Nigeria Faces Severe Fuel Supply Crisis

Nigeria faces a looming energy crisis exacerbated by significant financial issues within the Nigerian National Petroleum Company Limited (NNPC), which has accumulated debts exceeding $6 billion. The company has publicly acknowledged that these debts hinder its ability to import fuel, leading to widespread shortages and skyrocketing prices across the nation. Analysts warn that both Nigeria and Libya have failed to capitalize on high oil prices due to declining production and insufficient investments in new oil fields. The situation has worsened since the removal of fuel subsidies by President Bola Tinubu, which has triggered a spike in inflation and a cost-of-living crisis. The NNPC's financial strain has resulted in long queues at petrol stations, as suppliers become hesitant to fulfill contracts amidst delayed payments. As economic pressures mount, the sustainability of Nigeria's fuel supply remains uncertain, raising concerns about energy security in Africa's most populous nation.