2027 presidential hopeful and chieftain of the African Democratic Congress (ADC), Mr. Peter Obi, has blamed Nigeria’s economic vulnerability on poor planning, following the recent rise in petroleum product prices across the country.
Obi made the remarks in a statement shared on social media on Friday, March 13, 2026, amid growing concerns over the increase in the prices of petrol and diesel.
According to him, recent developments in the global economy, including tensions involving Iran, have pushed up global oil prices, which has quickly affected fuel prices in Nigeria.
He said: “Many people wonder why any adverse development in the global economy quickly impacts Nigeria. A recent example is the tension involving Iran, which led to an increase in global oil prices and, subsequently, a rise in petroleum prices in Nigeria.”
The former Governor of Anambra State noted that petrol and diesel prices have risen sharply within a short period.
“A few weeks ago, petrol was selling for less than ₦1,000 per litre, but today it costs over ₦1,200 per litre. Diesel, which was also priced below ₦1,000 per litre, is now over ₦1,500 per litre. These rapid increases illustrate how quickly external shocks can affect the Nigerian economy,” he said.
Obi explained that many countries protect their economies by maintaining strategic petroleum reserves that can be used during supply disruptions or sudden price increases.
“The reason for this is straightforward: most countries, whether they are oil-producing or non-oil-producing, maintain strategic petroleum reserves to cushion supply or price shocks. This means that when there is a disruption in the global oil market, they can release part of these reserves to stabilise supply. However, Nigeria lacks such a buffer, so the impact is felt almost immediately,” he stated.
He added that the situation reflects a broader problem of poor planning in the country.
“The underlying issue is a lack of planning. Countries that engage in planning create buffers against shocks, while those that do not remain vulnerable to them. The old maxim remains true: when a country fails to plan, it has already planned to fail,” Obi said.
