
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 […]