Nigeria Counts on Gas to Ease Pangs of Fuel Subsidy Cuts
- Country offering a $648 million stimulus to boost investments
- The measure will help accelerate natural gas use, end flaring
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Nigeria is counting on gas-powered vehicles to help it reduce reliance on gasoline and improve its climate credentials while easing the pangs of ending decades of an expensive fuel-subsidy regime.
Energy prices have shot up sharply after the government ended subsidies and the country’s labor unions are threatening a general strike on Sept. 28. After a 60% loss of revenues due to the plunge in oil prices, President Muhammadu Buhari is insisting the decision cannot be reversed.