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Chinese Eco-Friendly Cars Policy To Hit The Nigerian Economy: Oil Profits To Diminish Further

China Fuel-Car Ban– The world’s biggest car market has announced plans to ban the production and sale of cars powered by fossil fuels.

As much as it is the second leading consumer of oil in the world, China is ultimately a manufacturing nation. China is the world’s largest auto market with an annual sales of 28.03 million vehicles in the past year

The lucrative nation is set to quit the production of fuel-run vehicles. Hence their cars will be powered by electric batteries and other eco-friendly energy sources.

By 2025, China intends to have one fifth of its manufactured cars to be modeled to use electric batteries and plug-in hybrids. This is in compliance with the global call to fight environmental pollution and tackle climate change by going green.

China has a mission to reduce its carbon emissions by 2030. The plan follows similar announcements by UK and France to stop using fossil fuels for their cars.

See Also: Renewable Energy: China Introduces World’s Largest Floating Solar Farm

The world’s second-biggest economy has not yet given a definite date for the ban. However the Chinese authority says they are currently carrying out a research to know when best to implement the ban.

According to Liu Zhijia, an assistant general manager at Chery Automobile Co., the country’s biggest passenger car exporter,

“The implementation of the ban for such a big market like China can be later than 2040.”

“That will leave plenty of time for everyone to prepare.”

Xin Guobin, Vice Minister of industry and information technology is optimistic that the ban will be of great good for the environment and also give growth to their auto industry.

“These measures will promote profound changes in the environment and give momentum to China’s auto industry development.”

Following the ban announcement, top auto manufacturers are likewise making plans to delve into the manufacture of electric cars. Volvo, Honda, Renault-Nissan, Ford amongst others are beginning to think in that direction.

The potential ban will reduce the nation’s oil demand. And that is where it affects Nigeria and other countries whom largely depend on oil exports for economic revenue.

See Also: The Real Cost Of An Electric Car

China Fuel Car Ban

Oil exportation to China is a major source of revenue for the Nigerian economy.

With the hint of a massive reduction in its demand, Nigeria’s economy is bound to be affected if the diversification plan does not take practical shape before the ban.

During a function over the weekend, Nasir el-Rufai, Kaduna state governor, echoed a major disadvantage of oil exploration in Nigeria.

He said because of the quick profits from oil exports, many prospective economic options were neglected.

“Because Nigeria gets easy money from oil, the nation has lost its thinking initiative on how to develop other sources of revenue and diversify the economy.”

“This is very sad, I wish the oil will dry up so that we can begin to use our brains because we have stopped using our brains and we have stopped respecting intellects because of easy money.”


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