Action time for Nigeria's government
Nigeria’s government is pressing on with plans to liberalise key parts of the economy. The downstream is a priority
BY LOOSENING the state's grip on key levers, from the exchange rate to the oil industry, Muhammadu Buhari's administration wants to fire up Nigeria's economy. The economy shrank in real terms by 0.36% in the first quarter of 2016, as over-reliance on oil bit hard. The outlook is slightly better - the African Development Bank forecasts GDP for the year could grow by 3.8% - but neighbours Côte d'Ivoire, Ghana and Senegal are all doing better. The gravity of the situation has prompted a search for sweeping remedies. State firm Nigerian National Petroleum Corporation (NNPC) said in late June that it had signed provisional agreements worth some $80bn with more than 30 Chinese firms to upgrade
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
