Fuel prices will drop in 2024 as Nigeria's oil refining capacity increases, according to the UN

According to a United Nations report, fuel prices in Nigeria are expected to decline by 2024.According to the UN World Economic Situation and Prospects (WESP) report for 2024, the country's efforts to boost domestic oil refining will coincide with the decrease in fuel costs.In 2024 and beyond, the research stated, "Efforts to increase in-country oil refining capacity would likely reduce domestic fuel costs."With the $20 billion Dangote Refinery completed and certain modular refineries given a lifeline, Nigeria is working to increase domestic refining. This is the context in which the WESP report is released.