Nigerians may suffer recurring fuel shortages

Significance These supply disruptions were largely caused by a lack of sufficient foreign exchange at the state-owned Nigerian National Petroleum Corporation Limited (NNPCL), which has hindered its ability to import refined petrol. Private importers suffered from similar constraints as well as unfavourable market conditions. Impacts The government will struggle to restrict cryptocurrency trading. The Central Bank of Nigeria may seek further interest rate increases this year. Obstacles to increased investment may limit oil output growth in the coming years. When the Dangote refinery begins to refine petrol at scale, Nigeria’s fuel import requirements will ease.