Even though Nigeria is Africa’s largest oil producer, it has to import refined petroleum products due to a lack of local refineries. The importers have been in dispute with the government for some time over unpaid bills of nearly $1 billion. That’s the difference between the cost of imported products and the government subsidised fuel prices in Nigeria since October 2014.
The scarcity has resulted in a number of high profile companies shutting down or curtailing operations as radio stations, telecommunications companies and public services have all been badly affected. Access bank and Guaranty Trust Bank has joined the cue.
This is the legacy of President Goodluck Ebele Jonathan, Finance minister, Dr. Ngozi Okonjo Iweala and Petroleum Minister, Diezani Alison Madueke.
What a shame
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