Playing the fuel: reforming Nigeria’s subsidies
Economist Podcasts
The Economist
4.3 • 5K Ratings
🗓️ 17 September 2024
⏱️ 26 minutes
🧾️ Download transcript
Summary
Large fuel subsidies in Nigeria are popular but ruinous to other public services. Our correspondents report from Lagos on how home-grown oil refining could help wean people off this popular premium. Texas was once a haven for crypto-mining; now many people are souring on it (11:06). And the terrifying rise of Indonesian horror films (17.05).
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Transcript
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| 0:00.0 | Hello everyone, it's Jamie Lang here from Great Company podcast, and I want to let you know that my podcast is currently being sponsored by Premier Inn. Now, this episode is sponsored by Premier in, the UK's largest hotel chain with over 800 hotels across the country. So wherever work takes you, there's a Premier Inn nearby. Now, every room has a super comfy bed. I've stayed in them. They're incredible. And blackout curtains, so you'll wake up refreshed and ready for the day ahead. And don't forget the unlimited breakfast to fuel your mornings. So, for your next work trip, get better sleep for your money at Premier Inn. Book now at Premier Inn.com. |
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| 1:00.7 | Your capital is at risk, interest subject to minimum balance, terms and conditions apply. |
| 1:07.8 | The Economist |
| 1:09.0 | The Economist. |
| 1:18.0 | Hello and welcome to the intelligence from The Economist. |
| 1:19.2 | I'm Rosie Bloor. |
| 1:20.6 | And I'm Jason Palmer. |
| 1:25.4 | Every weekday, we provide a fresh perspective on the events shaping your world. |
| 1:33.3 | In recent years, Bitcoin miners have been drawn to Texas for its plentiful land, cheap power and libertarian ethos. |
| 1:37.3 | But the state is becoming a little less welcoming. |
| 1:42.3 | And Indonesia is a country rich in history and folklore. Now it's using these stories to produce a new global export. Coming soon to a screen near you, Indonesian horror films. Be very afraid. Thank you. First up, though. |
| 2:07.4 | First up, though. |
| 2:13.5 | This week, something big changed for Nigerians, and there are hints of a far bigger change still to come. |
| 2:26.5 | On Sunday, tanker trucks picked up the first batch of petrol from a mega refinery built by Aliko Dengote, the country's richest man. |
| 2:35.0 | Nigeria is unusual in two ways when it comes to fuel. |
| 2:39.0 | One is that it has plenty of oil reserves, but for nearly 30 years had no capacity to refine it into petrol, until now. |
| 2:47.0 | The other is that for decades the government insisted petrol was sold well below cost, |
... |
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