VOICED: Oil, oil everywhere but no petrol at Nigeria's pumps

The video discusses the severe traffic issues in Lagos, exacerbated by fuel scarcity due to Nigeria's reliance on importing refined petrol despite being a major crude oil producer. The inefficiency of local refineries, affected by power issues and vandalism, forces Nigeria to export crude oil for refining. This dependency on imports makes the country vulnerable to private companies' demands. The government plans to remove petrol subsidies, allowing market competition, which may initially harm consumers but could benefit the industry long-term. The uncertainty of when a freer market will improve petrol supply leaves drivers frustrated.

What is one of the main reasons for the traffic issues in Lagos?

• Poor road infrastructure

• Weather conditions

• Recent petrol supply interruptions

• Increased number of vehicles

Why is Nigeria's oil not refined locally?

• Government restrictions

• Refineries are not operational

• High local refining costs

• Lack of crude oil

What is a consequence of importing petrol for Nigeria?

• Increased local employment

• Dependence on private companies

• Lower petrol prices

• Improved refining technology

What is the government's plan regarding petrol pricing?

• Fix prices at a lower rate

• Stop subsidizing and allow competition

• Increase subsidies

• Nationalize petrol companies

What is the expected long-term benefit of the government's decision on petrol pricing?

• Increased foreign investment

• Immediate reduction in petrol prices

• Closure of local refineries

• Decreased consumer satisfaction