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Nigeria de-regulates petrol imports and ends subsidies

Nigeria de-regulates petrol imports and ends subsidies

Report summary

On 11 May the Minister of State for Petroleum Resources announced the de-regulation of petroleum imports in a bid to ease the fuel supply shortage in Nigeria. This means that any Nigerian entity can import petrol and can access sources of forex beyond the Central Bank. Prices were also increased by 68%. The government also confirmed that the discredited fuel subsidy scheme which has cost Nigeria US$ billions will end.

Although this is unlikely to remedy fuel shortages straight away, this decision is a watershed moment that can only encourage much-needed long term investment in Nigeria's stricken refining and power sectors.

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