Nigeria may be on the brink of yet another fuel scarcity as foreign banks suspend the credit facilities of petroleum imports. It seems importers of petroleum products will not be able to meet up with fuel demand in the short term as some foreign banks have suspended short and medium-term credit lines to their Nigerian counterparts, due to the failure of marketers to meet their mature foreign currency obligations of over $950 million.

In the event that these foreign obligations are not met, the country will once again be left with no option but to depend completely on the Nigerian National Petroleum commission (NNPC) for the supply of petroleum products. Dr Ibe Kachikwu, the General Managing Director (GMD) of the NNPC said earlier this year that the organization that supplies between 45 to 50 percent of the country’s petroleum products was not able to adequately meet the fuel needs of the country. Therefore this has led to fears that Nigeria may yet again encounter another unwelcome episode of fuel scarcity.

Is Nigeria Going to Experience Another Fuel Scarcity?

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