What Nigeria Must Fix Before Fuel Can Sell for ₦500 Per Litre

A ₦500 fuel price may be possible, but not immediately. It could take at least four years of serious reforms. Nigeria needs functional refineries across the regions, stronger action against oil theft and bunkering, and higher crude-oil production. Daily output should be far above current levels if illegal extraction is properly tackled. The government should also review how oil-producing states benefit from crude extraction. Giving them a direct share of oil produced could allow them to manage and convert it independently. Corruption and waste within the NNPC and the fuel-marketing chain must be addressed. If these problems are resolved, increased local supply could help reduce petrol prices.

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