Petrol prices rise 42% in Nigeria
A report by Nigeria’s state-run statistics agency shows the price of petrol has risen by 42 percent in the past year, despite a 7 billion U.S. dollars to fuel subsidy designed to help keep costs down. Nigeria’s lack of oil refining…
Local production of petroleum can help to reduce the price of petroleum in Nigeria. By producing more petroleum domestically, the country can reduce its reliance on imports, which can help to drive down the price. Additionally, local production can create jobs and boost the economy.
Dangote Group is working on increasing local production of petroleum in Nigeria. The company is investing in new oil fields and refineries, and it is also working to improve the efficiency of its operations.
The company's investments in the oil sector are expected to create jobs, boost economic growth, and reduce the country's reliance on imports.