As Nigeria gradually pulls back from the brink of the ‘Petrocalypse‘, it is just the latest example of why the petroleum sector of one of the world’s biggest exporters needs urgent reform.
Between the petrol marketers, Nigerian government, the long lines for overpriced petrol and the endless power cuts, millions of people have been caught in the middle, without alternative means of generating power to make life bearable.
Having a whole country held to ransom by a few marketers has a national security dimension. While the scarcity lasted, banks, radio stations and other businesses were forced to close early, or not open at all, and phone and Internet companies faced disruptions of service. Had it continued, the ability of the entire country to communicate and do business would have been thrown in jeopardy.
