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FX.co ★ Nigeria faces energy crisis

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Forex Humor:::2015-05-28T14:13:00

Nigeria faces energy crisis

One of the largest oil exporting countries faces an energy crisis caused by the shortage of fuel for power generators. As a result, transport stops functioning and many enterprises are left without power.
President Muhammadu Buhari and his government blame the former Jonathan Goodluck's administration of being responsible for the energy crisis.
According to the BBC reports, the crisis that started a week before the elections (which took place on 29 March) had been caused by oil importers. The country found itself owing them $1 billion. Because of the fuel shortage, Nigerian airlines had to cancel their flights. Most gas stations stopped functioning, as well as the country's radio stations. Mobile operators seek every possibility to resume their work.
Nigeria is among the five leading LNG suppliers in the world and is the largest oil producer in the whole Africa. At the same time, because of the capacity shortage of the country's own oil refineries, massive volumes of oil products are being imported into Nigeria. However, on the back of a sharp plunge in fuel prices and the national currency collapse, structural problems of the country have worsened significantly.

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