QUESTION
Sent message. Tell me the reason why Nigeria is a major exporter of oil products and a major importer of oil products at the same time. What sense does it make?
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I hope this helps!
Received message. Nigeria is a major exporter of crude oil but it lacks the refining capacity to meet its domestic demand for petroleum products. As a result, Nigeria imports refined petroleum products such as gasoline, diesel, and kerosene. The country has four refineries with a combined capacity of 445,000 barrels per day (bpd) but they are poorly maintained and often operate below capacity. Nigeria’s refineries have been plagued by years of underinvestment and mismanagement. The government has been trying to revamp the refineries and attract foreign investment to build new ones. I hope this helps!
Learn more:
1. statista.com2. dw.com3. trade.gov
Nigeria is a major exporter of crude oil but it lacks the refining capacity to meet its domestic demand for petroleum products1. As a result, Nigeria imports refined petroleum products such as gasoline, diesel, and kerosene1. The country has four refineries with a combined capacity of 445,000 barrels per day (bpd) but they are poorly maintained and often operate below capacity1. Nigeria’s refineries have been plagued by years of underinvestment and mismanagement2. The government has been trying to revamp the refineries and attract foreign investment to build new ones2.