Access Bank And GT Bank About to Close Down Due To Fuel Scarcity (Photo)

Nigeria, Africa’s largest economy, is on the verge of total shutdown due to a widespread and worsening scarcity of petroleum products. The scarcity, a result of strikes by fuel marketers and transporters, has intensified in the last two weeks as black market prices across the country have skyrocketed past the government-approved N87 ($0.44) per litre price.

Even though Nigeria is Africa’s largest oil producer, it has to import refined petroleum products due to a lack of local refineries. The importers have been in dispute with the government for some time over unpaid bills of nearly $1 billion. That’s  the difference between the cost of imported products and the government subsidised fuel prices in Nigeria since October 2014.

The scarcity has resulted in a number of high profile companies shutting down or curtailing operations as radio stations, telecommunications companies and public services have all been badly affected. Access bank and Guaranty Trust Bank has joined the cue. 

This is the legacy of President Goodluck Ebele Jonathan, Finance minister, Dr. Ngozi Okonjo Iweala and Petroleum Minister, Diezani Alison Madueke. 

What a shame