Gasoline prices have skyrocketed across the globe, causing public outrage. Nigeria, a major oil exporter, has seen its gasoline prices rise by 350% in just one year, with electricity and food prices also increasing. This has led to widespread crime, mental health issues, and unemployment. Citizens of developed countries are also affected, as Nigerian migrants are willing to take jobs at lower wages.
The government has three main tools to influence the economy and people’s lives: money, laws and regulations, and coercion. Oil exports can be beneficial, but Nigeria is hindering economic development and the well-being of its citizens. In July, the OKX crypto exchange announced it will end services in Nigeria due to new laws and regulations surrounding digital assets.
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