Bangladesh, May 9 -- For decades, Nigeria has occupied a paradoxical place in the global energy system. Despite being Africas largest oil producer and possessing enormous hydrocarbon wealth, the country remains vulnerable to fuel shortages, rising petrol prices, and external market shocks. The closure of the Strait of Hormuz in early 2026 exposed these long-standing weaknesses with alarming clarity.

The Strait of Hormuz is one of the worlds most strategic waterways, carrying nearly 20% of global oil trade through a narrow corridor linking the Persian Gulf to international markets. When geopolitical tensions disrupted shipping routes in March 2026, Brent crude prices surged above $114 per barrel, the highest level since 2022. The shock tr...