words... and make history in the stock market. This event comes along only every 25 years... And experts are already positioning themselves to profit from it.

Work-life balance isn't working for women. Why?

NEW YORK (AP) — About half of working women reported feeling stressed “a lot of the day," compared to about 4 in 10 men, according to a published this week.

Bitcoin ETFs Have Outstripped Satoshi Nakamoto's Holdings

Bitcoin ETFs have now accumulated more Bitcoin (CRYPTO: BTC) than the holdings of Bitcoin’s

Did You See Trump's Bombshell Exec. Order 001? - Ad

Biden broke it... Now Trump is going to fix it. Starting with "Exec. Order 001." It's a bombshell law that Trump could sign within minutes of stepping into the Oval Office... And it will instantly set off the most sweeping government technology project in 80 years... The most lucrative, too...

Nvidia, AMD, C3 ai, Oracle, Tesla: Why These 5 Stocks Are On Investors' Radars Today?

On Monday, major U.S. indices closed in the red, with the Dow Jones Industrial Average falling 0.5% to 44,401.93.

Crypto Stocks Surge Amid Market Boom - Ad

Crypto stocks are on fire as Bitcoin hits all-time highs. One under-the-radar company is leading the charge, managing $2.1 billion in client assets and seeing record trading volumes. With crypto adoption skyrocketing, this could be a game-changing opportunity.

Australia is banning social media for people under 16. Could this work elsewhere -- or even there?

It is an ambitious social experiment of our moment in history — one that experts say could accomplish something that parents, schools and other governments have attempted with varying degrees of success: keeping kids .

Police question man with gun thought to be similar to one used in killing of UnitedHeathcare CEO

NEW YORK (AP) — A man with a gun thought to be similar to the one used in the killing of UnitedHealthcare was taken into police custody Monday for questioning in Pennsylvania, a law enforcement official told The Associated Press.

AI-Driven Security: A Market Set to Explode - Ad

The future of AI is here, and it's in security robotics. One company is capitalizing on this growing demand, already securing major contracts and scaling rapidly. This could be the next big opportunity in AI. Want to know the details?

As data centers proliferate, conflict with local communities follows

ALEXANDRIA, Va. (AP) — Richard Andre Newman thought he would live the rest of his life in his quiet, leafy neighborhood in suburban . He was born and raised in Bren Mar Park, where children ride their bikes and neighbors wave hello.

"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.

Bitcoin SV Is Up 80% Over The Past Month: What's Going On?

Bitcoin's historic rise past $100,000 this week has sparked a surge of activity across the cryptocurrency market, bringing renewed attention to Bitcoin SV (CRYPTO:

Top Nasdaq and NYSE Stocks Alerts for 2024 - Ad

Forget fancy software. Top traders rely on free alerts that tell them when to jump on the next big trade. Straight to your phone. No guessing, no stress.

Bank of Canada cuts interest rate by half a percentage point, highlights risk of Trump's tariffs

TORONTO (AP) — Canada’s central bank lowered its key interest rate by half a percentage point on Wednesday and called President-elect Donald Trump's threat to impose sweeping new tariffs on Canada “a major source of new uncertainty.”

'Dogecoin Is Back' With A 10% Single-Day Rally: How High Can DOGE Go?

Dogecoin (CRYPTO: DOGE) is making waves again, with a notable 10% rally over the past 24 hours spurring bullish predictions on social media.

There's Only ONE AI Company That Matters - Ad

It's not Nvidia, AMD, IBM, or any new startup. It's not even an artificial intelligence company... yet it holds the key to the entire AI market. Get all the details of the critical technology that the entire AI sector needs to survive.

Elon Musk Says His Rivals Sam Altman And Jeff Bezos Are 'Right' About This

Elon Musk agrees with Sam Altman and Jeff Bezos, who dismissed concerns about his political ties with President-elect Donald Trump, with Musk stating, "They are right" in response to their comments at the New York Times DealBook Summit.

December 16th - The Biggest Crypto Event in History - Ad

According to the man who called every major market top and bottom for the last 29 years... A single event triggering on November 18th will send the crypto market soaring. But what's more exciting... is that this event could send a small sector of the crypto market soaring 5X, 25X, and even 100X higher in just days.

Omnicom to buy Interpublic, creating ad agency giant with nearly $26 billion in annual revenue

Omnicom is buying Interpublic Group in a stock-for-stock deal that will create an advertising powerhouse with combined annual revenue of almost $26 billion.

Why Is This Bull Run Scaring JP Morgan, Goldman Sachs, and Warren Buffett? - Ad

Billionaires Warren Buffett, Stanley Druckenmiller, and David Tepper have all sold off massive U.S. stock positions. Billionaire Ray Dalio, who runs one of the world's most successful hedge funds, says, "Things are going to get worse for our economy." What are these billionaires so worried about?

Taiwan Semiconductor Extends Lead As Top Chipmaker

Taiwan Semiconductor Manufacturing Co (NYSE:TSM) maintained its global wafer foundry business turf in the third quarter of 2024.

Zuckerberg Seeks 'Active Role' In Trump's Tech Policies, Says Top Executive — Admits Meta 'Overdid It' During Pandemic Content Crackdown

Meta CEO Mark Zuckerberg is aiming to play an active role in shaping U.S. technology policies under President-elect Donald Trump, while the company also works to refine its content moderation practices and continues to outperform financial expectations.

My TOP Altcoin for Right Now Is... - Ad

Searching for the top investment opportunity in crypto? Look no further. Our $3 report gives you the full scoop. You'll get this exciting token's name, our recommended investment strategy, and growth projections. Time is of the essence with this one...

Suspect in UnitedHealthcare CEO killing charged with murder in New York, court records show

ALTOONA, Pa. (AP) — After on a New York sidewalk, police searched for the masked gunman with dogs, drones and scuba divers. Officers used the city's . Investigators analyzed DNA samples, fingerprints and internet addresses. Police went door-to-door looking for witnesses.

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 trendadvisor.net
Privacy Policy | Terms of Service