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Explain the effect of keeping petroleum product markets regulated in Nigeria. Is petroleum product pricing in...

Explain the effect of keeping petroleum product markets regulated in Nigeria. Is petroleum product pricing in Nigeria a classic example of price ceiling or price floor?

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Answer #1

Nigeria has the largest market in africa with a population of more than 180 million people.

A 2018 world bank report on business reforms in nigeria noted improvements in starting a business,dealing with construction permits,registering property,getting credit and paying taxes.

Nigeria commercial activities were adversely affected by declining oil prices with its economy contracting by 0.67% and 2.06% in the first and second quarters of 2016 respectively.

Pricing of petroleum product in nigeria is a classic example of price floor becos the government forbids a price below the minimum.

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