Peter Obi
Presidential hopeful of the African Democratic Congress (ADC), Mr. Peter Obi, has blamed Nigeria’s vulnerability to global economic shocks on the country’s failure to maintain strategic petroleum reserves.
In a statement shared on his social media platform, Obi said recent tensions arising from the conflict involving Iran, the United States, and Israel have pushed up global oil prices, which quickly translated into higher fuel prices in Nigeria.
He noted that petrol, which sold for less than ₦1,000 per litre a few weeks ago, now costs over ₦1,200 per litre, while diesel has risen from below ₦1,000 per litre to more than ₦1,500 per litre.
According to Obi, the rapid increase demonstrates how quickly external shocks affect Nigeria because the country lacks economic buffers.
He explained that many countries—whether oil-producing or not—maintain strategic petroleum reserves that can be released during disruptions in the global oil market to stabilize supply and prices. Nigeria, however, does not have such reserves, meaning the impact of global market changes is felt almost immediately.
Obi argued that the situation reflects a broader problem of inadequate national planning, stressing that countries that plan ahead create safeguards against economic shocks, while those that fail to plan remain vulnerable.
He concluded that the lesson remains clear: when a country fails to plan, it has effectively planned to fail
