Nigeria: Oil-Rich Nigeria’s Awkward Fuel Shortages Persist

11 Jan 2018   Nigeria

Recurrent fuel shortages in Nigeria, ironically the continent’s prime producer of the commodity, are seen as highlighting its failure to domestically refine the petroleum products it requires for its own consumption. Also Africa’s biggest economy, the West African country has seen the scarcity return to haunt since the festive season. The scarcity has been attributed variously to flaws in distribution, upward movement in the international price and hoarding especially of petrol, which retails at N145 (US$0,40) per litre, thus far below in the countries of the sub-region. However, First Bank National (FBN) Quest Capital, the local market analysts, blamed what it termed poor use of limited resources. The firm proposed local refining as the “obvious solution.” “By local, we mean private sector. The Nigerian National Petroleum Corporation’s refineries should be allowed to wither away in our view,” FBN Quest Capital stated. The firm thus hailed the refinery […]

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