Ships are presently sitting outside Nigerian ports with two and half million tonnes of refined fuel but are not unloading their cargo because local buyers cannot access enough dollars to pay for the importation. Planes are not taking off from airports in Nigeria due to lack of aviation fuel. Police have been stationed at petrol stations. The country is facing the most serious crisis in its history.

Nigeria is an oil-rich country and yet periodically it faces massive fuel shortages. The inept Nigerian bourgeoisie is incapable even of building the necessary fuel refineries to provide enough fuel for the home market. The reason for this is that it is more profitable to trade in importing refined fuel than to produce it themselves! Here we provide a comment on the situation from a comrade in Nigeria.

As the third wave of global crisis of capitalism is approaching – the first and second waves being respectively the sub-prime housing and European sovereign debt crises – the so-called emerging and developing economies are entering deeper into economic, political and economic crisis. Nigeria connects to this global crisis through the mechanism of the global crude oil glut and collapsing commodity prices.

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