Nigeria : Why is Africa's largest oil producer short of petrol?
Nigeria is the largest crude oil producer in Africa. The country's economy and budget has been largely supported from income and revenues generated from the petroleum industry since the 1960. Statistics as of February 2021 shows that the Nigeria oil sector contributes to about to 9% of the entire countries GDP. Oil and gas exports accounted for more than 91% of total export.
One would be forgiven for thinking Nigerians swim in oil, but no, that is simply not the case.
Nigeria imports most of its fuel, and yet a lot of the time faces fuel scarcity.
Why?
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