Nigeria may likely be in deeper economic trouble with the recent prediction of a Stanford University economist that leading automobile manufacturers in Asia, Europe and the United States, will discontinue the manufacture of petrol-powered cars, buses and trucks in the next eight years, The Sun reports.

After eight years, he said that the entire market for land transport will switch to an electronic powered transport system. According to him, this will lead to the collapse of oil prices and the demise of the petroleum industry, Nigeria’s key foreign exchange earner.

In a futuristic forecast by Stanford University economist, Tony Seba, people will switch en masse to self-drive electric vehicles (EVs) that are 10 times cheaper to run than fossil-based cars, with a near-zero marginal cost of fuel and an expected lifespan of 1 million miles (1.6 million kilometres).

According to him, the long-term price of crude will fall to $US25 a barrel while most forms of shale and deep-water drilling will no longer be viable. “Assets will be stranded. Scotland will forfeit any North Sea bonanza. Russia, Saudi Arabia, Nigeria and Venezuela will be in trouble. It is an existential threat to Ford, General Motors, and the German car industry,” he added.