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Africans are Feeling the Pinch Caused by Soaring Global Energy Prices

Even in countries like Nigeria and Angola that are major exporters of crude oil. While that handful of oil producers is seeing an increase in revenue – especially since the Russian invasion of Ukraine on February 24 – much of the continent lacks refining capability, forcing countries to pay high prices to import gasoline and other petroleum products from Asia and Europe. The continent is further affected by increasing costs for natural gas, a key component of nitrogen-based fertilizers used in food production. With salaries largely stagnant, more than two-thirds of Africans feel pressured by the rising prices, said Franklin Cudjoe, founding president of the Ghana-based Imani Center for Policy and Education. Prices spiked on the global oil market after the invasion of Ukraine triggered a wave of international sanctions against Russia, one of the world’s leading exporters of crude. The price briefly climbed to over $120 per barrel this month before settling down to $103 per barrel on Friday.