As Nigerians grapple with nation-wide energy crisis occasioned by scarcity of petroleum derivatives and the perennial collapse of the national grid, an energy expert, Monica Maduekwe, has called on the Federal Government to put measures in place to insulate her citizens from shocks from the international oil market, bearing in mind that Nigeria’s performance on energy security is low despite being energy rich.
Maduekweke, who is the cofounder of PUTTRU, a digital platform, which connects energy companies in Africa to global financiers, says this is necessary because the economic losses from high oil prices greatly outweighs the gains the country makes in terms of revenues. According to her: “Without being able to insulate her economy from the volatility of international energy prices, oil prices will continue to be both positive and negative for Nigeria. And, due to the high inflation issues which increased fuel prices lead to in Nigeria, we cannot call this a good thing for the average Nigerian. The only good here is that this spike in oil prices as a result of this crisis is seen as short term, especially as there are clear ways of remedying this issue at the global level.