IMPACT OF THE CURRENT HIKE IN PETROLEUM PRICES ON SME’S

In Nigeria, the oil sector accounts for more than 60% of GDP, 85% of export revenues, and more than 70% of government revenue (National Bureau of Statistics, 2010). There has been a steady rise in the prices of petroleum product across Nigeria, since the commencement of the Russia-Ukraine war, coupled with the instability on the Nigerian currency and an increased clamped down on the illegal refining of petroleum products in the country.