Nigeria’s gasoline price cap hurting industry, costing economy

Nigeria must remove its gasoline price cap to prevent shortages, enable investment and keep the government from using valuable resources to import fuel, delegates at the OTL Expo in Lagos said on Wednesday. Gasoline is a highly charged subject in Nigeria, Africa’s largest oil exporter. President Muhammadu Buhari last year raised the top gasoline price to 145 naira ($0.4603) per litre, a 67% hike, but did not remove a cap for fear of hurting low-income people.