Several states in Q1, 2023 experienced serious fuel shortages which were linked to the Nigerian National Petroleum Company Limited, NNPCL’s inability to supply enough fuel across the country.
According to reports from the May 2023 Consensus Forecast on sub-Saharan Africa by analysts at FocusEconomics, fuel shortages as well as the Central Bank of Nigeria (CBN)’s naira policy, stressed the country’s economic growth during the first quarter.
Due to the shortages and scarcity of the product, the private depot operators reportedly started selling to marketers above the recommended government-approved price.
