Petroleum industry in Nigeria
Nigeria's oil revenue has totaled $340 billion in exports since the 1970s and it is the fifth largest producer. Though Nigeria is a major oil exporter, it imports most of its gasoline, and when fuel subsidies were lifted in January 2012, fuel increased from roughly $1.70 per gallon to $3.50.
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Why is Nigeria's biggest import refined petrol while its
Refineries are expensive. Some has to build and pay for it. They are also complex and require a lot of skill to run and maintain. No one is willing to invest in Nigeria due to nationalization, civil war and unrest and corruption. Skilled engineeri…
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