Businesses in Nigeria struggle with the global oil crisis
Abuja, March 23 (Hibya) - Small and medium-sized enterprises (SMEs) in Nigeria are struggling to survive amid rising fuel costs and limited infrastructure as tensions escalate in the Middle East.
According to CCTV, Nigerian business owners stated that the increase in fuel costs required to run generators directly affects production costs and negatively impacts customer demand.
According to official data, on March 20, West Texas Intermediate (WTI) crude rose by 2.27% to $98.32, while Brent crude increased by 3.26% to $112.19.
Officials in Saudi Arabia’s oil industry warned that if current conflicts continue until the end of April, the price per barrel could exceed $180.
Fashion designers operating in the capital Abuja stated that they rely on generators due to power outages and that rising fuel prices have completely eroded their profit margins.
It was emphasized that the global energy crisis is increasing inflationary pressure by driving up product prices in local markets.
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