Nigeria has the largest economy and population of any country in Africa. It is expected to overtake China to become the world’s second most populous country after India by the end of the century. It was the world’s 25th biggest emitter of greenhouse gases in 2019, the second highest in Africa after South Africa.
The country’s economy is closely tied to oil and gas exports. Profits from fossil fuels currently account for 93% of Nigeria’s total export revenue. The production of oil and gas in Nigeria has also been linked to steep societal inequalities and environmental disasters.
Despite being a rich oil producing nation, Nigeria has one of the highest rates of energy poverty in the world and suffers from chronic power cuts.
A recent pronouncement by the country’s new president about the removal of fuel subsidy has sudenly led to the hike in fuel price, which has risen from NGN145 per liter to well over NGN500 per liter.
The rise in the pump price of fuel has led to the scarcity of the PMS product and altimately marked the rise in the cost of living for the common person in the country as prices of transportation, food items and other vital commodities have skyrocketed all together.
Nigeria is already suffering so much loss and damages and the current fuel scarcity, and other circumstances is now affecting the lives of millions of people with poverty and misery without any form of support.
The big question now is, What is the way forward?
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