For Nigeria, Spiking Global Oil Prices Are More Headache Than Windfall

Nigerian youths protest in front of the state television station during nationwide strikes against the removal of a fuel subsidy by the government of then-President Goodluck Jonathan, Lagos, Nigeria, Jan. 12, 2012 (AP photo by Sunday Alamba).
Nigerian youths protest in front of the state television station during nationwide strikes against the removal of a fuel subsidy by the government of then-President Goodluck Jonathan, Lagos, Nigeria, Jan. 12, 2012 (AP photo by Sunday Alamba).
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Even before Russia’s invasion of Ukraine pushed the price of crude oil above $100 a barrel for the first time since 2014, global oil prices had been on the rise for several months. After the pandemic-induced slump, the spike in prices is expected to create a boon for oil-producing countries. But for Nigeria, Africa’s largest oil producer and the holder of the 10th-largest proven oil reserves in the world, higher prices will be a mixed blessing at best. In fact, they might not provide a financial windfall at all, due to the country’s diminished oil production capacity, large-scale corruption in […]

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