Nigerians queuing for petrol

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Nigeria, Africa’s largest oil producer is now facing severe petrol shortages. This has meant that Nigerian citizens are queuing for hours to fill up their tanks and generators, and many taking to the black market to buy petrol at 3-4 times the market price!

Fundamentally, this is all because Nigeria does not not possess enough refining capacity to supply petrol to all of it’s citizens, and therefore has to rely on importing roughly 75% of its fuel. Over the last several months it’s fuel import levels have dropped as the country struggles to find the foreign currency reserves to pay for this commodity.