MAZI EJIMOFOR OPARA
The Strait of Hormuz is a narrow waterway located between Iran and Oman, connecting the Persian Gulf to the Gulf of Oman and the Arabian Sea. It’s approximately 33 kilometers (21 miles) wide at its narrowest point, with shipping lanes only 2 miles wide in each direction (Meta AI).
This strait is crucial for global energy security, as it’s the primary export route for oil and liquefied natural gas (LNG) from countries like Saudi Arabia, Iran, Iraq, and Qatar. About 20% of the world’s oil consumption and a significant share of LNG pass through this strait daily, making it one of the world’s most important oil transit chokepoints.
The Strait of Hormuz is also a significant geopolitical hotspot, with several countries, including Iran, Oman, and the United Arab Emirates, having territorial claims and interests in the area. Its importance has led to various disputes and tensions, particularly between Iran and Western countries.
Given its strategic location and importance, and the increasing hostilities between Isreal-America and Iran, the strait of Hormuz has become Iran’s major hostage to the chagrin of the rest of the world. Sadly, the Nigerian State isn’t insular from the global energy sector. Thus, this power-play is a harsh reminder that Africa’s largest black enclave is hopelessly vulnerable to externalities and this should worry every right thinking Nigerian. The best approach to all this would be to “substitute our fears” by a sheer will to self preserve in a terrain riddled with volatilities.
As Iran continues to lay siege on the straits of Hormuz, our lack of buffer in the form of crude reserves to serve local needs at times like this has exposed how myopic our policy makers can be in planning for a population of over 200million persons. I may be lay in my thoughts, or pedestrian in my analysis. But, what level of sophistication is actually needed to understand the basic imperatives of “saving for rainy day?” Nigeria can be part of the global energy market, and still retain a critical part of its survival in its own hands!
TBC…
