L
LequteMan
Guest
Nigeria's for the past four weeks have endured a lingering fuel scarcity crisis which, as time goes on, is threatening to shut down the country's economy.
Despite being Africa's largest exporter of crude oil, Nigeria imports almost all the petrol it needs for day to day transportation. The country's state oil firm, NNPC, is saddled with the job of importing fuel into the country, with private oil marketers importing the rest.
Here are three main issues which have held up fuel imports, causing the scarcity:
Despite being Africa's largest exporter of crude oil, Nigeria imports almost all the petrol it needs for day to day transportation. The country's state oil firm, NNPC, is saddled with the job of importing fuel into the country, with private oil marketers importing the rest.
Here are three main issues which have held up fuel imports, causing the scarcity:
- Outstanding debts - The current government says it inherited massive fuel subsidy debts from the previous administration, and it took time to pay those off.
- Currency crisis - There is a shortage of foreign exchange in the country making it harder to import fuel.
- Fuel subsidy dispute - The government and the fuel sellers are arguing over whether the government should continue to subsidise fuel despite the fall in the oil price.
