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Nigerians abandon cars as daily petrol consumption drops by 92%
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President Tinubu’s decision to remove fuel subsidies was part of his administration’s effort to address Nigeria’s mounting debt burden, but the consequences have been far-reaching.
Nigeria’s daily consumption of Premium Motor Spirit (PMS), also known as petrol, has dropped significantly by 92% within a year of President Bola Tinubu’s administration, according to the latest report by the Nigerian Midstream and Downstream Product Regulatory Authority (NMDPRA).
The report by Channels Television reveals that petrol consumption stood at 4.5 million litres as of August 20, 2024, down from a staggering 60 million litres per day in May 2023.
The drastic drop is attributed to President Tinubu’s removal of petrol subsidies on May 29, 2023, a policy move aimed at curbing the country’s soaring debt, which had reached ₦12 trillion in 10 years.
Regional Petrol Distribution Declines
NMDPRA’s report also sheds light on the limited distribution of petrol, with only 16 of the 36 states in Nigeria receiving allocations. Niger state received the highest allocation, with 21 trucks, amounting to 940,000 litres daily.
Lagos followed closely with 12 trucks, amounting to 726,001 litres, while Kaduna also received 12 trucks, with 454,001 litres.
Other states, including Oyo, Kano, and Ondo, received significantly smaller quantities. Oyo and Kano received nine trucks each, while states such as Sokoto, Ogun, and Osun received three trucks or fewer. A few states, including Gombe, Benue, and Ekiti, received only one truck each.
The report highlights the unequal distribution of petrol across the nation, further exacerbating the challenges posed by the removal of fuel subsidies.
Economic Hardships Hit Nigerians
The removal of fuel subsidies triggered an immediate surge in petrol prices, rising from ₦195 per litre to approximately ₦1,300 per litre. This sharp increase has had widespread economic consequences, pushing Nigeria’s inflation rate to an almost three-decade high.
Inflation peaked at 34.19% in June 2024 before slightly declining to 32.7% in September 2024. According to recent data from the World Bank, the rising cost of living has plunged 129 million Nigerians into poverty. The World Bank report paints a grim picture of Nigeria’s economic situation.
The report reveals that poverty has escalated from 40.1% in 2018 to a staggering 56% in 2024. This means that over half of Nigeria’s population is now living in poverty.
“Since 2018, the share of Nigerians living below the national poverty line has risen sharply, resulting in approximately 129 million people now classified as poor,” the World Bank stated.
Rising inflation, stagnant economic growth, and an increasing population have contributed to Nigeria’s growing poverty levels.
“Real GDP per capita has not recovered to the level it was at prior to the oil price-induced recession in 2016. The COVID-19 pandemic compounded this drop in economic activity, leaving millions more vulnerable,” the report added.
Nigerians Forced to Abandon Cars
The skyrocketing price of petrol has forced many Nigerians to abandon their cars.
A report by AFP details how the economic strain has led to lifestyle changes, with Nigerians turning to public transportation to cut costs. Emmanuel, a 72-year-old retired health worker, shared his experience with AFP.
“I parked my car at my son’s house. I use public transport now. It is not convenient, but it is what the economy demands,” he said.
Car dealerships have also felt the impact of the economic downturn. Many Nigerians are trading in their fuel-guzzling cars for more efficient vehicles.
“People are actually selling their big cars these days,” said Maji Abubakar, a car dealer in Abuja. However, the demand for such cars has significantly dwindled. “Even if you put them on the market, there isn’t much demand for them.”
Abubakar explained that the sale of cars with larger engines has plummeted.
“It has been more than a year since I sold a car with an eight-cylinder engine, and the major reason is the price of petrol,” he added.
Policy Impact and Public Response
President Tinubu’s decision to remove fuel subsidies was part of his administration’s effort to address Nigeria’s mounting debt burden. However, the consequences have been far-reaching.
While the policy aimed to curb excessive spending on subsidies, it has also placed immense pressure on millions of Nigerians, with many facing extreme economic hardship.
As petrol consumption plummets and inflation surges, the daily struggles of ordinary Nigerians highlight the challenging realities of the post-subsidy economy.
Many citizens continue to grapple with the rising cost of living, with no immediate end in sight.
