Fuel in Nigeria not cheap, stop naira-to-dollar conversion comparison – Oyelaran-Oyeyinka warns

An economist and erstwhile peculiar advisor to the president of the African Development Bank connected industrialisation, Banji Oyelaran-Oyeyinka, has outlined wherefore petrol priced astatine N1,300 per liter remains unaffordable for galore Nigerians earning the N70,000 minimum wage.

In a connection released connected Saturday, Oyelaran-Oyeyinka warned against comparing substance prices done nonstop conversion of the naira to overseas currencies, describing the attack arsenic misleading.

“When you bash a nonstop conversion of this naira to dollars/pounds, you make an economical fallacy; it confuses and misleads folks,” helium said.

He explained that Nigeria’s economical structure, distorted by debased incomes, rising inflation, and anemic purchasing power, makes petrol costly for astir citizens, irrespective of its nominal price.

According to him, substance pricing cannot beryllium evaluated successful isolation, arsenic immoderate analysts marque Nigerians believe.

He noted that substance affordability is mostly determined by income levels and broader economical conditions.

“The terms per liter successful Nigeria of N1,300… is conscionable 1 adaptable successful a analyzable acceptable of improvement equations,” helium said, noting that radical successful low-income economies often run astatine subsistence levels, making petrol a luxury.

Oyelaran-Oyeyinka besides maintained that purchasing po...