The rising price of fuel in Nigeria
Business Daily
BBC
4.4 • 816 Ratings
🗓️ 11 October 2023
⏱️ 10 minutes
🧾️ Download transcript
Summary
In May this year, Nigerian president Bola Tinubu took office – and announced an end to fuel subsidies.
He said the move would free up money for investment in public services and infrastructure projects, but it caused a spike in prices and, in some cases, triggered street protests.
We explore the impact of removing the subsidy on residents and businesses, and the knock on-effect for neighbouring countries like Cameroon.
Presenter/producer: Bisi Adebayo
(Image: Members of the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC), Senior Staff Association of Nigerian Universities (SSANU), Academic Staff Union of Universities (ASUU), National Union of Road Transport Workers (NURTW) holds a placard during a march in Abuja on August 2, 2023. Credit: Getty Images)
Transcript
Click on a timestamp to play from that location
| 0:00.0 | From global current affairs to art, science and culture. The documentary from the BBC World Service |
| 0:07.9 | tells the world's stories. Search for the documentary, wherever you get your BBC podcasts. |
| 0:18.5 | Cripling deaths and a surge in borrowing costs caused by higher interest rates |
| 0:23.6 | are forcing African countries to rethink costly fuel subsidies. |
| 0:28.6 | From Senegal to Ghana and Nigeria, governments have taken the unpopular step of scrapping subsidies. |
| 0:35.6 | That caused a spike in prices for diesel and petrol, and in some |
| 0:40.5 | cases, has triggered street protests by people who say the removal of this state aid has affected |
| 0:46.8 | their livelihoods. Removal of 12 subsidy in Nigeria has, what would I say? Has this been a nightmare for everyone. |
| 0:55.4 | The cost of petrol is really hitting deep. |
| 0:58.0 | I used to fill up my car for 13,000 a hour, but now I have to spend as much as 40,000 |
| 1:03.0 | air. |
| 1:03.6 | I am Bissie at Dubaio, and on this episode of Business Daily, we examine the pros and cons |
| 1:09.7 | of scrapping fuel subsidies in some parts of Africa. |
| 1:13.4 | We also look at how Nigeria's decision to end subsidies has had a knock on effect in neighboring |
| 1:18.8 | countries like Cameroon. |
| 1:20.7 | I used to make enough profit selling even two gallons of petrol per day. |
| 1:25.1 | Now the world sellers are telling us that fuel is expensive now in Nigeria. |
| 1:31.9 | On the 29th of May this year, when Nigerian President Bolatinewbu took office, |
| 1:38.3 | he made a stunning announcement, an end to fuel subsidies in the oil-rich nation. |
| 1:44.9 | It's a politically sensitive issue in a country of over 200 million people. |
| 1:50.4 | Successive governments in Nigeria have tried to end or cut subsidies, but they've all failed. |
| 2:05.8 | President Tinoubu's announcement led to a steep rise in fuel prices and widespread panic buying that caused long queues at petrol stations. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from BBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of BBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.