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Is Atom Capital the – Is Atom Capital the…
Is Atom Capital the – The rise of powerful…
The rise of powerful AI is reshaping the landscape of digital organizations, bringing unprecedented prospects for efficiency, innovation, and profitability. Businesses looking to prosper in this cutthroat market must grasp how to make the most of AI bots as more and more industries adopt these technologies.
Specifically, AI trading bots are a game-changing innovation in the finance industry that allows businesses to maximize profits and optimize trading methods. This essay looks at how companies might use AI trading bots, in particular, to take advantage of breakthrough AI technology to increase revenue and spur expansion.
The Role of AI Bots in Maximizing Advanced AI Usage
Artificial intelligence (AI) bots like the-atom-capital.com/id are specialized software programs created to automate processes, analyze data, and carry out trades or other operations with the least amount of human involvement. By utilizing cutting-edge AI, these bots can learn from enormous volumes of data, spot trends, and make deft decisions instantly. Businesses may greatly increase their productivity and decision-making processes by implementing AI bots.
Automating Repeated Operations
Artificial intelligence bots like Atom Capital automate tedious jobs, allowing human workers to concentrate on strategic projects. For example, AI chatbots in customer care answer standard questions, freeing up employees to deal with more complicated client requests. Businesses can distribute resources more efficiently as a result of this automation, which also improves customer happiness and operational efficiency.
Enhanced Data Analysis
AI bots like Atom Capital are particularly good at handling and evaluating big datasets. They can spot patterns and irregularities that human analysts would miss. By using these insights, companies may more rapidly and effectively respond to client requests and market changes by making data-driven decisions. Retail companies, for instance, can use AI bots to better manage inventory and study customer behavior, which will save costs and boost sales.
An Introduction to AI Trading Bots
As a direct result of advances in AI technology, the financial sector has seen the rise of AI trading bots. These bots autonomously manage portfolios, conduct trades, and analyze market data. AI trading bots like Atom Capital can optimize trading tactics based on past data and adjust to market volatility by utilizing machine learning algorithms.
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Businesses need to implement particular tactics that increase their profitability if they want to fully utilize the potential of AI trading bots like Atom Capital. Here are some essential strategies to use these cutting-edge instruments to optimize profitability.
Improve Your Trading Methods
Based on the information produced by AI trading bots, businesses should constantly improve their trading tactics. They can enhance trading results by looking at historical performance and making adjustments to algorithms. Conducting routine backtests of methods using historical data can yield important insights regarding possible modifications.
Investment Portfolio Diversification
AI trading bots like Atom Capital can efficiently diversify investment portfolios for corporations by managing many assets at once. Businesses can lessen the impact of market volatility on their overall performance by diversifying their risk across a range of assets. This diversification approach raises the probability of yielding steady-state returns.
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With AI trading bots, maximizing earnings requires effective risk management. To reduce possible losses, businesses should use stop-loss orders and clearly defined risk boundaries. Artificial intelligence (AI) bots can constantly analyze market circumstances and modify trading tactics to keep risks within reasonable bounds.
How to Register on an AI Trading Bot System?
With AI trading bots, getting started is a simple procedure. Here’s how to sign up for an AI trading bot platform step-by-step.
1. Select a Reputable Source
Investigate other AI trading bot systems first. To choose a reliable supplier, check customer reviews, performance data, and ratings. Popular platforms frequently contain features like intuitive user interfaces, solid safety features, and advanced analytical capabilities.
2. Register for an Account
After deciding on a platform, go to its website and register for an account. Giving basic personal information like your name, phone number, and email address is usually required for this. To safeguard your account, choose a strong password.
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To abide by regulations, the majority of trading platforms demand identification verification. Get ready to upload proof of identity documents, like a driver’s license or passport, and maybe a utility bill to confirm your address.
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You will need to deposit into your trading account after verification. The majority of platforms include a range of payment methods, such as credit cards and bank transfers. To fund your account, make sure you are aware of the minimum deposit requirements.
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Once the account is funded, go to the trading bot part of the platform. The majority of platforms offer simple-to-follow setup instructions for your bot. Depending on your investing objectives and risk tolerance, you can select from pre-built methods or create your own.
