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

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).

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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