RE: Protecting Nigerians from Global Oil Shocks
By Aniefiok Victoria Asuquo,
The Vanguard editorial of May 5, 2026 (Page 18), titled “Protecting Nigerians from Global Oil Shocks,” shines a much-needed spotlight on a critical crisis currently hitting close to home for every Nigerian. I strongly echo the sentiments raised in the piece; the relentless surge in fuel prices and the skyrocketing cost of living have pushed many ordinary citizens to the brink.
It remains a painful paradox that Nigeria is one of Africa’s largest oil producers, yet its citizens are always the first to bear the brunt whenever there is a hiccup in the international oil market.
As global oil prices fluctuate, it is the ordinary Nigerian who pays the price through exorbitant transport fares, inflated food prices, and a general erosion of purchasing power. Today, basic necessities have become luxury items for many, as hyper-inflation continues to run riot.
The editorial’s take on the fuel subsidy removal is also spot-on. While pulling the plug on the subsidy might have been an economic necessity, the government’s failure to put robust mitigating measures in place was a glaring oversight.
Many Nigerians swallowed the bitter pill of subsidy removal with the hope of a better tomorrow, but instead, the economic hardship has only intensified. Salaries have stagnated while the cost of goods and services continues to hit the roof.
Furthermore, the editorial is absolutely right about the urgent need for domestic refining. It is economically unsustainable for Nigeria to ship crude abroad only to import refined petroleum products.
While the coming onstream of the Dangote Refinery and other modular refineries is a step in the right direction to curb imports and stabilize prices, the government must ensure these facilities operate in a fair market that truly benefits the masses, rather than a few.
At the heart of this crisis, however, lies the twin monster of corruption and systemic mismanagement in the oil sector. For decades, Nigeria has bled vital revenues that could have transformed our roads, electricity, healthcare, and education.
If the government can successfully plug these leakages and manage our commonwealth with transparency, Nigerians will finally reap the dividends of living in an oil-rich nation.
Moving forward, policy formulation must wear a human face. To shield citizens from the vagaries of global oil shocks, the government must prioritize heavy investments in public mass transit, job creation, stable grid electricity, and local manufacturing.
In conclusion, the editorial serves as a timely wake-up call. Nigeria must aggressively pursue self-reliance in the energy sector. Our resources are more than enough to guarantee a prosperous nation, but until accountability and effective leadership take the driver’s seat, the average Nigerian will continue to suffer in the midst of plenty.
Aniefiok Victoria Asuquo is a student of Yakubu Gowon University and from the department of Strategic communication. She can be reached at: [email protected]