6. Examine and Modify
You should always keep an eye on your AI trading bot’s performance after it has been launched. Examine trading performance and tweak your tactics as necessary to maximize your gains. You can easily monitor your bot’s performance thanks to the real-time reporting and analytics options that many platforms offer.
Real Benefits of Advanced AI for Bigger Revenues
Advanced AI has several advantages for tech companies beyond trading. Businesses that incorporate AI into their operations stand to gain significantly from increased income in several ways.
Improved Client Relationship
AI-powered technologies can analyze client data and offer individualized services. AI can be used by businesses to enhance customer service, optimize marketing efforts, and make product recommendations. Through customized experiences, businesses may boost consumer happiness and encourage recurring business.
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AI automation lowers operating expenses by optimizing workflows and reducing mistakes. Companies can improve resource allocation, cut down on production downtime, and optimize supply chain management. Higher profit margins and cost reductions are the results of this efficiency.
Analytics for Predictive
New Product Development and Innovation
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Nigerians be warned as NAFDAC declares popular market hub of fake drinks
Published
5 days agoon
December 17, 2024By
JohnNigerians be warned as – Nigerians be warned as…
Nigerians be warned as – The National Agency for…
The National Agency for Food and Drug Administration and Control (NAFDAC) has declared Eziukwu Market, popularly known as Cemetery Market in Aba, Abia State, a hub for the production and distribution of fake and substandard drinks and beverages.
During a raid on Tuesday, December 17, Mr Martins Iluyomade, Director of NAFDAC’s South-East Zone, described the illegal activities in the market as “weapons of mass destruction.”
He lamented the persistence of these operations despite a major crackdown in December 2023.
“It is baffling that individuals remain recalcitrant and determined to make money at the expense of the lives of their fellow citizens,” Iluyomade stated.
He added that market leaders, who previously signed an undertaking with NAFDAC to identify and expose perpetrators, “now have serious questions to answer.”
The raid uncovered a shocking variety of fake and adulterated products, including wines, whiskey, yogurt, carbonated drinks, dry gin, chips, and other beverages. These items were either produced in unsanitary conditions or re-labelled with new dates after expiration.
Iluyomade expressed deep concern over the volume of expired products being re-validated and warned consumers to be vigilant about the items they purchase.
“Consumers must remain cautious to avoid endangering their health,” he advised.
The agency affirmed its commitment to revisiting agreements with the market’s leadership to curb the illegal trade and protect public health.
This operation highlights NAFDAC’s ongoing fight against counterfeit products and serves as a warning to those engaging in such activities.
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News
Nigeria becomes first African nation to resume diplomatic presence in North Korea
Published
5 days agoon
December 17, 2024By
JohnNigeria becomes first African – Nigeria becomes first African…
Nigeria becomes first African – Nigeria is set to…
Nigeria is set to reopen its embassy in North Korea, four years after its closure during the COVID-19 outbreak, becoming the first African nation to resume diplomatic activities in the reclusive country.
The announcement was made by Nigeria’s Charge d’Affaires to North Korea, Patrick Imologhome, during a meeting with Russian Ambassador to North Korea, Alexandr Matsegora, last Wednesday in Pyongyang. The Russian Embassy in Pyongyang confirmed the development on its official Facebook account.
“Patrick Imologhome, who recently arrived in North Korea, shared his plans to reopen the Nigerian Embassy in Pyongyang after years of suspended operations,” the Russian Embassy’s statement read.
Nigeria’s embassy was shut down during the early stages of the pandemic in 2019, along with many other diplomatic missions worldwide. However, with North Korea reopening its borders in August 2023, Nigeria is now the first African country to reestablish its diplomatic footing in the country.
The Russian Embassy further noted that Nigeria and Egypt remain the only African nations maintaining a diplomatic presence in North Korea. Both countries have enjoyed diplomatic relations with Pyongyang since 1976.
Notably, a previous UN panel of experts highlighted that Nigeria and Egypt have conducted trade and business dealings with North Korea, allegedly in violation of UN sanctions.
The reopening of Nigeria’s embassy signals a renewed commitment to strengthening ties with North Korea amid evolving post-pandemic diplomacy. It also marks a significant move for African diplomatic relations in the region, particularly as other nations are yet to resume their operations in the East Asian country.
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