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
29 April 2026
The UAE’s exit from the alliance marks a decisive step towards a world in which oil markets are shaped less by collective management and more by national strategy
29 April 2026
Trafigura’s $1b prepayment agreement confirms African resource holders’ renewed interest in oil-backed financing deals as they look to capitalise on high oil prices
29 April 2026
The UAE’s departure from the oil producers’ group was a surprise to many, but the move can be traced back to a single point five years ago
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
