I ruminated over the hullabaloo on the sale of crude oil between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refiner
An older friend once said to me many years ago, “Do not blame the truth for suddenly making you uncomfortable, blame the lie for making you comfortable as long as it remains”. This statement kept resonating as I ruminated over the hullabaloo on the sale of crude oil between the Nigerian National Petroleum Company Limited and Dangote Refinery, and with the torrent of criticism, accusations and counter-accusations that ensued for weeks.
The experience for Nigerians has been extremely harrowing and while Nigerians have expressed their pains and sufferings, and rightly so, to the exponential increase in fuel price which is making life more unbearable, and which has increased the cost of living for ordinary Nigerians exponentially.
According to data obtained from Statista, a German online platform that specialises in data gathering and visualisation, Nigeria’s total import bill in 2023 was $45.95 billion. This indicates that the nation’s annual petroleum products import bill of $25 billion accounted for 54.4 per cent of the country’s total import bill of 2023. This is a monumental concentration risk where just one economic sector, the oil and gas, accounts for over 50 per cent of Nigeria’s foreign exchange spending.
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