Fuel Subsidy Removal In Nigeria Affects Black Market Vendors In Neighboring Countries

The removal of the fuel subsidy regime by President Bola Tinubu’s government in Nigeria has had repercussions beyond the country’s borders, impacting black market fuel vendors and commercial drivers in Cameroon, Benin, and Togo.....KINDLY READ THE FULL STORY HERE▶

Since the subsidy removal, Nigerians have experienced a significant increase in petrol prices, reaching as high as N700 per liter.

However, this price hike has led to a slowdown in the black market fuel business in neighboring countries. Contraband fuel vendors in Togo and Benin have suffered losses in supplies and customers, while official filling stations have witnessed a surge in patronage….CONTINUE READING

The deregulation of the downstream oil sector in Nigeria has caused petrol prices in neighboring countries to become more competitive, reflecting the true market prices.

In countries like Mali, Ivory Coast, Cameroon, Ghana, Togo, and Benin, the cost of petrol per liter varies, but it remains significantly higher in Nigeria.

As the reality of the market takes hold in Nigeria, some black market vendors are unable to compete with the official petrol stations, leading to their decline in business.

This shift has also caused long queues at official petrol stations in neighboring countries, where demand has suddenly increased, particularly from motorcycle-taxis known as “zemidjan.”

The effects of Nigeria’s fuel subsidy removal have not only been felt within the country but have had far-reaching consequences on the fuel market dynamics in its neighboring nations.