Nigeria’s Fuel Price Hike Driven by Global Factors, Not Policy Failure — Soni Abang

The Executive Director of the South South Development Commission and Coordinator of Renewed Hope in Cross River State, Soni Abang, has attributed the recent increase in fuel prices in Nigeria to global economic pressures rather than domestic policy missteps, urging Nigerians to remain patient as reforms take shape.

By Victoria Omini— CALABAR 

Speaking at a public gathering in Ikom, Abang said the surge in petroleum prices is part of a broader international trend influenced by global tensions and market disruptions, stressing that Nigeria is not isolated from these realities.

He questioned the tendency to blame the current administration for rising fuel costs, noting that external factors such as international conflicts and fluctuations in global oil markets have significantly impacted pricing worldwide.

According to him, “Is it the President that started international crises? These developments are affecting economies across the world,” he said, adding that despite the challenges, Nigeria’s fuel prices remain comparatively moderate.

Abang recalled that prior to recent global disruptions, projections had indicated that fuel prices would stabilize at lower levels following ongoing reforms in the petroleum sector. He expressed confidence that once global conditions improve, prices will adjust downward and economic stability will strengthen.

Beyond fuel, he noted that the initial spike in food prices once a major concern has begun to ease, attributing the improvement to government interventions and policy direction. He argued that the earlier surge in food costs had been “weaponized” by opposition elements but is now gradually correcting.

He maintained that the administration remains focused on long-term economic recovery, emphasizing that rebuilding a system weakened over time requires patience and sustained effort.

Abang called on Nigerians, particularly residents of Cross River State, to support ongoing reforms, expressing optimism that the nation is on a path to recovery and growth.

He concluded by assuring citizens that the current economic challenges are temporary, insisting that Nigeria is “on course for stability” and will emerge stronger as global and domestic conditions align.