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Dear Roland Ofojie, hi!
It is a good question. And even though I will not write an article to answer your assignment because it is not fair and we do not provide this kind of services, I am willing to help you guide your thought in a right direction.
At the end of the article I will add a link to the article, I found this information at, but before that I want to share what I got from the article myself. It was given based on the fuel situation in the United States of America a few years ago. Back them there country experience significant growth in fuel price.
And the experts shared their perspectives on how this growth might affect the general financial situation in the country. Here is what they say.
First of all, the fuel price growth will lead to the growing spending limit for the people. People won’t start driving less, which means that fuel price increase will affect their financial situation. On top of that, cars are not the only place where fuel is used. Thus, the spending will grow, and not all people in Nigeria can afford that. This might lead to rising debts and poverty level at the very end.
Another thing that fuel price growth will lead to is cutting the expenses. People, not being able to pay for everything, will probably have to cut their spending to keep their pockets full. As a result, the first sectors that will suffer are tourism and entertainment. As a consequence of the significant loss, these two areas might be losing businesses (that might close up given the crisis) and taxes that will no longer be said.
You should also be aware of the fact that fuel prices are also tightly connected to the employment rates that can be cut as a result of the inability of the industry to keep the jobs. So, the level of unemployment will grow, especially in the oil industry.
Apart from that, oil is crucial for manufacturing, packaging, and shipping. The statistics for the United States of America says that of each dollar Americans spend on food, 7 cents is tied to the cost of energy.
“That's a low estimate. It omits the substantial sums spent on energy in food services, such as at restaurants and workplace cafeterias, which account for 33 percent of all food costs. Nor does it include energy used for processing and packaging, which claim 19 cents of every dollar spent on food.”
Also, you should know that fuel price is tightly connected to our day to day life, as it hits the budget of every living person in your country. And we are closely related to the economy of it. We cannot prosper when our nation is going down. So, there is no chance it won’t affect you in any way.
I hope this answer was helpful and you will be able to write an assignment based on the ideas I shared with you. Here is a link to the article ideas of which I used to answer your question.
It is a trustworthy source, though the texts are about the influence this rise will have for the States. Make sure to adjust the data to Nigeria and fit these conclusions to the situation in the country.